Silver had been trading very consistently inside the bounds of a channel down pattern up until recently when it started sketching some interesting developments on the hourly chart. The pair has now set a ground at 16.27 and attempted a double bottom, but failed to break the neck-line. We now have two scenarios regarding the failure – firstly, a descending
A senior channel down pattern led USD/PLN away from the 4.2795 high it had set in December 2016, and is now targeting the bottom boundary of the pattern in a small-scale descending channel. The rate has just reached the bottom of the latest pattern and we will now look for it to bounce off 3.8143 and set another upwave
As a result of rebounding after meeting with the support put up by the 50.00% Fibonacci retracement level, which is located at the 1.3933 level, the US Dollar has formed an ascending channel pattern against the Singapore Dollar. The pair is heading, in accordance with the pattern, to the 38.20% Fibonacci retracement level, which is located at the 1.4079 level.
The Australian Dollar is depreciating against the New Zealand Dollar in a descending channel pattern. The channel down is aimed at the 38.20% Fibonacci retracement level, which is located at the 1.0654 level. It is most likely that that level will be a critical one. However, the channel has already passed the support put up by the 50.00% Fibonacci retracement
USD/DKK was working on establishing a short-term descending channel for the last two weeks. However, this attempt almost failed, as the rate was gradually narrowing down and, thus, transforming into symmetrical triangle. Nevertheless, in the middle of the previous trading day the pair managed to break through the bottom trend-line of the triangle near the 6.8016 level and, afterwards, bounced
The Canadian Dollar is trading against the Hong Kong Dollar in the mid-term descending channel, which has formed after the currency pair made the way though the bottom line of the preceding ascending channel. This trading week showed that fluctuations of the rate are becoming more narrow, which means that in the near future a falling wedge may be formed.
The Australian Dollar is trading against the Swiss Franc simultaneously in two descending channel patterns. However, the situation is about to change, as the junior pattern has reached the lower trend line of the dominant descending pattern. Due to that reason a rebound, followed by the formation of a new junior pattern, is to be expected. It is highly possible
The common European currency is appreciating against the Australian Dollar in a short term ascending channel pattern. The short term pattern has a very thigh range, which is an indicator of an upcoming break of the pattern. However, in the meantime the currency exchange rate is fluctuating in the borders of a larger, dominant ascending channel. The short term pattern
The common European currency continues to trade against the Hong Kong Dollar in the long-term ascending channel, which has not yet showed any signs of weakness. During last week, the pair has been fluctuating between the upper trend-line around 8.5079 and the weekly Pivot Point at 8.4717, trying to resume its downward movement to the 200-day SMA located at the
The common European currency is trading against the Norwegian Krone in a short-term ascending channel. The pattern has formed as a result of the currency pair breaking through the bottom trend-line of the senior upward channel near the 9.3400 level. It is likely that the pattern will remain until the end of this trading week and then gradually transform into
The US Dollar is depreciating against the Turkish Lira in a rather strange way. The reason for that is the fact that, after the bounce off from the upper trend line of the long term descending channel, no new medium term pattern has formed. Instead a downwards aimed supporting trend line persists. The trend line keeps the currency exchange from
The US Dollar continues to trade against the Canadian Dollar in the already twice reviewed ascending channel pattern. However, once more new developments have pressed for an updated analysis. First of all the upper trend line of the medium scale ascending channel pattern has been reached, and more than enough clues indicate that a reversal is about to occur. However,
EUR/USD is sending mixed signals in between several time-frames, as a channel up pattern appears to be emerging on the daily one, but the hourly chart shows lack of downward pressures that would lead to a bounce off the upper trend-line around 1.0942. The pair has set a symmetrical triangle and has failed to abandon the upper line, suggesting that
After EUR/CHF sketched an alleged head and shoulders on the daily chart to put an end to the downtrend in March, the pair set a steep motion into action just to hit 1.0869, test it twice and shift risks to the downside with a double top formation. The pair is now approaching the support level at 1.0803 but will
The Euro is depreciating against the Polish Currency in a long term descending channel pattern. Simultaneously the currency exchange rate is being heavily impacted by the strength of the Fibonacci retracement levels, which are measured via connecting the 2015 low and 2016 high levels. The currency pair is approaching the 38.20% Fibonacci retracement level, which is located at the 4.1886
The common European currency remains in a medium term ascending channel against the Russian Ruble. The channel has formed as a result of the currency pair rebounding against the lower trend line of a dominant descending channel pattern. During the move a larger medium term pattern was broken. Due to that it is assumed that the now active junior pattern
GBP/NZD confirmed the double bottom it has set at an all-time low of 1.6772 with a strong break above the neck-line located at 1.7982, and has been rising ever since. The pair has now posted two red candles after five green ones, suggesting that while the uptrend is still intact, a wave south is now taking place. Support lies below
Following an apparent double top formation, EUR/SGD posted a gap, but still managed to accomplish what it had intended, namely – a reversal of the previously prevailing bear market. The cross is currently moving towards areas tackled in 2016, but has sketched a rising wedge on the hourly chart which now suggests that some downside risks are to take over
The two-year low set late February proved unsustainable and led to a solid rise over the last couple of months. The pair has now, however, shifted its stance in favour of a bearish development, as indicated by the rising wedge on the hourly time-frame which appears to be mature enough to break rather soon. A dip beneath 1.4914/09 would lead
AUD/USD was working on establishing a large-scale channel down pattern for half of April and the efforts proved successful as the pattern gained several confirmations on the hourly time-frame. The pair is currently on a steep run towards the upper trend-line of the pattern around 0.7542 where it is strengthened by the upper Bollinger Band. We see it as a
EUR/HKD is showing some mixed signals in between various time-frames recently, as it has approached the upper trend-line of the senior channel it has been trading in for the last five months. The cross has created a symmetrical triangle which suggests that the upward motion should continue and break the boundary of the channel around 8.5278. We, however, lean in
A steep bullish motion took over in the last weeks of April as part of the climb GBP/CAD has been working on since January. The motion has now lost amplitude to the upside and posted a rising wedge formation on the hourly chart. The pair is currently testing the bottom trend-line of the pattern at 1.7660 and we will be
After breaking a strong trend-line in April and setting a strong bullish motion in action, GBP/USD consolidated just to post some more gains in a channel up pattern afterwards. The cross has, however, just broken the pattern to the downside and appears to be forming a retracement of the broken area on the hourly chart. We will look for
The New Zealand Dollar is trading simultaneously in two descending channels against the Swiss Franc. The junior pattern is a representation of the pairs bounce off from the upper trend line of the dominant descending channel pattern. The medium term descending channel pattern has already passed the support provided by the 38.20% and 50.00% Fibonacci retracement levels, respectively, at 0.6952