USD/TRY has been moving to the south since January 27, and it seems that the downward rally will persist. Just recently, bulls have made several attempts to penetrate the upper trend line. Each new high, however, has been lower than the previous one, and the pair is facing a strong resistance from the 200-period SMA. While vast majority of opened
A 161-bar long channel up pattern formed by EUR/CHF originated in mid-April and helped the pair to recover some losses it faced during more than a two-month slump started in the first days of 2014. Currently, the pair is trapped into a 17-pips wide range restricted by its short-term and long-term SMAs at 1.2218 and 1.2208, respectively. Meanwhile, we see mixed
The pair of two European currencies, EUR/PLN, followed a bearish trend after it hit a one-month high of 4.2268 late April. In mid-May, the downswing became more distinct as the currency couple entered a downward-sloping channel. At the moment, the corridor is 179-bar long and there are no indications that EUR/PLN is willing to stop its losing streak. The pair
A sharp advance performed by USD/SEK took the pair to a six-month high of 6.6539 during three weeks started early May when the instrument embarked upon formation of the 87-bar long rising wedge pattern. To continue its bullish trend in future, the currency pair has not only to re-approach the recent high but also to surpass this mark, above which it
EUR/NOK has been in the down-trend since early February when it re-approached a two-year high of 8.5492. One of the formations developed during this slide is a 98-bar long triangle pattern started in the beginning of May. The pair has recently reached the apex but the breakout is yet to come. Bearish market sentiment – 83% of traders hold short positions
AUD/CHF has been moving similarly to EUR/CHF since January. The Swiss Franc is losing its positions versus other major currencies, and according to Dukascopy traders, the tendency will persist, as they are selling the Alpine currency in 74% of the time across the board. Additionally, technicals on a daily and weekly charts are sending ‘buy' signals, supporting the case of
A 161-bar long channel up has been formed by EUR/CHF currency pair in mid-April. However, it is important to mention that trading range is narrowing slowly, hence, it can be a rising wedge as well. Therefore, the breakout can happen relatively soon and we will see some major moves, even despite the fact the EUR/CHF is one of the least
By connecting the peaks and troughs of USD/TRY charted since the end of March, it is possible to come to a conclusion that there is a falling wedge emerging on the four-hour chart. Therefore, we should expect a reversal of the current trend, namely a break-out to the upside. However, the apex of the pattern is still far away and
With the help of the demand located at 8.80 EUR/SEK managed to commence a recovery earlier this year. Because of the upward impetus the currency pair formed a bullish channel. Accordingly, the price is expected to rebound from the lower boundary of the pattern at 9.00 and then set course towards the upper trend-line at 9.25. However, at the moment
A 141-bar long double bottom pattern formed by EUR/TRY started late April when the pair hit a three-week high of 2.9862. At the moment, EUR/TRY is sitting at the 50-bar SMA at 2.8640 that acts as a formidable resistance. The short-term SMA has been impenetrable for the last 20 hours and if the pair eventually manages to jump above this
Since early May, the Australian Dollar has been on the rise against the kiwi and on May 22 the pair started to shape a rising wedge pattern. The formation is relatively short, only 76-bar long, and it is not become much longer given that AUD/NZD now is on the verge of breaching the upper boundary. Market players also believe
A drop to a two-month low of 0.8704 in the first days of May gave USD/CHF an impulse for an advance. The pair managed to sustain the rally even after it reached a three-month high of 0.8982 that lies on the upper trend-line of the 80-bar long channel up pattern. In the foreseeable future, the currency couple is likely to prolong
Having attained a two-year high of 1.3995 early May, the most traded currency couple swung to losses and several days later entered a bearish channel that sent it to a three-month low of 1.3611. Now EUR/USD is trading slightly below the 50-hour SMA at 1.3640 that prevents the pair from a recovery after a plunge to the recent low. Considering the
After a massive sell-off that started in the last days of April USD/ZAR made an attempt to recover, but turned out to be unsuccessful once it reached the resistance at 10.4775. As a result, there is a double bottom pattern emerging on the hourly chart. However, in order for the figure to realise its full bullish potential, i.e. charge at
The pattern was initiated back in mid-May, when the currency pair was stopped by the selling pressure just above 0.9450. Since then the kiwi has been generally underperforming relative to the loonie, thereby forming a bearish channel. Accordingly, while we may expect a recovery in the near-term due to the proximity of the spot to the lower trend-line, the overall
A sharp rise to a three-week high of 1.4875 late May was a starting point of a descending triangle formed by EUR/AUD. Now the pair is locked in a narrow range, less than 20 pips wide, and is likely to reach the apex later in the day. Taking into account the SWFX numbers, we may expect the pair to exit
A 77-bar long descending triangle pattern shaped by USD/TRY originated at a one-month high of 2.1194. The pattern is relatively short and the pair has almost approached the apex, meaning that the recent jump above the upper trend-line may lead to an accelerating advance. If this comes true, USD/TRY may try to move above several important resistance levels at 2.0880/4
Several hours earlier, the EUR/CHF breached the neck-line at 1.2215 of a 69-bar long triple bottom pattern it started on May 21. However, a rally that usually follows a bullish breakout is constrained by the 200-hour SMA that represents a formidable resistance supported also by daily R1 and four-hour R1 at 1.2217/8. Notwithstanding this, the pair may appear strong enough
In the very end of 2013, EUR/NOK attained a five-year high of 8.5487 that resulted in a long-lasting weakness. Being a subject to a constant selling pressure, EUR/NOK has formed a multiple bearish patterns and one of them-channel down- we will examine today. The formation originated late April and took the pair to a six-month low of 8.1002 in mid-May. Now
Following a one and a half figure long sell-off, USD/SGD entered a consolidation phase, which in turn appears to be an ascending triangle. The pattern implies strong resistance at 1.2540, but at the same time there is supposed to be a rising support trend-line at 1.2521, reinforced by the 200-period SMA and weekly pivot point.Judging by the technical indicators, a
During the last five days the currency pair has been recovering and at the same time forming a bullish channel. Accordingly, the outlook should be positive, especially considering that most of the technical indicators on the hourly and four-hour time-frames are pointing upwards.However, there are also arguments against continuation of the rally. Since the beginning of April CAD/JPY has been
There is a major support level for EUR/NOK currency pair. It is located around 8.10 and it is represented by a recent low. When having a look at the longer-term perspective, the pair has been struggling to move above or below this level for several times in the recent months, meaning it is a major pivot level for EUR/NOK. Despite
After a slight weakness in the cable during February and March, the pair resumed its rally, and is trying to hit 1.70-mark once again. At the moment of writing, the cable was changing hands at 1.6838, just 7 pips above the 200-period SMA. A move below the SMA will clear the way for a weekly S1 and pattern's support around
As EUR/NZD failed to rise above 1.70 last year, the next five months the market was explicitly bearish. Still, during that time the currency pair managed to form a downward channel. Accordingly, it is expected that the Euro is going to respect the resistance at 1.61 (down-trend line and monthly PP) and head south. Eventually the sell-off should extend to