Similar properties to the previous pattern (in the terms of quality and magnitude) are given by the US dollar and Swedish kroon currency pair – quality being slightly above the average whilst magnitude is well above the average. Differently from the EUR/PLN pattern, short and medium term technicals in this case give a rather good indication about the further depreciation
A Falling Wedge pattern worth of attention has emerged in the Euro-zloti cross. At the moment it is approaching strong support are around 4.2 (1.5 month low) which should cause some volatile/choppy moves. However, the presumption remains that pair will continue moving towards the pattern's support which could be reached in the course of 4-5 days if the pair maintains
While it appears that the single European currency is losing value against the Japanese Yen and the New Zealand Dollar, it still remains within an upward-sloping channel in its pair with the Singapore Dollar. However, even though the technical indicators are moderately bullish, there is a significant risk the support at 1.6845 will not be able to withstand the bearish
Being that EUR/NZD carried insufficient momentum in order to surpass a level of 1.7155 about 60 hours ago, the currency pair is now inclined to descend. As a result, there now appears to be a channel down on an hourly chart with the resistance trend-line at 1.6768 and the support trend-line at 1.6563.However, the long-term moving average for 200 periods
Not so long ago, namely 80 trading hour back, the currency pair did not manage to sustain a surge above the 200-hour SMA. After peaking at 131.99 the common currency started to depreciate, a tendency, as it turned out in the end, that was guided by two falling trend-lines. Given many confirmations of these boundaries, we may expect the market
NZD/USD found a bottom at 0.7737 and started a recovery that is now 50 bars long. Along the development of the channel up the 200-hour SMA slowed the advancement down at first, but eventually gave in, although it does not seem the currency pair is in a hurry to challenge some of the higher levels, such as the daily R1
Similarly to the previous pair, aussie-greenback has a very high magnitude rating, but the pairs quality rating is much higher. Despite the fact that short term technicals give almost unanimous bearish signal, in our opinion, we should put more weight on the medium and long term technicals. Pair seems much more likely to peak above the pattern's boundaries and then
Cross of the US and the Hong Kong dollars has a rather volatile nature, but once in a while we can spot patterns with decent characteristics. It is no surprise that pattern's quality is just slightly above the average in this case, however, it's magnitude rating suggests a strong possibility to trade on volatility and momentum. For the past week
USD/NOK has formed a double bottom pattern on the 4H chart, after falling from level around 6.28, currently trading at 5.93, just several pips below the pattern's resistance line. Even though the pair has not been highly volatile during the last several trading sessions, it can become very profitable in case of an upside or downside breakout. At the moment
Recently bears pushed the pair to pattern's support line, however, they were not able to close below it. Usually, it would be interpreted as a "buy" signal, however, the majority of tools of technical analysis are pointing at the downside movement. Hence, aggregate technical indicators on 1H and 4H charts are sending "sell" signals, while 66% of all opened positions
Despite the fact that the break-out from the triangle has already occurred, EUR/USD is still believed to carry remnants of the bullish momentum, meaning that the single European currency should continue on appreciating versus the U.S. Dollar.The first target at 1.33 has been already attained recently, but we also consider 1.3345 to be a likely trading level in the future.
Although the channel down on EUR/GBP chart is only 80 bars long, there are good reasons to suspect that the trend-lines forming it will be able to withstand up and down swings in the nearest future. If this is the case, then a resistance area at 0.8692/77 (falling trend-line; 200-hour SMA; daily R1) will not let the price to step
Since mid-April this currency pair has been in a major down-trend and just recently it has accelerated its descent. The strong bearish impetus was received once AUD/USD breached the 200-hour SMA that previously was keeping the pair afloat. Both short and long-term outlooks on the price are negative. Firstly, it is currently testing the upper boundary of the pattern, meaning
Within the last 80 trading hours the British Pound managed to strongly appreciate relative to the Canadian Dollar, thereby negating the prior losses.However, the currency pair encountered a tough resistance line at 1.5962 that prevented further extension of the rally. Being that there were two attempts made to breach it, we may posit that GBP/CAD formed a double top pattern.
During the last 81 hours we have been observing the appreciation of the Great British Pound against the loonie. At the moment of writing, the pair stood at 1.5945, level which is very close to pattern's support. As usually, it should be interpreted as a "buy" signal. Moreover, aggregate technical indicators on 1H and 4H charts are pointing at continuation
Yesterday we've seen an attempt to break pattern's support line, however, it was a false breakout, and the pair moved back into pattern's boundaries. Currently, the prices stood at 0.816, just 30 pips above the lower trend line. According to tools of technical analysis, the pair is likely to move sideways for some time and after being flat, it
Euro-pound pair at the moment is trading exactly on the pattern's support. This fact become very important when we take in to the account that short term technicals on aggregate point at the breach of the pattern's support and the pattern has high magnitude rating (indicates the possibility of large movements and momentum gains if/when the pattern is breached). Long
Greenback-yen cross has been developing in the ranks of the Channel Down pattern rather well. Since the pair rather recently rebounded from the pattern's resistance and pattern's quality and magnitude ratings are just slightly above the average we could say that we could expect returns from smooth and predictable moves of the pair rather than from volatility. However, we should
We consider EUR/NOK to be carrying significant bearish potential at the moment. This opinion resides on the premise that the lower edge of the symmetrical pattern, the currency pair has been charting throughout the past 330 trading hours, has been just broken.We may expect a bullish retracement in the nearest future up to 7.8676, which supposedly will turn out to
Even though the pattern on the chart of XAU/USD has not yet been completely formed, there are good reasons to believe the commodity will continue depreciating along the hypothetical boundaries of the channel down in the short run.One of them is that the long-term simple moving average has been breached, which implies that the outlook has changed from positive an
For 200 hours already EUR/DKK has been consolidating between two horizontal lines, the ones that are found at 7.4569 and 7.4541. They are also reinforced by the four-hour R3 and daily S1 respectively.In the short run the currency pair is supposed to grind lower, as suggested by the hourly indicators. Beyond that the outlook is rather unclear. Still, considering the
Since Jul 10 the Euro has been generally gaining in value relative to the Singapore Dollar. However, the currency pair has recently failed to advance beyond 1.6996. As a result, EUR/SGD pulled back to the support at 1.6792 that held until now, meaning the price has formed a descending triangle on an hourly chart.The pattern is currently under threat of
A 113-bar long channel down was formed by EUR/NOK on July 5, and the pattern is likely to be completed soon, as the price is trading close to the resistance line for some time. Usually, it would be a "sell" signals, however, the majority of aggregate technical indicators are pointing at the penetration of the upper trend line. Moreover, trading
Pair is developing in the ranks of a Channel Down pattern rather well ( as indicated by 84% quality rating). Magnitude rating being in the higher than average side indicates that pair's movements are also in elevated pace which offers additional trading opportunities. At the moment pair is mid way moving from pattern's resistance to the pattern's support. Short term