Despite the recent prognoses that the currency pair will rebound from the lower trend line of a dominant ascending channel, which is supported by the 50.00% Fibonacci retracement level of the 2016 high and low levels, the surge did not occur and the pair continues a downward movement within the short term descending channel. At the present moment, the USD/NOK
The Swiss Franc is trading against the Singapore Dollar in simultaneously in the two ascending channels. The junior channel began to form shortly after the currency rate bounced off from the bottom edge of the dominant channel and then surged again to the previous levels. For the moment, the pair is fluctuating right below the upper trend line of
Although the headline suggests that the common European currency is surging against the Russian Ruble, a decline is to be expected. The reason for that is the fact that the currency pair has hit the resistance of the dominant channel, which is an almost horizontal one. The pair is likely going to face the combined support of the 200-period
Recent developments on the USD/RUB currency pair have pressed for a review of the situation. The currency exchange rate has bounced off the upper trend line of a long term descending channel pattern. As a result the first boundaries of a medium term pattern can be already seen. Although it is almost impossible to pinpoint the junior pattern at the
The American Dollar is trading against the Singapore Dollar simultaneously in the two descending channels. The junior channel represents the reflection of the currency rate from upper edge of the senior channel in the first half of May. At the current moment, the pair is gradually moving downwards to test the support provided by the monthly S2 at 1.3814 and
The Australian Dollar is trading against the Canadian Dollar simultaneously in the two descending channels. The junior channel formed as a result of rapid depreciation of the Loonie, which was most likely associated with the released fundamental data in the end of last week. Nevertheless, the latest movements of the pair also confirmed formation of the descending triangle with
The situation on the CAD/JPY currency exchange rate is rather hard to evaluate due to various factors. First of all the pair is trading in long term channels, rather than have a distinct short term move. That is most likely due to the fact that the rate recently bounced off a dominant resistance line, and it is still in the
The US Dollar continues to lose value against the Canadian Dollar. However, the short term descending channel, which was pinpointed not long ago, was broken. Instead a larger scale pattern has shown itself. It represents the rates medium term decline, which is set to reach the lower trend line of a large scale ascending channel pattern. However, before that the
The four-hour chart reveals that the EUR/GBP currency rate is trading in the short-term ascending channel. As a result of gaining a bullish momentum in the middle of last week, the Euro has been outperforming the Pound, clearing itself the way towards the pattern's upper trend line. Due to the support put by the monthly R1 at 0.8567 and weekly
The New Zealand Dollar is trading against the Swiss Franc simultaneously in the two descending channels. The junior channel began to form right after the RBZN announced the Official Cash Rate, which led to fall of the Kiwi. At the current moment, the currency rate is trading just above the bottom trend line of the dominant channel, which forms a
The New Zealand Dollar is trading against the American Dollar in the short-term ascending channel. The pattern began to form shortly after the pair lost 116 basis points in the middle of last week, which was most likely associated with the announcement of the Official Cash Rate by the RBZN. Currently, the rate has bounced off from the upper trend-line
The British Pound is trading against the New Zealand Dollar on the four-hour chart in the medium-term ascending channel. The pattern emerged after a notable surge in the end of April, when the rate broke the preceding three-month channel up. At the current moment, the currency exchange rate is heading for the upper trend line of the formation, as it
The American Dollar is trading against the South African Rand in the ascending channel, which has formed on this trading week after the currency rate bounced off from the weekly S2 at 13.0746 and broke through the upper trend line of the preceding descending channel. It is likely that the pair will continue an upward movement until it meets the
The Canadian Dollar is trading against the American Dollar in the short-term ascending channel. This pattern has formed amid the Greenback's appreciation, when the currency pair broke through the bottom trend line of the dominant ascending channel. From the technical perspective, the rate is likely to stay within the junior channel until it meets the resistance level put by the
As the yellow metal's price recently made a rebound against a strong cluster of support and began a surge in various ascending channel patterns, which were soon broken, the situation needs to be reviewed. First of all it is clear that the pair bounced off a large scale ascending channel pattern's lower trend line, which means that the now mapped,
Due to the latest developments on the EUR/USD currency exchange rate's charts a full review of the situation has been done. First of all the long term ascending channel has been broken by a medium term channel up pattern. As it has occurred via the breaking of the 50.00% Fibonacci retracement level of the 2017 low and 2015 high levels,
The common European Currency is trading against the Polish Zloty simultaneously in the long-term and short-term descending channels. The junior channel has formed as result of the currency rate's rebound from the upper-trend line of the dominant channel in the second half of April. At the present moment the pair is trying to bounce off from the bottom edge of
The Canadian Dollar is trading against the Hong Kong Dollar in the short-term ascending channel. Formation of the channel began shortly after a the Hong Kong Dollar's rapid depreciation on the May 5. The hourly chart reveals that after latest rebound from the bottom edge of the channel, fluctuations of the rate began to narrow, which led to the appearance
Although the US Dollar is trading in a medium term descending channel pattern against the Norwegian Krona, the currency exchange rate is most likely going to surge. The reason for that is the fact that the currency pair has reached the lower trend line of a dominant ascending channel pattern. Moreover, the support of the dominant pattern is strengthened by
The TRY/JPY currency pair represents the exchange of risk on against the risk off sentiment in the markets, as the turmoil in Turkey has beaten the Lira down to historical low levels against the Japanese Yen. However, most recently ascending channels have formed as a result of a fundamentally induced rebound. The pair is simultaneously trading in tow ascending channel
The British Pound is trading against the Canadian Dollar in the descending channel. The pattern has formed in the middle of last week, as the pair broke through the bottom trend-line of the short-term ascending channel. The last trading days showed that fluctuations of the rate became narrower, which indicates on formation of the falling wedge. For this reason,
The Australian Dollar is trading against the Hong Kong Dollar in the medium-term ascending channel. However, a depreciation of the Aussie, which lost 158 basis points in the beginning of the May, and its subsequent recovery led to formation of the short-term descending triangle with the equal lows located at the 1.0336 level. Currently, the pair is trading slightly
The US Dollar continues to lose ground against the Polish Zloty. In the recent weeks a sharp descending channel pattern has formed, which represents the rates bounce off from a larger channel down patterns upper trend line. Most recently the currency exchange rate passed the support put up by the 23.60% Fibonacci retracement level, which is located at the 3.8413
The Pound is surging against the Swiss Franc simultaneously in three ascending various scale channels. The currency pair is setting itself up for a short lived decline, which will transform itself into a surge up to the resistance put up by the 38.20% Fibonacci retracement level at 1.3151. The most relevant retracement levels for this pair are measured by connecting