An unsuccessful attempt to climb over 1.77 in March has entailed emergence of a bearish channel. The pattern is already more than 400 bars long and is likely to become even larger in the future. However, right now EUR/SGD is undergoing an upward correction, which is expected to end as soon as the pair comes into contact with the upper
GBP/JPY has remained distinctly bullish for almost a whole month after bottoming out at 169.50 in May. And, as evidenced by the technical indicators (bearish in the short run and bullish in the long run), the upward momentum is soon to prove its sustainability once again. As a result of a downward correction, the rate is approaching the lower trend-line
Instead of going into a nosedive after numerous attempts to breach the resistance at 0.9010, USD/CHF entered a consolidation phase that appears to be a symmetrical triangle. And while the technical indicators are not helping to determine the direction of a break-out, the currency pair is closing in on the apex of the pattern.Considering the formidability of the resistances lying
Following a brief upward correction in the overall bearish market EUR/AUD started to trade between two parallel falling trend-lines. Accordingly, a current rally from 1.4360 should soon come to an end near 1.4626, a cluster of resistances created by the weekly R2, 200-period SMA and down-trend line. Then the currency couple will be in a good position for another pronounced
A recent bullish wave from 2.0750 encountered a tough resistance level at 2.1560. Since two distinct consecutive attempts of the currency pair to overcome this level failed, there is a high possibility USD/TRY is forming a double top pattern.If this is the case, then the neck-line at 2.1237 is in danger, despite being reinforced by the daily S2 level. In
Right now CHF/JPY is recovering after a plunge seen earlier this month, from 115 down to 113. Considering the pair is currently fluctuating between two parallel trend-lines and it has recently gained a foothold above the 200-hour SMA, the Franc is likely to negate the recent losses eventually. However, judging by the indicators, the pair's prospects are not as bright
Throughout the past week EUR/HKD has been forming a symmetrical triangle, consistently respecting two converging trend-lines. But now the currency pair seems to be ready to exit the boundaries of the pattern by breaking out to the upside.Once the resistance at 10.54 is out of the way, the rate will be expected to target the daily R1 at 10.5557 first,
Having established a tough support near 0.8650, NZD/USD was able to form a bullish channel, meaning the kiwi is expected to keep gaining value against the U.S. Dollar. However, in order for the bullish outlook to remain valid over the coming days, the currency pair should stay afloat above the rising trend-line at 0.8695. Right now this level is reinforced
After bottoming out near 1.1550 in the second half of May AUD/SGD entered a distinct bullish trend. And, judging by the technical indicators, the Australian Dollar is likely to continue appreciating relative to its Singapore counterpart. However, the current rally of AUD/SGD may soon give way for a bearish correction, considering that it is now approaching the upper boundary of
Since last year's July GBP/USD has been in a major up-trend. And even though most of the technical indicators suggest the demand is going to continue pushing the price further north, there are signs that we are on the verge of a major reversal. Firstly, the currency pair is facing an important resistance level, represented by the 2009 high at
It seems that the recent exit from the 197-bar long triangle pattern was a demonstration of a false breakout as USD/RUB managed to re-approach the pattern's support within one day after the drop occurred. However, this affirmation may appear ill-grounded considering that the pair is still unable to settle above the lower boundary of the formation and that over 72%
EUR/GBP has been under heavy selling pressure for more than 10 months started in August 2013 when the pair reached a one-year high of 0.8771. In mid-March, the pair's bearish tendency became more distinct thus helping the instrument to shape a 167-bar long downward-sloping tunnel. The recent stab to the corridor's lower boundary marked a drop to almost a two-year low
The Euro attained a five-year high of 145.69 versus the Japanese Yen late December; the rise to this peak provoked a long-lasting retreat that pushed the pair into a falling wedge pattern early April. Now EUR/JPY is locked not only between the pattern's trend-lines but also between its short-and long-term SMAs, with the 200-bar SMA at 139.08 acting as a
After touching more than a two-year low of 0.8658 late January, the Australian Dollar has been in the up-trend against its U.S. counterpart and one of the formations that appeared throughout the rally is a 85-bar long channel up pattern started late May. A few hours earlier, the pair a jumped above the 50-bar SMA at 0.9389 that gave AUD/USD a
Because of the formidability of the support at 1.67 GBP/USD was able to launch a successful attack on 1.70 and thereby prolong the bullish channel it has been forming since the first days of June.Right now the currency pair is facing the resistance at 1.7073, represented by the yesterday's high and daily R1, but in the end it should be
The bullish momentum USD/ZAR received on Tuesday turned out to be insufficient to overcome the resistance at 10.8650. Eventually, the bears took control of the market and forced the currency pair into a downward-sloping channel, which implies further depreciation of the U.S. Dollar. The same negative outlook is suggested by the hourly and four-hour technical indicators, as they are mostly
USD/DKK not only failed to re-approach a five-month high of 5.5274 attained early June but also came under heavy selling pressure that pushed the pair into a falling wedge pattern. However, throughout the period of its weakness, the currency couple has been demonstrating a strong unwillingness to depreciate by trying to consolidate above the tunnel's resistance more than once. Currently,
Despite the fact CAD/JPY broke the upper limit of the 76-bar long triangle pattern a day earlier, the question whether the breakout was real remains in place as after a short-lived rally to a two-month high of 94.27 the pair reversed its trend and started to move towards the pattern's upper trend-line. CAD/JPY is now trading slightly above the pattern's
The Euro lost circa 600 pips versus the New Zealand Dollar during eight trading days ended June 12. Later on this dive became a part of the 251-bar long triple bottom pattern. At the moment, EUR/NZD is struggling at the 50-hour SMA at 1.5620; however, this resistance is not the only hindrance for a climb to the neck-line at 1.5689. The
Having bounced off a six-month low of 2.8135 in mid-June, the Euro commenced appreciation against the Turkish Lira. The climb has been developing inside a bullish formation-channel up pattern that now is almost 160-bar long. The currency couple is trading not far away from a one-month high of 2.9228; however, now seems to be a hard time for any further advancement
Once NZD/CAD stabilised near 0.92, following a prolonged sell-off, the currency pair started to trade between two parallel upward-sloping trend-lines. Given that most of the technical studies are giving ‘buy' signals, especially on the longer-term time-frames, and the lower edge of the channel remaining intact, the New Zealand Dollar is likely to carry on outperforming its Canadian counterpart in the
This bearish channel is an extension of a down-move within a head-and-shoulders pattern (Dec ‘13—Mar ‘14). A prominent feature of the corridor is that its upper trend-line connects not only the most recent highs, but also some of the major peaks, such as the ones seen on Jan 24 and on Mar 12 at 1.5833 and 1.5544, respectively.At the moment
Australian Dollar has been generally outperforming the Franc for the past 500 trading hours. However, instead of keeping the trading range constant, the swings from one trend-line to another were becoming wider with each new wave, leading in the end to formation of the broadening wedge.Since this is a reversal pattern, the lower trend-line is now considered to be in
NZD/USD received a strong bullish impulse after encountering the support at 0.84 on Jun 4. Since then the currency pair has been in the up-trend, and it seems to be ready to advance even further.Just recently the kiwi has touched the lower up-trend of the channel and thus should now head towards the upper edge of the pattern at 0.8835.