Following an Apr 9-11 rally the currency pair seems to have entered the rising wedge, as, while the bullish tendency persists, the trading range at the same time is gradually narrowing. Accordingly, there are significant downside risks, being that this pattern usually portends a reversal; in our case—a sell-off. However, as long as the support at 1.52 is intact (consisting
The GBP/AUD pair reached 1.9184 on January 24, the highest since September 2009. The pair, however, was not able to continue its rally and moved lower, hitting a low of 1.7741 earlier this month. This level can be named as a key level for short traders, as the pair was not able to move any lower and bounced back. At
The overall trend is bullish, however, after peaking at 11.398 on January 30, the greenback start losing ground versus the South African Rand. The pair is trading perfectly in line with Fibonacci retracement, and it seems that the pair is approaching a key retracement level, while is likely to hold pair's depreciation. This level is located at 10.268, however, the
NZD/CAD was locked between two gradually converging lines during more than two months ended April 24 when the pair broke through the upper limit of the 252-bar long triangle pattern. Now is the right time to make some profit on the pair, as a bullish breakout from a triangle pattern usually leads to an accelerating advancement of the instrument. If
Having hit a five-year high of 36.8866, USD/RUB lost some ground but the weakness was short-lived as shortly after a drop to a six-week low of 34.9468 the pair embarked upon formation of the bullish corridor. Given escalating tensions in Ukraine, the pair is likely to remain highly vulnerable to fundamentals. However, technical data also should not be neglected. Technical
After a drop to a one-month low of 5.9126, USD/NOK reversed its trend and entered a bullish channel. The currency couple has been a subject to buying pressure for more than 190 hours; however, now there are some signs that the instrument is willing to end its winning streak. According to the SWFX numbers, market players are bearish on the
Since late March, the British Pound has been rallying against the U.S. Dollar. The long-lasting climb took the pair to a five-year high of 1.6843 in the second part of April; this high now acts as one of the peaks of the 125-bar long double top pattern that has been being formed during the rise. Now GBP/USD is sitting slightly
The Aussie has mostly appreciating versus other major currencies since the beginning of the year, adding more pressure on the RBA. The AUD/CHF cross has even formed a 312-bar long channel up on the 4H chart. On Wednesday the pair has performed a 120-pip rally to the downside, with the price penetrating weekly S1 at 0.8201. The next target will
The most trade currency pair has formed a descending triangle pattern on the 1H chart on April 4. It means that as soon as the price hits the apex point, the pair will be highly volatile. It is also important to wait for a confirmation from the trading volume. On Wednesday bulls already made an attempt to penetrate the upper
During the first days of April USD/DKK was explicitly bearish, giving up in total more than nine figures. However, due to a tough support level at 5.3691 (Apr 11 low) and a tough resistance level at 5.4157 (Apr 15 high) the currency pair was able to form an ascending triangle. But at the moment the U.S. Dollar is eroding the
The symmetrical triangle on the four-hour chart of NZD/CAD was initiated after the currency pair failed to extend the rally from the 200-period SMA started in mid-February. An encounter with the resistance at 0.9657 (Mar 19 high) forced the kiwi to enter a consolidation phase, which for now is expected to be followed by another bullish wave. And while the
A 422-bar long ascending triangle pattern originated at a five-year high of 119.20 reached late December. However, now CHF/JPY is on the brink of an accelerating depreciation that usually follows a bearish breakout. On April 21, CHF/JPY penetrated the lower limit of the triangle and since then had been sitting below this level. However, the 50-bar SMA meandering at 115.95
The rise by USD/SEK from a six-month of 6.357 hit in mid-March to the six-month high of 6.6274 lasted slightly more than a month ended April 21. During the climb, the currency couple started to develop more than a thousand pips wide channel up pattern. Now the pair is locked by the 50-and 200-hour SMAs. According to the SWFX data, traders
EUR/HKD has been balancing between gains and losses for the last three months amid elevated volatility in the market. However, the latest advance to a one-month high of 10.7828 made the pair's trend more distinct, pushing it into the widening downward sloping channel. Now the currency couple is unremittingly approaching the upper limit of the corridor. The boundary may be reached
The most traded precious metal has been in the down-trend since mid-March when it reached a six-month high of 1,390.00. Throughout the time of its weakness, the bullion shaped a 321-bar long descending triangle pattern. XAU/USD has recently breached the pattern's support at 1,283.56 but a breakout did not follow as the yellow metal managed to return to the triangle area.
After peaking at 1.9189 on January 24 the Pound began losing ground versus the Aussie. The trend has an explanation from the fundamental analysis, however, what is more important, is the fact, the pair has been moving perfectly within the Fibonacci retracement since March 12, 2013. Just 12 days ago bears made another attempt to penetrate the lower trend line,
The USD/DKK pair has been moving sideways since July and it seems that the pair has found a strong support at 5.3438, a level that has not been penetrated for more than 3 years. Market sentiment (73%) and technical indicators on the 4H chart are suggesting the short-term outlook is bullish and the pair will bounce back from the 200-period
After a false breakout a day earlier, NZD/CAD re-entered the 123-bar long triangle it has been forming since the beginning of the month. Currently, the pair is vacillating close to the apex that will be reached later in the day. This solidifies the view that the real breakout is looming; however, the direction of the exit is not clear since
April proved to be a positive time for the British Pound that managed to perform an accelerating appreciation against its U.S. peer. GBP/USD attained a five-year high on April 17, only a day after the pair commenced formation of the triangle pattern. The currency pair has recently exited the formation by crossing the lower boundary of it. Despite the fact the
Following a sharp 10-day decline ended April 14, EUR/CHF started to erase losses and formed an ascending triangle pattern that now is about 90-bar long. Recently, the currency couple has broken through the upper limit of the triangle at 1.2205 and has been sitting above this important mark for more than 12 hours. Considering this as well as the fact that
The U.S. Dollar has been in the downtrend since late January when USD/ZAR touched a five-year high of 11.3931. The bearish trend was distinguished by the continuity of large declines and small gains until mid-March. After that, the decline became more distinct and the pair entered a channel down pattern. Now the currency couple is sitting at the tunnel's upper
There are still not so many reasons to suspect that XAU/USD is trading within the boundaries of the downward-sloping channel. But if we assume this pattern to correctly reflect reality, the price is likely to stay below the resistance at 1,320.51 (falling trend-line, weekly R1 and 200-period SMA), slide south from the current trading levels and then rebound from the
Only after AUD/USD hit a rock bottom at 0.8660 late January the currency pair commenced a long-awaited recovery. As a result, there is a bullish channel emerging on the four-hour chart.However, in the near term the Australian Dollar is likely to depreciate relative to its U.S. counterpart, as the Aussie has recently confirmed the upper trend-line and it is currently
There is a high-quality and high-magnitude symmetrical triangle forming on the daily chart of CHF/JPY. Initiation of the pattern dates back to the first part of November, when the currency soared after approaching the 200-day SMA. However, as it subsequently proved to be unable to ascend beyond 119.19, every consecutive peak was lower than the previous one. Still, this weakness