On the whole EUR/TRY is currently undergoing a bearish correction, since the up-move started back in April failed to overcome the resistance at 2.7741. And while the near-term technical indicators favour a rally, there is a good chance the supply zone at 2.7015, created by the daily R1 and the down-trend resistance line, will not allow the Euro to appreciate.
Being unable to rally beyond the 200-hour SMA for a prolonged period of time, EUR/PLN has been consistently trading between two falling trend-lines and frequently respecting them. These lines currently create a strong resistance and a strong support at 4.1790 and 4.1528 respectively.As for the technical indicators, at the moment they are giving weak ‘sell' signals on the hourly and
AUD/CAD has been in an up-trend since Aug 28, when it touched a low of 0.9331. However, for now we would rather focus on the last 200 bars which participated in the formation of the bullish channel on an hourly chart.At the moment the currency pair is in the upper part of the corridor near the bullish resistance line at
Pair has been in a clear downtrend since the first days of October. The pattern at hand could be extended back to 9th of October, but due to the gap between close and open prices during the last weekend the more compact version was chosen for the analysis. Quite a few individual technical indicators give neutral outlook suggesting that the
Pair is posing for a 160 pip trail lower. This is the main presumption behind the Double Top patterns—pair fails to reach new (relative) high and slowly trails to the pre-pattern levels. It seems that Fibonacci retracements of 10th to 15th of October rally had a significant impact on the pair (38.2% retracement is where the pattern's support is), but
The pair has formed a short descending triangle pattern on October 14, which is likely to be completed soon. Both trend lines will converge on Friday, hence there would be only a couple of candles before the breakout, which can occur in any direction. However, statistics shows that in 64% of cases the pair performs a downside breakout. This idea
During the last two trading sessions USD/CAD has lost more than 80 pips and amid concerns the recently-reached budget deal is just a short-term solution, weaker United States Dollar can be expected. Even though indicators on 4H, daily and weekly charts are neutral, technicals on a shorter time frames are sending "sell" signals. The pair is bounded between two Fibonacci
The New Zealand Dollar has been gaining value against the loonie since the end of August and during the most recent 100 bars, specifically after the currency pair re-tested the 200-hour SMA, NZD/CAD has been consistently rising while being contained by two parallel bullish trend-lines. Right now the price is trading at the lower edge of the formation, which is
If we connect the peaks and valleys that emerged on the hourly chart of EUR/JPY within the last 230 bars we would eventually draw a rising wedge. Still, the apex of the figure is rather far away and a change in the trend should not be immediate. Nonetheless, we should be wary of the resistance at 134.09 and especially of
Being that the Denmark Krona is pegged to the single European currency, EUR/DKK is not a volatile pair. Nevertheless, looking at the last 150 bars there is a persisting pattern, namely depreciation of the base currency relative to the quote currency. This pattern implies there is a strong resistance area at 7.4600/7.4595 (apart from the down-trend line there is also
In the second part of September EUR/SEK hit a rock bottom at 8.5493, where the currency pair commenced a robust recovery. While the rally was developing, the price respected trend-lines that later on formed a bullish channel, the lower boundary of which EUR/SEK is currently testing.While the past price action suggests the support at 8.7751 should initiate an up-leg, also
Aussie-kiwi cross seems to be trailing lower after it gained 180 pips from 2nd to 10th of October. At the moment it is testing 20-bar and 20-day SMA. We expect a drastic sell off from this level. Such turn of events is indicated by the short term technicals as well. Medium and long term technicals give a rather clear neutral
Pair has been appreciating since the beginning of July. Five months prior to that it was trading in an almost 700 pip range between 1.345 and 1.275. At the moment it is moving towards the pattern's support. Although we see bullish periods, it seems that some bears are just capitalizing on their gains and, as suggested by the short term
CAD/JPY has formed a channel pattern on October 8 and even despite a false breakout last Friday, the pair is still moving in pattern's boundaries. On Tuesday the price shot to the north and it seems a correction is needed. This idea is supported by aggregate technical indicators on 4H and daily charts, meaning that a retest of the support
During the last two weeks the U.S. Dollar has been loosing ground versus major peers, including the Turkish Lira. The pair has even formed a channel down pattern, which is likely to be in place in the foreseeable future. The pair is currently fluctuating around pattern's resistance, however, the upside breakout is unlikely to happen, as indicators on hourly and
Just as AUD/SGD we mentioned yesterday, AUD/JPY too has been lately fluctuating within two rising trend-lines, though with the lower one being slightly more positively sloped than the upper one. Therefore we may claim that the currency pair has formed a rising wedge pattern, which implies a heightening chance of a change in direction the closer the pair moves towards
On Sep 27 EUR/TRY topped out at 2.7618 and since then has been in a down-trend, falling through the 200-hour SMA and reaching 2.6714. During this sell-off the currency pair has been respecting the trend-lines that may be drawn through the peaks charted on Oct 3 and Oct 14 and through the troughs charted on Oct 2 and Oct 10.At
For more than 300 hours already the common currency has been consistently gaining value relative to the Swiss Franc, covering 140 pips. However, we would rather focus on the last 150 bars, which form the channel up and thus give us a better understanding of the most likely reversal points.Respectively, in case the exchange rate falls, the support line at
Following a breach of the moving average for 200 hours NZD/USD has been rising in an orderly manner, namely respecting two parallel trend-lines. Accordingly, the currency pair has formed a bullish channel on an hourly chart with the upper boundary at 0.8440, which is reinforced by the daily R2, and with the lower boundary at 0.8375, which in turn is
USD/SGD has formed several patterns during the last couple of months, including a triangle, descending triangle as well as double bottom, which is moving to its apex. Until U.S. politicians cannot agree on budget, the greenback will continue losing ground versus other currencies. Furthermore, technical indicators on a 4H chart are suggesting weakness of U.S. Dollar as well. Couple of
Gold has been depreciating against the greenback since October 4, when the pair inched up from 1,305, reached 61.80% Fibonacci retracement and began channelling down. The pair is currently trading around 1,272, more than 600 pips above the pattern's resistance line. Meanwhile, almost 70% of traders are holding long positions, while indicators on a hourly chart are sending "buy" signals.
Pair has been recovering after a month long, 5000 pip sell off Since the first week of October. It has recovered approximately 50% of losses that occurred. As the mentioned sell off wasn't a one direction, smooth move all the way we could not employ Fibonacci retracements in our analysis. Pair ahs been slowing down lately and, though the medium
Pair is posing for a 3000 pip sell off. It is the main presumption behind the Double Top patterns—pair fails to reach new high and gradually return to the prepattern levels. To be fair we have to admit that pair has been showing some bullishness, but we would like to pin it on the 20-day SMA. We are more worried
The bullish trend-lines that are currently the sides of the rising wedge have been in force since the end of September, when the currency pair started to move north after a prolonged period of directionless fluctuations.At the moment AUD/SGD is probing the upper edge of the pattern at 1.1863, a resistance that apart from the up-trend consists of the daily