Despite the fact this pattern was included in our morning trade patterns, it is worth paying attention to it for a second day, as the pair is breaking through the support line. After loosing more than 300 pips in more than a month period, the pair is still expected to depreciate. This idea is supported by aggregate technical indicators
After hitting the lowest level since April on June 27, the bullion got an impulse for a sharp upward movement that sent the yellow metal to almost a two-month high of 1433.39. However, gold retreated from this region and started to vacillate slightly above its 20-bar SMA at 1397.34. Market participants are bullish on XAU/USD as almost 65% of traders
A channel up pattern started five days ago, when NZD/USD dived below its 20-hour SMA to attain a two-month low of 0.7722. Having tested this important support, the pair changed its direction to climb towards a six-day high of 0.7842 that triggered a decline to 20- and 200-hour SMAs, the zone near which NZD/USD is struggling now. If the
EUR/GBP started to form a channel down pattern on July 23, when the pair bounced off its two-week low of 0.8582 to rally towards almost a half-year high of 0.8770. However, the currency couple came off this mark to move to the south to its 14-week low at 0.8447, the level close to which it is trading now. It seems
A stab to a 10-week low of 5.8442 on July 10 was a starting point of the ascending triangle pattern of USD/NOK. Having touched this low, the pair started to appreciate until it reached a two-month high of 6.1293, an upper-limit of the pattern. The currency couple retreated from this formidable resistance twice to breach the pattern's support and trade
The most traded currency pair has formed a channel down on August 20. At the moment of writing the pair was traded at 1.3162, just 40 pips above the support line. Even though aggregate technical indicators are sending mixed signals, and the number of short and long positions is almost equal, we might suggest the pair is struggling for direction.
On Monday we were describing a rising wedge pattern formed by GBP/AUD, and this time we have a double top. Similarly as a day earlier, the pair is approaching pattern's support, while the market sentiment has turned even more bearish– 74% compared with 72% on Monday. Additionally, the fact technical indicators on 4H chart are sending "sell" signals, is reinforcing
Pair is posing for a 260 pip sell off. That is the main implication behind the Double top pattern's—pair fails to reach new high and after that gradually trails to the previous trading levels. For the past for days pair ahs been hovering slightly below the pattern's second top and although the medium term technicals unanimously point at appreciation of
Aussie—loonie cross has been trading in 190 pip range since the 7th of August. The pattern began with a 350 pip rally, however, Fibonacci retracements of this move, besides the fact that pattern's support is almost on the 50% retracement, are irrelevant. 200-bar SAM and other technical levels seem to have much more impact on the pair. At the moment
GBP/NZD was bouncing off its formidable support line at 1.9799 that is regarded as a defence against a sharp decline. After each bounce, the pair was rallying close to more than a two-month high that acted as a strong resistance forcing the pair come off this level every time it approaches this mark. Currently, the currency couple is heading towards
A drop below its 200-hour SMA triggered an accelerating decline to more than a two-month low of 5.8367 that acted as a buttress for a jump above long-term SMA to 6.1242 (more than an one-month high). USD/NOK did not manage to consolidate at this level and retreated to the zone between short-and long-term SMAs, with 20-hour SMA faltering above the
Having hit a four and a half-year high of 10.5149, USD/ZAD dropped below its 20-hour SMA that prompted a sell-off to 200-hour SMA, a dive under which created a notable downward pressure on the pair bringing an one-week low of 10.1569 back into the picture. After touching this mark, the pair rebounded to trade above its 20-hour SMA and
Following a decline under its 200-hour SMA, the pair approached a three-week low of 96.83, USD/JPY and started to appreciate until it touched an one-month high of 99.69 on September 2. However, a rise to this level forced the pair to change its direction to the south to its short-term SMA at 99.38. At the moment the 20-hour SMA acts
Even despite the fact Danish Krone is pegged to the single currency and it's movements against are limited, ascending triangle pattern with high percentage of magnitude and quality are making it worth trading. At the moment of writing, the pair was changing hands around pattern's support, aggregate technical indicators are sending "buy" signals, suggesting the pair will bounce back from
A 220-bar long rising wedge was formed by GBP/AUD in the beginning of July. Several days ago, the pair touched 1.7486, which is the highest level since August 2010 and then moved closer to pattern's support. Regarding the pair's outlook, we might suggest the short term outlook is bearish, as indicators on 4H chart are sending "sell" signals, while 72%
Pair has maintained a mildly bullish trend since the end of April till the 1st of August (start of the pattern) thus we should perceive this Channel Down pattern as a bearish correction. Due to the volatility in the period of mentioned appreciation Fibonacci retracements seem to have no effect on the pair. From the perspective of the daily pivots
Euro-loonie cross seems to be consolidating after a 19th to 23rd of August rally. Although they are just partially beneficial we have incorporated Fibonacci retracements of this move in to our analysis. Pair is trading in the last 25% of the pattern's length and we could expect a breakout very soon. From what we have seen lately (pair tested pattern's
Kiwi-greenback cross has been trading in a 420 pip range (gap between the pattern's support and resistance) for the past three months. At the moment it seems to be forming a bottom after a bounce from the pattern's support. Fibonacci retracements (end of April to end of June move) appears to have significant impact on the pair. Short term technicals
Throughout the last 300 bars EUR/AUD has been trading in close proximity to the 200-period SMA, but each time the currency pair seemed to have lost willingness to advance further, the moving average has been successful in preserving the bullish momentum by initiating rallies each time the currency pair tested it. Right now the price is once again approaching this
After bottoming out at 0.8724 CAD/CHF started rising. The currency pair has been in an up-trend for more than 90 hours already, but it is still ready for even more gains, considering that the bullish support line proved to be reliable and is therefore unlikely to give in if the dips are to occur.Accordingly, when the Canadian Dollar weakens, it
Following a strong surge of the Sterling against the Australian Dollar in the early stage of the pattern, the price has been gradually reducing its trading range, resulting in appearance of the triangle on an hourly chart.However, just a few bars ago GBP/AUD fell through the rising support line down to the 200-hour SMA, meaning that the bias towards the
There is a more than 100 bars long pattern on a four-hour chart of GBP/JPY. And even though the trend-lines forming it were confirmed only several times, the potential for the British Pound to continue outperforming the Japanese Yen is intact.Firstly, the currency pair has recently bounced off the support created by the lower boundary of the channel and the
Pair narrowed it's trading range from 160 to 50 pips since the start (397 bars) of the pattern. At the moment pair is undergoing a bearish pullback which was caused by the 20-day SMA/61.8%. And trading just slightly outside the boundaries of the pattern. It is worth mentioning that approximately 70% of triangle pattern's have pullbacks and in around of
A short, but possibly, highly profitable ascending triangle pattern was formed by Pound– Aussie cross and it seems the pattern is moving closer its apex. The main reason for it is that both trend lines will converge on September 5. Even though the pair is currently trading in the lower part of the pattern, technical indicators are pointing to the