As HKD/JPY turned out to be unable to advance beyond the resistance at 13.60, bears took control of the currency pair. As a result, the price eventually breached the 200-period SMA and formed a down-sloping channel.Right now the rate is fluctuating in proximity to the upper boundary of the pattern at 13.1436, which is reinforced by the weekly and daily
Five years ago EUR/PLN started to post lower highs and higher lows, which eventually resulted in formation of the symmetrical triangle. However, it seems that the currency pair has finally managed to escape the boundaries implied by the pattern by breaking the lower trend-line, even though the break-out to the upside was deemed to be more likely, considering that the
Following a plunge to a three-month low of 111.69, the Swiss Franc reversed its trend versus the Japanese Yen. In fact, the advance was a part of the double top pattern that now has come to the critical phase when the pair is expected to penetrate the neck-line and then decline sharply. However, CHF/JPY is not rushing to retreat and
The second week of February brought weakness to EUR/GBP that rallied in the first days of the month. The downside pressure was heavy enough not only to stop the pair's advance but also to force the pair to shape a steep channel down pattern. Having dived to a one-year low of 0.8158 four hours earlier, the pair managed to recover
During more than a month ended late January, the single European currency was gradually depreciating against the Japanese Yen; the downside trend came to an end on January 28 when the pair entered an ascending triangle pattern. Now the currency couple seems to have broken out of the triangle, plunging below the lower boundary and the 50-hour SMA at 139.44 several
After the central bank of Turkey raised interest rates to curb an accelerating depreciation of the national currency, EUR/JPY fell to a two-week low of 2.9550 then gained slightly to the level of 3.0993 where the distinct bearish trend originated. While retreating, the pair formed a falling wedge pattern that now is 186-bar long. Now the pair is trading below its
Following EUR/NZD's failure to ascend beyond the round level at 1.70 during the last days of December, the exchange rate came under strong selling pressure, which in the end led to formation of the downward-sloping channel on the four-hour chart.Considering that last week the pair confirmed firmness of the falling resistance line, the Euro is expected to lose even more
After a prolonged period of consolidation that was observed in November and December, the New Zealand Dollar managed to regain upward momentum and resume appreciation relative to its Canadian counterpart. As a result, NZD/CAD formed a 250-bar long bullish channel.Right now the currency pair is trading in proximity to the lower boundary of the corridor, meaning that in both the
The EUR/AUD peaked at a five-year high of 1.5832 late January. However, the pair failed to consolidate at this high; shortly after a retreat started and EUR/AUD embarked on formation of the double bottom pattern, the bottom of which lies at a three-month low of 1.4981. Having jumped above the 200 and 50-hour SMAs, the pair was expected to penetrate the
A sharp decline was observable after the Euro hit a two-month high of 8.5274 against its northern counterpart, the Norwegian Krone. During slightly more than a week, EUR/NOK lost over two thousand pips and dived to a three-month low of 8.2998 that is sitting at the support line of the 150-bar long channel down pattern. The currency couple managed to bounce
Being a highly volatile pair, USD/SEK forms patterns quite frequently and today we will examine one of them, double bottom, which was started during the pair's retreat from a one-month high of 6.5642.The currency couple has already touched a three-week low, the pattern's bottom, two times and now is indefatigably approaching the neck-line at 6.4679 that represents the key level
The last day of January was marked as a time when USD/CAD hit a five-year high of 1.1228 that brought a one-month long advance to an end. Since then, the pair has been depreciating and in mid-February USD/CAD was trapped by bearish tunnel that has been adding downside pressure for the last 67 hours. Now the pair approached a one-month low
After reaching a high of 145.69 during the last days of 2013, EUR/JPY has been trending lower, but at the same time its volatility has been on the rise, resulting in appearance of the descending broadening wedge, a reversal pattern. It is also important to notice that the formation is a correction of the bull market we have been observing
The market has been bullish since last year's April, when the currency pair crossed the long-term moving average. However, considering that lately the trading range has been gradually increasing, there is a significant chance of a change in price's direction.Nevertheless, the technical indicators remain silent for now, meaning we could see yet another rally before the lower rising trend-line, which
After hitting a high of 1.2831, right at the level of weekly R2, the pair refused moving any higher and began a strong downside movement. So far the pair has plunged more than 180 pips, and the continuation of this trend is more likely rather than a penetration of the resistance line. At the moment of writing 71% of traders
Another channel down was formed by CAD/CHF on November 7, when the pair refused moving above 0.8859 and has been depreciating during the last 370 bars. At the moment of writing the pair was bounded in a 150-pip range between weekly R1 and weekly S1. The market sentiment is just slightly bullish, with 57% of opened positions being long. Moreover,
A sharp decline that followed a rise to a 10-month high of 9.0998 has been performed by EUR/SEK on the four-hour chart. The drop was started in mid-December and has been developing within the area bounded by two downward sloping and gradually diverging lines. Now the pair is rebounding after a retreat from the pattern's resistance. In fact , the
A jump to a two-year high of 6.3147 provoked a steep decline of the U.S. Dollar versus the Norwegian Krone. For the last 164 hours, the pair has been unable to widen its trading range to more than 800 pips, the area restricted by the 164-bar long channel down pattern. In the foreseeable future, the pair is unlikely to witness any
Recent trend of USD/TRY illustrates the transformation of a falling wedge into descending triangle pattern. We have already discussed the falling wedge, which gave a foundation for the descending triangle. So, today we will focus on the pattern developing at the moment. The 247-bar long triangle originated on January 29 and now the pair is unremittingly approaching its apex, suggesting
The yellow metal has been mostly following bullish trend after it dived below the psychologically important level of $1,200 per once. In early February, gold unexpectedly sped up the pace of appreciation and started to shape a double top pattern that peaked at 1,296.88, a three-month high. At the moment, the bullion is sitting at its 50-hour SMA that is
Advancement of GBP/AUD stopped late January, when the currency pair hit the resistance at 1.92. During the next two weeks the Sterling was depreciating relative to the Australian Dollar, resulting in emergence of the channel down pattern.Being that the exchange rate has been fluctuating near the falling trend-line lately, the risks were heavily skewed to the downside. However, because of
Since the period of elevated volatility in the second half of January, spurred by bold actions of the Turkish central bank, the currency pair has calmed down and already for the past 150 hours has been trading in a narrow downward-sloping channel. Considering that EUR/TRY has recently bounced off the upper boundary of the corridor, it is likely to move
The New Zealand Dollar accumulated enough strength during its slide to a five-month low of 0.8053 against the U.S. currency to perform a steep rally that sent the pair more than 200 pips higher in less than one day. After that, the pair lost momentum but continued to appreciate, being trapped by two gradually converging lines. At the moment, the
A rise to a four-month high of 1.2831 in the second part of January put heavy downside pressure on USD/SGD. The pair succumbed and embarked on a long-lasting depreciation that took place in the wide corridor shaped by two parallel lines. USD/SGD has performed several attempts to break through the lower limit of the channel but all of them proved