The Australian Dollar is trading in a descending short term channel against the Swiss Franc. However, the pair is about to hit a more dominant pattern's lower trend line and rebound, as simultaneously the currency exchange rate trades also in the borders of an ascending medium term channel. The rate is most likely to rebound soon, as it is already
EUR/CHF floated inside the bounds of a ascending channel for eight days, setting solid support and resistance lines for the pattern, but nevertheless managed to under step the lower trend-line at 1.0735. The pair has now been stalled by the 200-hour SMA at 1.0729 and has set eyes on the support cluster below at 1.0723/22. We will look for a
The senior downfall that EUR/NZD took up in 2015 is still in power, pushing the pair south and forming an almost perfect channel down pattern. The rate is now testing the daily Pivot Point at 1.4761 and does not seem to be quick to push through. We expect the next target to lie around 1.4775, the upper boundary of the
The common European currency is trading in a large scale descending channel pattern against the Swedish Krona. Most recently the rate had been slowly depreciating, while being close to the channel's lower trend line. These fluctuations were possible due to the existence of a medium term down trend line. However, most recently the rate met with the 61.80% Fibonacci retracement
After marking a new high level on January 3 against the Singapore Dollar, the US Dollar has been depreciating in a medium term descending channel. The rate is set to continue its way lower without much hindrance. However, there will still be one nuisance, which will slow down the surge of the Singapore Dollar. The currency exchange rate has proven
After tapping at the 1.03 level, which USD/CHF has been attending to once a year for several years already, the pair traded inside a channel down on the four-hour chart, but also managed to sketch a rising wedge on the hourly scale. The wedge now tells us that the upper boundary of the senior pattern is approaching and that the
A Channel down led USD/NOK to reach for two-month lows of 8.32, causing a bounce from the area and ultimately a break above the upper boundary of the pattern. The pair has now hit a cluster of resistances and will most likely take its time to consolidate before the surge extends. We will look for a short-term downward motion to
The Canadian Dollar is trading simultaneously in two descending channels against the Hong Kong Dollar. The medium term channel is a representation of the currency exchange rates bounce off from the long term pattern's upper trend line. In addition, the currency pair is highly influenced by Fibonacci retracement levels, which are measured by connecting the 2016 high level of May
The US Dollar is still set to depreciate against the Japanese Yen, never minding the recent rebound of the currency exchange rate. The rebound occurred due to the rate reaching the 38.20% Fibonacci retracement level, which is located at 112.60. However, the reason for a continuation of the decline is that the currency exchange rate still remains in a descending
EUR/PLN abandoned January lows in several attempts to establish a solid bull market, and entered the most recent correction in an ascending channel pattern. The pair is now likely to break the formation to the upside at 4.3766, after the bottom boundary is re-tested and a wave extends worth. In case the bottom trend-line gives in to the pair's weakness,
SGD/JPY broke the descending channel pattern to the upside, suggesting that a rally is up next, just before a small scale retracement is executed. The breakout can be attributed to the pair taking in to the senior channel down pattern which can be better observed on the daily chart. The rate has interestingly set a ground at 79.49 by testing
The yellow metal continues to trade in a medium term ascending channel. Most recently the bullion encountered short term resistance and retreated to the large scale 50.00% Fibonacci retracement level at 1,211.69, where it found support. The Fibonacci retracement levels for the metal are measured by connecting the 2015 December low level with the 2016 August high level. From a
The Aussie continues its surge against the Greenback in accordance with an ascending channel pattern. The channel is guiding the currency exchange rate from one Fibonacci retracement level to another, sometimes making a short stop before continuing the surge. The Fibonacci retracement levels are measured on this pair by connecting the 2016 high level of April 21 and the 2016
A channel turned wedge just broke to the downside in EUR/CAD and appears to now be attempting a retracement of the broken level around 1.3924. The pair is currently trading inside of a red Ichimoku cloud, confirming the corrective nature of the current motion and setting the next target at 1.4145 with more prominent risk later at 1.4114/4066 – an
USD/DKK lost loads of value in a three-day downtrend with extreme steepness, but now appears to be building up some bullish potential or at least signalling that a ranging market is on its way to take over the trend. The pair is currently attempting to overstep the upper boundary at 6.9223 and we will look for the area to break
The latest wave north required some consolidation for GBP/CHF and led to a bullish correction inside of an ascending triangle pattern. The pair has just attempted the upper trend-line of the pattern and failed, meaning that another wave south is likely to take place before the pattern breaks at 1.2447. With most of the relevant-term lagging technical indicators pointing to
Along with a newly established downtrend, a set of technical indicators point south for USD/MXN, confirming the validity of the motion. A channel down pattern led the rate slide in a flattish motion at first, just before an aggressive break to the downside. Additionally, the neckline of a head and shoulders pattern at 21.86 broke on the second attempt, after
USD/CNH had attempted to form a volatile channel down pattern, but rather went through a consolidation phase to enter a channel up pattern. The pair is currently testing the bottom boundary of the pattern at 6.8443 and there is decent potential for it to break below. Supply pressures stem from the repeated test of the lower trend-line after a reach
ZAR/JPY continued to surge after the corrective phase it had entered before, and established a channel up pattern to guide the bullish motion. The bottom boundary that has just been tested held strong and caused a bounce to keep the pattern intact. Immediate supply lies at 8.50 and then 8.52 before attacks at the upper trend-line of 8.53 are launched.
Bearish potential led USD/TRY to sketch a rising wedge to potentially end the ranging market phase. The pair is still trading inside the pattern and is now targeting the bottom trend-line of it to potentially stick to it and then break it. The boundary lies at 3.8039 and is strengthened by the 200-hour SMA with other time frame SMAs also
GBP/NZD has entered a symmetrical triangle pattern that has formed a flattish upper trend-line, causing it to take more of an ascending channel form. Both of the alternative patterns give out the same signals and are likely to the broken to the upside-most likely on the next few candles. We will look for tests of 1.7221 and then 1.7252 which
Following a tap at the three-year lows of 1.5768, GBP/CAD entered a rising wedge to test the upper boundary of the senior channel down pattern that the pair has been following for a year and a half already. The pair has slightly overstepped the upper boundary already and it is most likely that a dive will follow – consistent with
EUR/NZD established a solid downtrend inside the bounds of a channel down pattern which shows no signs of weakness for now. The pair has just exited a cloud resistance area and is now targeting the bottom trend-line at 1.4821 with a few hitches on the way. The pair is likely to lose some momentum at 1.4851, 1.4839 and 1.4829, then
After abandoning the one and a half year highs of 83.47 the pair touched in December, a monthly floor was set at 80.65. It now appears that NZD/JPY is targeting the upper part of the established trading range again, hovering around the middle. A channel up pattern is leading the motion north and the pair now appears to have increased