Since early March, the Australian Dollar has been on the rise against the Swiss Franc. The advance has been developing within the range bounded by two upward sloping and gradually converging lines that represent the trend-lines of the 134-bar long rising wedge pattern. Now the currency couple is trading at a three-week high of 0.8011 and is likely to prolong the
Starting from Mar 14 the single European currency has been underperforming relative to the Polish Zloty. Now, considering that EUR/PLN has been trading within the boundaries of the bearish channel, the tendency is likely to persist. In this case the down-trend resistance line at 4.2062 should stay intact and push EUR/PLN towards the support at 4.1816. The bearish sentiment is
As it could be derived from the past 150 trading hours, the exchange rate has been fluctuating between two parallel rising trading lines lately.Accordingly, while we would expect the market to remain overall bullish in this situation, the resistance at 1.0237, namely the upper border of the upward-sloping channel, is unlikely to let the currency pair advance further in the
A descending triangle formed by EUR/JPY is only 66 bars long. Nevertheless, triangles usually offer the best opportunity for traders, as in a short period of time market become highly volatile. In our case the pair has performed a throwback, which is usually even more interesting than a breakout. After touching pattern's resistance once again, the EUR/JPY pair will climb
The single currency has been appreciating versus the greenback since July 2013. However, after hitting 1.3967 on February 13, the pair began moving to the south, suggesting it is either a correction before another rally, or a beginning of the downside trend. Vast majority (66%) of Dukascopy traders are holding short positions on the pair and actually they were doing
A 155-bar long channel up pattern formed by EUR/HKD was started in the beginning of February. Being bounded by the pattern's trend-lines, the pair has been a subject to a strong buying pressure that enable it to reach a three-year high of 10.8462 in mid-March. However, a jump to this peak enfeebled the currency couple that lost over a thousand
Since early February, the Australian Dollar has been depreciating against the currency of the neighbouring country, the kiwi. In the first days of March, the pair followed a pronounced bearish trend and started to shape a channel down pattern. Currently, the pair is trading at the upper limit of the corridor and may try to breach it in the hours
Having reached a one-year high of 0.9551 in May 2013, the Canadian Dollar started to lose its value against the Swiss Franc and in the end of January the currency pair entered a bearish, gradually converging tunnel that took CAD/CHF to a three-year low of 0.7810. At the moment, the pair is trading near the recent low and given bearishness
The most popular precious metal did not manage to consolidate above the upper trend-line of the 275-bar long channel up pattern in the beginning of the week. After that, the bullion commenced a decline and now it is trading near the lower limit of the tunnel that sits close to a three-week low. Negative fundaments were the chief reason behind
While on the hourly chart AUD/SGD has recently broken out of the triangle, on a higher time-frame it is currently forming a rising wedge. At the moment the currency pair is approaching the upper trend-line of the pattern, meaning there is an increased probability of a sell-off in the nearest future. Once the rate rises up to the resistance at
The single European currency has been generally outperforming its Canadian peer since August of 2012; but we would like to distinguish the last five weeks, during which EUR/CAD has been respecting two parallel upward-sloping lines. However, right now the currency pair is facing considerable downside risks, being that the price is fluctuating just beneath the upper boundary of the bullish
Since the beginning of 2014, the single European currency has been in the down-trend against the Swiss Franc. Although EUR/CHF managed to pare some losses during the last four days by forming a bullish corridor, the pair is not likely to prolong its winning streak since it broke through the lower limit of the pattern one hour earlier, signalizing that
The U.S. Dollar has been mirroring the trajectory of its British counterpart against the Japanese Yen. Like the British Pound, the U.S. currency commenced a retreat against its Asian peer at the six-week high and seven days later it started to shape a double bottom pattern that now is around 90-bar long. However, USD/JPY seems to be stronger compared to
A stab to a six-week high of 173.59 in the very beginning of spring put a heavy selling pressure on GBP/JPY. The pair succumbed and a week later entered a double bottom pattern. Now the currency couple is continuing to show weakness, being unable to approach at least the 50-hour SMA at 168.81 that is meandering below the neck-line sitting at
After touching a five-year low of 0.8661 in the second part of January, the Australian Dollar regained an upside against its U.S. peer. In mid-February, the pair started to form a bullish tunnel that now is over a 100-bar long. At the moment of writing, the pair was tilted upwards and it may continue the bullish trend in the hours
The New Zealand Dollar has been consistently outperforming its Canadian counterpart since last year's September, soon after hitting a rock bottom at the level of 0.80. However, considering that NZD/USD is forming a rising wedge, there are now concerns that the rally may be overstretched. A breach of the lower boundary of the pattern, namely the rising support line at
For the past 170 hours (since Mar 7) the Cable has been trading between two converging trend-lines, forming thereby a symmetrical triangle with the demand area at 1.6607 and the supply at 1.6650. However, despite these strong zones, the currency pair is approaching the apex of the pattern, meaning it is ready to break out. The path of least resistance
Last week we have predicted a move to 92.663, and suggested the pair will not move below pattern's support even despite ‘sell' signals from technical indicators. Since then the pair has advanced more than 160 pips. While during the last couple of hours the pair was moving towards pattern's support, it depreciation will most likely be limited by a 200-period
After moving sideways during November and December, the USD/NOK peaked at 6.3145 on February 4 and began its 4000-pip rally to the downside. After a steep decline, on February 20 the pair managed to form a channel down pattern. Despite such a solid performance, bulls can take the initiative soon, as 74% of traders are holding long positions, while during
The 100-bar long falling wedge pattern has been being formed by EUR/AUD since March 11. Currently, the pair is locked between its SMAs, with the 200-hour SMA at 1.5350 acting as a strong support level and the 50-hour SMA at 1.5362 being a formidable resistance zone. Meanwhile, EUR/AUD is likely to break out of the trap before long by surpassing its
During a month ended March 3, AUD/SGD was trading sideways but then the pair became more volatile and performed several large swings that helped it to shape a triangle pattern. Now the currency couple is on the brink of the breakout as it has already reached the apex of the 223-bar long pattern. At the moment, AUD/SGD is vacillating slightly below
After performing a sharp appreciation in the first days of spring, the U.S. Dollar started to lose ground against its Canadian counterpart. The weakness of the currency pair pushed the instrument into the bearish formation-93-bar long descending triangle pattern. At the moment, USD/CAD is trading not far away from the apex that means the breakout is looming. Given that market players
A drop to a five-month low of 0.8051 helped NZD/USD to accumulate enough strength to start a long-lasting advance. While appreciating, the pair commenced formation of the channel up pattern late February and has been fluctuating between the tunnel's trend-lines up to now. In the foreseeable future, NZD/USD is likely to widen the distance from the recent peak of one-year
The cable has been moving in a strong upside movement since July 2013. Nonetheless, after hitting 1.6823 on February 17, the pair began a sideways movement. At the moment, the pair was changing hands at 1.6659, just 77 pips above the lower pattern's boundary. According to the latest performance, however, the support line is unlikely to be breached without any