The channel up pattern was also created by the EUR/SGD currency pair; however, this pair's trading range between trend-lines and overall length of the pattern is smaller. In the morning of October 9 the Euro commenced a recovery from the lower boundary and managed to gain some value.At the same time, short-term technicals assume the Euro will stay at present
After bouncing from upper boundary of the channel up pattern, the pair was stopped by 55-hour SMA, then located at 1.4129. As a result, the single currency started gaining its value back and is currently trading just above the daily pivot point at 1.4165. Technical indicators support return to the upper trend-line in the nearest or medium-term future. Moreover, almost
The falling wedge pattern started to form at the beginning of September; although, the pair has been on a down-trend already since July, when the pair traded just a couple of pips from the 1.72 level. At the moment, the pair is hovering beneath the 1.62 mark; although, this level remains the short-term target. Nevertheless, the daily and weekly technical
After a correction at the beginning of October, the EUR/GBP cross found a support slightly above the 0.78 level. Since then the pair has formed a broadening rising wedge pattern and reached 0.79 mark. Recently, the major level at 0.79 was approached; however, since then the pair has declined. At the time, when the mark was touched, the Euro was not
The high-quality descending triangle pattern of the EUR/DKK currency pair is approaching the final stage of its development. As soon as in couple of upcoming hours the single currency will break one of the trend-lines. Technical studies assume bearish scenario for the currency cross on medium-term time-frame, while other ones are mostly neutral. Still, before commencing the break-out to the
Following successful bounce back from the upper-boundary of the channel down, the currency pair started trading sideways along the upper boundary, taking into account rather small slope of the trend-line. Still, the Canadian Dollar has a good potential to decline value, even though from the downside it is limited by considerable support level at 6.93 (weekly pivot point; major level
After reaching the highest level (10.8475) since the end of December 2011 on 8th of May , the EUR/HKD has been declining. However, since the end of August the pair has started to form a bearish channel. Since the pair already recently touched the lower boundary of the pattern it is expected that the down-trend's resistance at 9.8746 is the
After finding a support slightly below the 1.09 mark USD/CAD started to form a upward sloping pattern—rising wedge. Currently, the pair is hovering around the lower trend-line of the pattern below the 1.12 level. Nonetheless, at the current trading levels there is a cluster of support levels (100 and 200-period SMAs, daily PP and pattern's support). Also an overwhelming majority (72%)
The most traded currency pair is constantly hovering to the downside since beginning of September. However, just recently it managed to bounce from the lower boundary of the bearish channel and is now heading to the upside. The move is supported by slight bullish majority among SWFX traders, more than 53% of whom hold bullish positions on the single currency.
The USD/CHF currency pair has just approached the lower-trend line of the pattern and is preparing to test it in the nearest future. We assume that pair's ability to cross this important support level will determine its future movement. If the level is breached, we can expect the U.S. currency to reach weekly and daily support at 0.9548/47. However, market participants disagree with this opinion, being that 63% of all opened positions
Through the summer months the pair was on a period of consolidation; however, on September USD/ZAR started to appreciate as it received a bullish impetus around the 10.60 level. However, just recently a rising wedge pattern formed. At the moment, the pair is challenging the lower trend-line of the pattern. Moreover, if the daily S1 and 100-period SMA does not halt
At the beginning of October, GBP/AUD failed to approach the major level at 1.87 after a repeated attacks. Moreover, with this recent decline the pair has formed a descending triangle pattern. Currently, the pair has reached the apex of the triangle, thus a break-out is expected at any time. The technical studies are not a great help this time as
Unlike the previous currency pair, the CAD/JPY has only approached the upper boundary of downward-sloping channel, meaning that upcoming hours will decide the future movement of the present currency cross. Judging from short-term technical indicators, the Canadian currency pair will bounce from the upper trend-line and continue trading to the south. Moreover, market participants are confidently convinced in pair's ability
The single currency has just bounced from the upper-boundary of bearish channel and is now depreciating against the Swedish Krona. Concerning high quality and magnitude levels, we can expect the further negative movement to be successful, possibly down to pattern's support at 8.9993, which is reinforced by the major level from above. Technical studies support such course of events to
In the middle of September EUR/JPY reached the highest level since early May; although, the pair was not able to prolong its advance and the pair's bears took control of the market. Currently, the currency pair is trading around the 137 mark, after reaching the upper trend-line a couple of days ago. Even though the pattern's trading range is relatively narrow
After a consolidation around the major level at 1.26, USD/SGD started to form a 276-bar long broadening rising wedge pattern. Recently the U.S. Dollar breached the upper trend-line of the pattern; however, it seems that it is returning to trade in to the boundaries of the pattern. The pair has proved that is not completely ready for a bullish break-out;
Since the last time we looked at EUR/NZD (Sep 15) the currency pair has broken through the 200-day SMA to the upside and reached the upper boundary of the bearish channel. Being that the resistance at 1.64 withstood the buying pressure and forced the price to turn around, the market has confirmed topicality of the pattern. Accordingly, we may assume
Considering that the currency pair at the same time respects two parallel positively-sloping trend-lines, 39.86 may not stay the all-time high for long. We can expect a correction from the current trading levels, but the sell-off should come to an end before or at the support at 38.71, which is created by the two-month up-trend and the monthly pivot point,
The Euro remains bearish—even after losing 14 cents since the beginning of May. Judging by the trend-lines, EUR/USD is trading within the boundaries of the downward channel since the beginning of August, though the lower trend-line was respected by the market even before that. Right now the currency pair is in a good position to undergo a bullish correction, but the
After a period of consolidation in August, CAD/HKD found a strong support around the major level at 1.08 on 4th of September. Since the broadening rising wedge pattern has formed the pair has managed to hit the highest level in around six months. Recently, the pair bounced off the weekly and monthly PPs at 1.1083/88 and now there is a possibility
The CAD/HKD cross failed to breach the 7.12 level at the middle of September, facilitating a formation of bearish channel. Currently, the pair is hovering around the 100-period SMA at 6.9543, after setting a minor high above the psychological level at 7.0130. The majority of the technical studies are suggesting that the current trend is likely to continue, as 1H and
The second currency cross with the Euro, namely EUR/SGD, has already been hovering to the south for a considerable period of time. It formed the bearish channel on a four-hour chart in the end of July. Right now it is trading just above the weekly S1 at 1.6094 and has all opportunities to cross this level in the foreseeable future.Short-term
Yesterday we discussed the present currency pair with a look at four-hour chart, while on hourly one we can observe a formation of a very qualitative triangle pattern. In a couple of hours the single currency is supposed to make a confident move through one of trend-lines. At the moment it is already trading above the 100-hour SMA at 4.1808.
After a bearish correction in the middle of September USD/TRY started to form a broadening rising wedge pattern. Currently, the pair is trading near the lower trend-line of the pattern around the 100-period SMA; daily S1 and weekly R1 at 2.2763/92. These levels, all together, make a strong and reliable support level, thus a bearish break-out seems not likely. However, the