A break below the bottom trend-line of the week-long wedge NZD/USD traded in suggests that a steep downward motion will extend the recent theme, further implying that a retracement should take place after the plunge is executed. We see the 0.7181/7166 area as one capable to limit dips underneath in the short term, with further risks skewed to the downside
EUR/SGD topped September highs early October, just to prove disequilibrium and give in to supply pressures, by entering a descending channel, which the pair has been maintaining. Losing volatility, an additional channel down has extended the latest wave, suggesting that the pair could reach the bottom trend-line around 1.5117 or 1.5087 and hover in the middle of the pattern a
After breaking out from a triangle to the upside, the CHF/SGD currency pair has formed an ascending channel pattern. Although, most recently the currency exchange rate's attempts to move to the channel's upper trend line have been hindered by the 38.20% Fibonacci retracement level. The Fibonacci retracement levels play a significant role on any currency pair, which involves the Swiss
The Turkish Lira has been in a descending channel pattern against the Japanese Yen since November 2014. However, there are also two additional channel down patterns in the borders of the massive, almost two year pattern. First of all there is the medium term channel down pattern, which represents the currency exchange rates attempts to break through the massive channel's
USD/CAD slipped 1.4 % over the last week, led by a descending channel, which was formed in result of an unsuccessful break above the upper downtrend. After failing at the top trend-line of the pattern, USD/CAD is not showing enough weakness to dip underneath the 1.3102 level, which would result in a smooth slide towards 1.3080/3078, where a close below
The October surge was capped by 8.2541, which led to a double top formation with the neckline at 8.1479. While USD/NOK has dug into levels underneath already, the pair returned above the support to consolidate and has been sticking to it since. We still see potential for a bearish continuation beneath the significant level, shifting risk to 7.1240/1232, which coincides
Since the first half of March the Euro has been depreciating against the Russian Ruble in a descending channel pattern. However, it is not the only downwards aimed channel, as there also is another channel, which represents the currency exchange rates bounce off and following move down after encountering the larger pattern's resistance line. Moreover, after examining the high and
The Greenback is simultaneously surging against the Chinese Yuan in two ascending channel patterns. On a larger scale the currency exchange rate has been in a channel up pattern since February, as the US Dollar surged against the Yuan. Recently the currency pair formed another, much smaller channel up, which is a representation of the rates rebound against the larger
The channel turned wedge AUD/NZD managed to break just a few hours ago is now reminding of itself by pulling the pair for a retracement at 1.0693. We expect 1.0664 to require effort for a breakthrough with the area until 1.0636 maintaining the resistant nature. A successful attempt at the aforementioned demand zone would shift the risk to 1.0612/0606 and
Draghi's speech on Monday caused EUR/NZD to return inside the bounds of the descending channel it had apparently falsely broken on Monday, suggesting that the downtrend is still in power. Currently ranging, the pair is about to hit the upper trend-line of the pattern at 1.5353, if the consolidation is extended. The violation of the 1.5-month uptrend, either part of
The Euro is falling against the Australian Dollar, as the currency exchange rate most recently encountered the support of historical low levels of the pair and rebounded in the borders of a falling broadening wedge pattern. Moreover, by looking on the chart through various timeframes two distinct descending triangle patterns can be seen. Due to that it is most likely,
The common European currency has been trading in a falling wedge pattern against the Greenback, as the currency exchange rate has reached a support line of a larger pattern. On a large scale the currency pair is in a triangle pattern. Most recently the Euro bounced off a support cluster, which is represented by the pattern's lower trend line combined
Following a flattish fall of AUD/CAD, a rising wedge added nine percent of value just to build up some more bearish potential for a dive towards previous lows. We expect the pair to remain above 0.9989, the bottom trend-line for now, test it for an additional week or so and then break it to open the way to the 0.9921
EUR/NOK appears to be forming another symmetrical triangle pattern after breaking the original bottom trend-line and failing to extend the weakness. The pair is approaching 9.0893, the alternative triangle resistance on its latest wave north, which would break the upper trend-line around 9.0710. Led by the broken bottom trend-line, 9.0534 is the next obstacle on the pair's way on the
A correction of the bullish market trend was bound by a symmetrical triangle pattern, suggesting that the upper trend-line at 104.28 will break soon, extending the general rally. A rebound could target 104.36, shifting risk to 104.56 after execution. While on a short-term fall, USD/JPY will bounce form the daily Pivot Point – triangle bottom trend-line cluster at 104.08/10 with
The Greenback is still in a channel down pattern against the Russian Ruble on a larger scale. However, most recently the currency exchange rate reached the large scale pattern's lower trend line and rebounded. As a result of the rebound a channel up pattern has been forming this week. Although, its upper trend line is clear, the ascending short term
The US Dollar is surging against the Turkish Lira in an ascending channel pattern. However, recently the currency exchange rate marked a new this year's high level at 3.1062. Afterwards, the currency pair retreated, which might mean that there could be broken soon, as the rate reached the pattern's lower trend line, which might not have the strength to propel
While in the daily and weekly charts it is clear that we are moving within a well-defined bearish channel, there are still some 150 pips before the price hits the upper bound of the pattern. Accordingly, we expect the channel emerging in the four-hour chart to remain topical for the next several weeks, until the major resistance at 80.50 yen
Silver is set to lose even more value in the nearest future in addition to the 12% decline seen during the first few days of October. As a result of this decline XAG/USD has pierced through a support line that has been guiding the price north since the very start of 2016, leaving the rate with no levels to lean
The Kiwi is surging on a short term in an ascending channel pattern against the Canadian Dollar. The channel up pattern is a representation of the currency exchange rates surge from a larger scale pattern's support line. The large scale pattern is a falling wedge, in which the rate has been since the middle of September. It is most likely
The New Zealand Dollar is depreciating against the Swiss Franc in a channel down pattern in the short term. On a larger scale the currency exchange rate has been moving south in a falling wedge pattern since the start of September. The rate's movement is highly affected also by the 200-period SMA, which has managed to many times change the
The Australian index concluded its consolidation period with a violation of the 5'439 bottom trend-line of the rectangle it has consistently traded in for the last two weeks. Following a retracement to the broken demand zone, the gauge is on its way to test 5'409/5'407 after battling 5'419, the September 30 low. Adding more ground to our presumption of an
While a symmetrical triangle led AUD/CHF to lose volatility and show some upside potential, its strength to guide future movements might be limited, given the dominant weekly channel down which it has falsely broken several times on the hourly chart. The next tap at the bottom trend-line near 0.7440 could result in a close below, putting 0.7399, the monthly Pivot
As the Greenback gained strength in the past week against other currencies, the USD/NOK exchange rate has formed a short term ascending channel pattern in the borders of a larger, descending channel pattern. It also has to be noted that the currency exchange rate is heavily affected by the Fibonacci retracements, which connect the 2016 high and 2015 low levels.