Due to a recent rebound against the lower trend line of a long term ascending channel pattern the silver price has surged, as it has formed an ascending channel pattern. The commodity price is heading to the resistance, which is put up by the 61.80% Fibonacci retracement level of the 2016 high and 2017 low levels. The retracement level is
The recent developments on the chart for the yellow metal have pressured for a review of the situation. First of all it has to be noted that a hypothetical ascending channel pattern has been drawn by using as a reference point the recent rebound. The junior channel is a representation of the rebound against the lower trend line of a
The American Dollar is trading against the Mexican Peso in the short-term descending channel. The pattern started to form after the currency exchange rate leaved the double top formation in the downward direction. At the present moment, the pair has reached the bottom edge of the channel near 18.3698. It is difficult to say, whether the pattern will sustain, as
The Canadian Dollar is trading against the Hong Kong Dollar in the short term descending channel. The pattern started to form right after the currency exchange rate broke through the bottom trend line of the preceding ascending channel. At the present moment, the pair is trying to reach the upper edge of the formation, which is supported by the
The common European currency continues to trade against the Australian Dollar in the medium term ascending channel. For the moment, the currency exchange rate is trading slightly above the 61.8% Fibonacci retracement level at 1.5104, which serves as a strong support level that is backed up by the weekly PP at 1.5108. If the pair fails to pass
The New Zealand Dollar has formed a rising wedge pattern against the Canadian Dollar as a result of a rebound. The rebound occurred when the pair encountered the support of a large scale dominant ascending channel pattern. In addition, the pair has shown historically that it is affected by the significance Fibonacci retracement levels of the 2016 high and 2016