EUR/HKD has just escaped the boundaries of the triangle it was forming the past two months by breaking the lower trend-line of the figure. Therefore the bias with respect to the exchange rate is now bearish. The first target at 10.6990 has already been reached, but if the resistance near 10.7075 stands its ground, the price should eventually slide down
After a two-month non-stop rally that was observed earlier this year USD/RUB entered a consolidation phase as a result of a test of the formidable resistance just below the level of 37. Accordingly, there were more chances that eventually the currency pair was going to resume moving forward.However, the symmetrical triangle has recently been broken to the downside, meaning that
The formation of a 188-bar long triangle shaped by XAU/USD commenced at a six-month high of 1,389.73. While vacillating between the pattern's trend-lines, the yellow metal has been mainly tilted downwards and once it even dived well below the triangle's support line but managed to come back to the pattern shortly after the drop. At the moment, the most traded precious
Since the very beginning of 2014, the Great British Pound has been trading near a five-year high of 174.96. The latest part of the winning streak is represented by a 161-bar long ascending triangle. Now the pair is trading slightly below the lower trend-line of the formation; however, the breakout is likely to be false as two thirds of market players
A drop to a four-month low of 1.2452 early April provoked a change in USD/SGD trend. The advancement has been developing within the area bounded by two upward sloping lines; in other words, the pair shaped a channel up pattern. Recently, the currency couple penetrated the 50-hour SMA at 1.2562 and now the pair is sitting slightly above this line. If
The single European currency embarked upon appreciation against its northern peer early April when the pair plunged to a six-month low of 8.2026. Since then, EUR/NOK has been constantly rising and on April 16 it entered a bullish tunnel. At the moment, the pair is locked between its short-and long-term SMAs, with the 200-hour SMA at 8.2885 meandering below the instrument.
As AUD/USD failed to cross the resistance at 0.9461 three weeks ago, it came under strong selling pressure that still persists. Right now the currency pair is undergoing a bullish correction, but the rally is expected to end rather soon, near 0.93. There it will face the resistance represented by the weekly PP, 200-hour SMA and falling down-trend, and thus
Latest developments on the hourly chart of CAD/HKD confirm the descending triangle to be a continuation pattern. Before entering the formation the market was notably bullish, and only after the currency pair had covered three and a half figures, the resistance at 0.8160 managed to stop the appreciation and the figure was initiated. Accordingly, the risks were skewed in favour
USD/HKD will be highly volatile. Therefore, even despite the fact this is not one of the major currency pairs, traders will have a great opportunity to open positions as soon as the price penetrates either higher or lower pattern's boundary. Statistically, descending triangles are penetrated to the downside in 64% of the time. Moreover, technical indicators on a 4H and
After touching 1.5829 on January 24, the single currency began its depreciation versus the Aussie, which lasts until now. On April 10 the pair refreshed this year's low, however, was not able to move any lower, hence 1.4853 can be considered as a key level for short traders. After bouncing back from the lower boundary, the pair headed towards the
A very long, 336-bar long, channel up pattern formed by AUD/USD seems to have finally come to an end. The currency pair has recently tumbled below the lower boundary of the tunnel as well as below the 200-bar SMA that has been meandering just beneath the pattern's support at 0.9247 for more than a month. This suggests us that a
Another rising wedge pattern but this time shaped by USD/NOK has been recently broken through. The pair dived below the lower limit of the 208-bar long formation and has been trading there for two hours already. A bearish breakout from the rising wedge is the key indication of the forthcoming sell-off. This is also reinforced by the SWFX data-over 70%
An advancement of the U.S. Dollar against the South African Rand started at a six-month low of 10.3604 reached in the first part of April. Since then, the pair has been on the rise and started to shape a rising wedge pattern later in the month. At the moment, the currency pair is vacillating below the 50-hour SMA at 10.6403,
The Great British Pound has been appreciating against the New Zealand Dollar since the end of March when the pair touched a six-month low of 1.9086. However, a distinct upside trend appeared only when the currency couple entered a bullish channel almost a month later on April 24. Now the pattern still is relatively short, only 62-bar long, but its quality
While the U.S. Dollar is underperforming relative to the Swiss Franc, it manages to gain ground against its Singapore counterpart. And if the support at 1.2545, consisting of the 200-hour SMA and rising support line, stops the current bearish correction and triggers buying, the resistance at 1.26 will most likely be USD/SGD's next destination.In the meantime, although the technical indicators
As USD/CHF proved to be unable to cross 0.8954 at the very beginning of April, it started forming a downward-sloping channel. And, judging by the technical indicators, the currency pair is likely to remain bearish in the nearest future.Additional reason to believe that the U.S. Dollar is going to depreciate is the currency pair's proximity to the upper trend-line of
The outlook for the Sterling is bullish, both from the perspective of technical and fundamental analysis. Therefore, all GBP-crosses can soon reach important resistance levels. A slight majority of Dukascopy traders are expecting the pair to appreciate, while technicals on a daily chart are pointing at pairs appreciation. There are two key levels for the long traders, located at 1.8211
The EUR/HKD is not one of the main currency pairs, though, it can be highly attractive for investors in the coming days. Triangle patterns represent great opportunity for traders, who seek for high profit in a short period time. On May 1 both upper and lower trend lines will converge, and the trading range will be equal to zero. Market
After a November-January sell-off AUD/NZD managed to stabilise near 1.0566, which has proven to be a reliable support level. As a result, there are now two prominent troughs standing next to each other, which implies a potential reversal of the bearish trend. Apparently, the SWFX market sees this scenario as very likely, being that 74% of open positions are long.
The 88-bar long triangle pattern formed by USD/CHF originated not far away from a three-year low of 0.8698 hit in mid-March. Despite being relatively short, the pattern has both quality and magnitude above average. Several hours earlier, the pair broke out of the pattern and now is trading below the lower limit and the 200-bar SMA at 0.8826. A dive
USD/CAD managed to stop its plunge from the highest level since 2009 of 1.1279 in the first days of April and shortly after that the instrument commenced formation of an ascending triangle. Having approached the apex, the pair exited the bullish pattern but the breakout did not lead to either a jump or a decline since the pair is trapped by
A jump to a one-month high of 7.7677 provoked an accelerating decline of USD/HKD that lasted during more than a month and ended only when the pair touched a three-month low of 7.7520 on April 22. This low gave the pair an impulse to erase some of the previous losses and pushed it into an ascending triangle pattern. However, the
After a two-week retreat from a five-year high of 1.5584, the Euro changed its trend against the Canadian Dollar and entered a 191-bar long rising wedge pattern. At the moment, the instrument is stuck in its 50-hour SMA at 1.5254; however, this SMA is not likely to withstand selling pressure for a long time as over 70% of market players at
We have already discussed this trade pattern earlier this week, however, it is getting even more attractive, as price is moving closer to the apex. The pair is still trading in boundaries of the pattern, the range, however, is constantly narrowing, and trading volumes are decreasing, meaning a breakout is inevitable. Statistically, the breakout is upward 54% of the time,