It seems the Canadian Dollar overestimated its potential as the currency was incapable to sustain a short-lived rally that followed a dive to a one-year low of 90.79 versus the Japanese Yen. Since mid-February, CAD/JPY has been shaping a bearish tunnel of average quality and high magnitude. Currently, the currency couple continues to fluctuate just below the 50-hour SMA at
A slump to a four-month low of 88.24 was a starting point of the 367-bar long triple top pattern shaped by AUD/JPY. While forming the pattern, the pair peaked close to the level of 92.97, a one-month high, for three times and now is heading towards the neck-line at 91.09. Only two levels: 91.40 and 91.10 (daily S1, S2) prevent
The pair of two Asian currencies, HKD/JPY, has been following the up-trend since mid-February. However, the climb performed within the boundaries of the rising wedge pattern has been too mild to help the pair to recover losses after it plunged to almost a four-month low of 12.9745 early February. At the moment, the pair is hovering above the short and long-term
After lacking direction for more than two months ended late January, the U.S. Dollar performed a sharp advance to a four-year high of 6.3158 against the Norwegian Krone that marked a start of the 458-bar long descending triangle pattern. Now the pair is swinging above the upper boundary and the proximity of the apex increases chances that the breakout has occurred.
CAD/CHF has been in the down-trend for quite some time already, but right now we would rather focus on the price's behaviour particularly this year, as it forms a high-quality bearish channel.Early this month the loonie has been undergoing a bullish correction, but not so long ago the currency pair hit a down-trend resistance line, which initiated a sell-off. Accordingly,
Although the upward momentum of GBP/CAD has been weakening lately, the currency pair still remains bullish and is likely to preserve this tendency in the future. However, there are significant downside risks in the near term, being that the Great Britain Pound has just encountered the upper boundary of the corridor and is therefore poised for a decline. Once the
A 75-bar long channel up pattern was formed by EUR/SEK on February 7, when the pair failed to move above 8.8694 and pulled back to a weekly S2 at 8.7476. At the moment of writing the pair was trading at 8.9350, practically at the same level with pattern's support. The pair can be highly volatile soon as it is bounded
As usual ascending triangles can be highly profitable for traders in a short period time. All they have to do is wait until the price reaches pattern's apex point. In our case the GBP/JPY currency pair will reach the apex point, where both trend lines converge, on February 28. Despite the fact the pair is already trading below the lower
The greenback demonstrated an enviable resilience by withstanding heavy pressure prevailing after it hit a five-year high against its Canadian peer. Following a mild retreat after the recent peak, USD/CAD started to form a channel up pattern that enabled the pair not only to recover some losses but also to re-approach the highest level since 2009. However, the
A 194-bar long falling wedge pattern was formed by EUR/CHF on the one-hour chart in mid-February. The pattern represents a part of the long-lasting losing streak commenced after the pair reached a two-month high of 1.2395 in the very beginning of the year. At the moment, EUR/CHF is trading slightly below the daily pivot point that lies at 1.2200 but
A jump to a five-month high of 3.1622 initiated a steep decline of USD/PLN and eventually led to a formation of the triangle. Now the currency couple is still locked by the pattern's trend-lines but is likely to break the chains before long since the pair almost approached the apex. Despite proximity of the apex, the pair still has not
EUR/USD has been following an upward trend since mid-February when the instrument started to shape a double top pattern. The most bullish part of the pattern was ended at a six-week high of 1.3773. Although the pair has already started a retreat from the second peak of the pattern, it is still well-above the neck-line sitting at 1.3685. The main
While during the last two months of 2013 CAD/JPY was exhibiting strong bullish momentum, a test of 99 not only has lead to a complete negation of these gains, but actually pushed the price further south past the point of this rally's origin, specifically down to 0.91.Right now the currency pair is at the upper trend-line that forms the bearish
Although early this year EUR/CAD dived beneath the 200-period SMA, thereby endangering the long-term positive outlook, in the end it proved to remain bullish nonetheless. Subsequently, the currency pair has been trading between two parallel trend-lines, thus creating a channel up.Considering that the Euro has recently tested the lower boundary of the pattern, there is an increased possibility that the
One of the most traded currency pairs, USD/JPY, has been bounded by the limits of more than a thousand pips wide rising wedge pattern for over 190 hours. The bullish formation followed a sharp retreat from more than a five year high of 105.45 and represents the U.S. Dollar attempt to recover some losses against its Asian counterpart. The pair
Having plunged to a one-year low of 0.8157, EUR/GBP changed direction and commenced a recovery, the biggest part of which has been developing between two upward sloping lines. At the moment, the pair is trying to re-enter the channel after the second attempt to breach the lower limit. However, we have to treat the current strength with caution given that
The New Zealand Dollar has been tilted upwards versus its U.S. peer amid a slew of negative data from the world's biggest economy last week. The pair has been appreciating for the last 65 hours that has led to a formation of the channel up pattern on February 20. Despite being locked in a bullish tunnel, NZD/USD is not likely
GBP/JPY has been gradually climbing following a slump to a three-month low of 163.90 early February that took place after the currency couple started to form an ascending triangle pattern. GBP/JPY is currently nearing the apex that is a sign of a looming breakout. However, now it seems too early to be sure about when the real breakout will occur.
As soon as USD/DKK approached 5.54, it came under strong selling pressure that forced the currency pair to go all the way down to 5.42 within a month. However, given that the trading range has been narrowing during that period, the rate seems to have formed a falling wedge pattern.Accordingly, there is an elevated probability that the down-trend resistance line,
Being underpinned by the 200-period SMA, CHF/SGD managed to resume the recovery after a prolonged period of stagnation. However, it remains to be seen, whether this rally is sustainable in the longer term. As the most recent peaks near 1.44 are still intact and the rising wedge pattern implies a reversal, there is a good chance that the latest gains
Once the currency pair completed a consolidation phase last year in October, HKD/JPY resumed the recovery. Later on this bullish tendency developed into an upward-sloping channel with the main resistance at 13.9725, where it is reinforced by the monthly R3 level, and the support at 13.1105, which is reinforced by an additional demand area at 12.9793, where the monthly S1
A 283-bar long channel up formed by the most popular currency pair originated at a two-month low of 1.3476 in the very beginning of February. EUR/USD has recently recovered a part of its previous losses, climbing to a one-month high of 1.3773, not far away from which it is trading now. EUR/USD is not expected to change its direction in the
A retreat from a five-year high of 1.5834 was steep enough to send EUR/AUD to a three-month low of 1.4986 in less than a month. However, the pair was unwilling to extent losses after a slump to this low and initiated a recovery that took place within the boundaries of 151-bar long rising wedge. At the moment, the pair is vacillating
The single European currency has been following bullish trend against the Norwegian Krone for more than a hundred hours. The climb has been developing within the area restricted by two upward sloping and gradually diverging lines, in other words, EUR/NOK shaped a broadening rising wedge pattern. Now the pair is sitting at the lower limit of the pattern at 8.3442 and