The Greenback is declining against the Turkish Lira in a medium term descending channel. However, that might soon change. Together with the 23.60% Fibonacci retracement level of 3.7248 the upper trend line of the medium term channel is forming a descending triangle pattern. Simultaneously the currency exchange rate is in an ascending channel pattern, and its lower trend line is
The common European currency continues to decline against the Swedish Krona in two descending channels, while simultaneously being highly affected by Fibonacci retracement levels. The retracement levels are measured by connecting the 2016 high level of November 9 with the 2016 low level of April 21. Most recently the currency exchange rate rebounded against a combined support level of the
AUD/CAD has been trying to abandon the half-year low of 0.9668 by establishing a decent uptrend, which now appears to be unsustainable as the pair has entered a rising wedge. The pattern is expected to break to the downside with a prominent dip and a retracement, followed by a further slide. With the rate currently attacking the upper trend-line of
After complying with the falling wedge on the daily chart, AUD/NZD exited it to the upside, but then immediately put an end to the bullish market with a channel down on the hourly chart. The pair has just executed a retracement of the channel upper trend-line that it has broken out of in the last few hours. While the picture
Silver is surging in simultaneously two ascending channels. However, it is also on a larger scale in a descending channel. Due to that the main thing to find out is, when and how the metal will change its course and begin a medium term decline. First of all, by measuring the Fibonacci retracement levels via connecting the March 31 low
The Pound recently broke out of a long term ascending channel against the Aussie. It occurred in a descending channel pattern, which formed as a result of the rate reaching the large scale pattern's upper trend line and bouncing off of it on January 2. The rate is about to reach the 2016 low level of 1.5682 in accordance with
After sliding from eight-month highs, SGD/JPY entered a channel down pattern, and lost some volume to the upside, forming a junior falling wedge. The wedge is consistent with the expected movement towards the channel upper trend-line around 80.23 and could break anytime soon, given the stickiness of its top boundary. In case the breakout does not happen and the pair
HKD/JPY almost reached for yearly highs in December and January, but set a ceiling at 15.24 instead, falling slightly short of the ultimate high at 15.60. The pair had set a solid trading range during December and January which can now be considered a double top formation with a broken neckline at 14.98. A slide underneath has led inside a
The Greenback failed to break through the resistance put up by the 2016 high level against the Japanese Yen. As a result a decline of the rate began, and a descending channel pattern formed. The channel directed the rate from the 2016 high level of 118.67 to the 23.60% Fibonacci retracement level at 114.04. The Fibonacci retracement levels are measured
The common European currency surges against the Pound in an ascending channel pattern on a medium scale. However, the rate is simultaneously more affected by the Fibonacci retracement levels, which are measured by connecting the pre-Brexit low level with the 2016 high level. At the moment, the pair is on its way from the 38.20% Fibonacci retracement level at 0.8683
A channel pattern led EUR/NZD down, closer to ten-year lows of 1.4042 which were approach once before in 2015. The current down-wave is likely to hitch immediately at the resistance of 1.4887, and set an ultimate target around 1.4493, which is likely to then lead to a short-term bullish outburst shifting the goal to the upper trend-line of the pattern.
Following a break above the upper trend-line of the senior three-month channel, EUR/USD entered a ranging motion and could potentially have sketched a double top formation at 1.0675. Most recent movements indicate a small-scale descending triangle, which is about to be broken – most likely to the downside. The pair is currently on a quite crucial step, which could either
CAD/JPY confirmed a double top at 88.62 from the four hour chart with a descending channel pattern it entered over the last week. Currently on its way to the bottom trend-line at 86.35, the pair is likely to remain in the red zone for now and bounce from the area to comply with the up-wave implied by the pattern. Immediate
The Pound is depreciating against the New Zealand Dollar in a descending channel. The channel is a result of the rate meeting with the upper trend line of a large scale descending channel. At the moment, the rate is set to decline until the 2016 low level of 1.6708, where it is bound to find some support. However, the support
The yellow metal is surging in an ascending channel, as the bullion recently broke out of a long term descending channel. Although, the large channel's upper trend line had not been tested much and was passed after two attempts. Recently the just mentioned trend line provided support to the commodity price, which confirms that gold is set to continue to
CAD/HKD left 2016 lows in an ascending channel pattern, which has now led to tests of 5.9458, the recent high, and then guided a wave south towards the bottom trend-line at 9.8912. The pair is bound from the upside by the weekly and monthly R2, meaning that it will have to build up some more prominent momentum to dash through
AUD/SGD maintained the directional risk on its upside, but changed the slope of the motion by entering a channel up pattern of lesser steepness. The pair is currently launching an attack on the upper trend-line of the pattern, but is likely to spill some flatness into the motion as 1.0723 and 1.0727 steals some momentum on the way. Tests of
While trading in accordance with a medium term descending channel, the Greenback recently hit the lower trend line of a large scale channel up pattern against the Norwegian Krona. As a result the currency exchange rate already found support and began a rebound. This is the exact beginning of a formation of a new northwards aimed medium term pattern. It
The Aussie is about to break out of a short term ascending channel pattern against the Canadian Dollar. The reason for that is that the currency exchange rate recently surged in accordance with the short term channel until it hit a strong resistance cluster. The main two levels of significance in the resistance cluster were the upper trend lines of
Following a slip towards 2016 lows, CAD/JPY went on to an extensive surge that let to attacks at the annual highs at 88.66. The pair is now showing some signs of weakness, which suggests that the soar is unsustainable and could let the pair slide. A double top at the aforementioned area is the main reason to believe that bears
EUR/HKD lost value for two consecutive months inside a descending channel pattern, claiming the upper trend-line a few days ago. The pair is currently consolidating along the 200-hour SMA and bound from the downside by a cloud support which it has been respecting along the motion. With supply pressures stemming from various time-frame SMAs, the pair will likely make its
The Australian Dollar recently formed an ascending channel against the New Zealand Dollar. The new pattern formed as a result of a breakout from a descending triangle to the upside. The rate is set to continue the surge in accordance with this new ascending channel, until a level of significance stops the appreciation of the Australian Dollar. It is most
The common European currency is depreciating against the Polish Zloty in two descending channel patterns. The currency exchange rate recently reached the combined support level of the two channels, which indicates that the medium term channel is about to become obsolete. Although that was expected to occur in the pair's most recent surge, it did not happen, as the rate
USD/DKK had never seen levels as high as in December 2016, when the pair attacked 7.1583 for two consecutive times, failing just after, but keeping the bullish potential in the back of its head. A rising wedge now suggests that the area is not out of reach, meaning that a bullish outburst might come in case of stickiness at the