Having reached a two-month high of 0.9069 in mid-January, the Australian Dollar plunged sharply versus its U.S. counterpart. Two weeks later, when the currency couple dived to a five-year low of 0.8661, it managed to halt its losing streak and change direction to the north. Whilst advancing, the pair formed a channel up pattern that now is 155-bar long. Currently the
Earlier we have examined a channel down pattern formed by USD/JPY but today we will focus on another pattern, double top, shaped by the same currency couple. The pattern originated at a nine-week low of 100.75 and took the pair to a one-week high of 102.69, the level which acts as a peak of the pattern. At the moment, the
The single European currency may be broadly bearish, but it nonetheless continues to outperform the Japanese Yen, as evidenced by the channel up pattern on the hourly chart of EUR/JPY. The rally started from the level of 136.21 on Feb 4, which is the 61.8% Fibonacci retracement of the November-December up-move. Judging by the near-term technical indicators, this upward tendency
After a decline that persisted throughout November and most of December, the currency pair managed to stabilise near 1.11. One and a half months later AUD/SGD once again made an attempt to violate this support, but turned out to be unsuccessful and, as a result, has nearly recovered up to Jan 13 high, the neckline of the double bottom pattern.If
Having reached a three-year high of 13.5999, the Hong Kong Dollar changed direction against the Japanese Yen and was retreating until the pair reached a three-month low of 12.9744 in the very beginning of February. Since then, the pair has been locked in the tunnel formed by two upward sloping lines. At the moment, the currency couple is rebounding after a
Recently, we have observed abnormally large fluctuations of USD/TRY. The pair skyrocketed to the highest level since at least 2007 of 2.3911 on January 27 and lost more than two thousand pips in the following day. In fact, some fundamentals were at a play, with the central bank of Turkey raising rates to stabilize the national currency. Having faced unusual
A jump to more than a five-year high of 105.47 put a heavy selling pressure on USD/JPY thus pushing the pair towards several month lows. However, the downswing was not long-lasting as after a dive to almost a three-month low of 100.75, the U.S. Dollar got an impetus to rally against its Asian peer; for the last 90 hours the
After trading near a three-year high of 1.7289 in August, the Euro started to lose ground against the kiwi and late November the pair commenced a formation of a channel down pattern. Now the pair is trading below its 50-and 200-hour SMAs that act as formidable resistances preventing EUR/NZD from approaching the upper boundary of the 277-bar long pattern. Meanwhile,
As EUR/SEK was unable to extend the advancement beyond the resistance at 9.10, the pair started declining, but within the area delineated by two parallel falling trend-lines.Right now the price is fluctuating just below the upper trend-line, which creates formidable resistance at 8.8479, together with the weekly pivot point and the 200-period SMA. Accordingly, it is likely that the Euro
The rally that was commenced on Jan 22 did not prove to be sustainable and later on gave in to the selling pressure, resulting in emergence of the downward-sloping channel on the four-hour chart.However, in order for EUR/CAD to preserve its bearish tendency in the longer term, the currency pair is required to pierce through the tough 200-period SMA and
After bottoming out at 1.5175 in August, the single European currency started rapidly and consistently gaining value relative to the Singapore Dollar. As a result, EUR/SGD formed a channel up pattern and should therefore carry on advancing north in the long run.In the near term, however, there are substantial downside risks, being that the currency pair has recently bounced off
A steep upswing of the Australian Dollar versus its Singapore peer was ceased when the pair added almost 300 pips from a one-month low of 1.1120. The rebound was developing at a time when the pair was shaping a double top pattern, the peak of which sits at 1.1399 where the pair changed its direction to the south. Currently AUD/SGD
A rise to a two-year high of 2.0436 in the very end of January initiated an accelerating depreciation of the British Pound versus the New Zealand Dollar that was a part of the double bottom pattern. The pair has recently surpassed the 50-hour SMA at 1.9805 and now is approaching the neck-line at 1.9877, suggesting that the breakout is looming.
During more than a month ended December 27, the Euro was rallying against the Japanese Yen. However, a rise to more than a five-year high of 145.71 enfeebled the pair and EUR/JPY entered a bearish corridor that has been restricting the pair's moves for more than a month. At the moment, the pair is fluctuating between a bunch of four-hour resistances
In the second part of January, GBP/USD halted its appreciation near a three-year high of 1.6670. Since then, the pair has been performing a sharp decline within the limits of almost 200-bar long channel down pattern. Now the currency couple is trading above its 200-hour SMA, albeit slightly. The pair is locked between the long-term SMA and the pattern's
An encounter of USD/SGD with the resistance at 1.2831 on Jan 23 prevented further appreciation of the U.S. Dollar and initiated a decline that still persists and may be described as a channel down pattern. However, in the nearest future there is a good possibility that the greenback will be able to recover at least some of the losses, considering
While late January the USD/HKD was attempting to advance beyond 7.7680, in February the currency pair gave up its bullish ambitions and was heavily sold off. Consequently, it started to trade in a down-trend, while being bound by two parallel falling lines.Just recently the price tested the upper trend-line, when it was near the daily pivot point at 7.76, and
A stab to a four-year high of 6.3152 sapped USD/NOK energy and forced it to slide from this peak at an accelerating pace. The pair lost more than 1,200 pips within three days and may extend its decline in future given the disposition of its SMAs. The 50-hour SMA is unremittingly approaching the 200-hour SMA and is likely to dive
A sharp retreat started when the single currency approached a five-year high of 1.5308 versus the Canadian Dollar. While declining, the pair started to form a triple bottom pattern, the lowest mark of which is sitting at a one-month low of 1.4914. Currently the pair is stuck at the neck-line at 1.5050 that is preventing a rally usually following a breakout
After a rise to 11.4005, the highest level since at least 2009, USD/ZAR charged direction to the south and few days later the pair was trapped by two downward sloping lines that have been restricting the pair's swings for 68 hours. At the moment, the currency couple is vacillating near a two-week low of 11.0308; however, if the pair overcomes a
Since mid-January, the U.S. Dollar has been following a pronounced downside trend against the Swiss Franc; the decline has been developing within the bounds of the bearish channel. The pair has been bounded by the tunnel's limits for 356 hours and up to now it has not shown any willingness to break through the pattern trend-lines. At the moment, the pair
A 43-bar long channel down was formed by NZD/CAD. After hitting a six-year high at 0.9286 on January 23 the pair refused to move any higher, and it seems the bullish movement is running out of steam as each new high is lower than the previous one. Moreover, traders do not believe this is just a correction, as 71% of
During the last several month the Euro has been constantly appreciating against the Kiwi. Even despite the recent Kiwi's strength, the pair is still trading in boundaries of a channel up pattern, which is 334-bar long already. At the moment of writing the pair was bounded between the pattern's support and a 200-period SMA. According to 58% of traders, the
After topping out near 1.44, CHF/SGD started to pare little by little previous gains. As a result, the currency pair has crossed the 200-period SMA and formed a downward-sloping channel. This implies that the Swiss Franc should prove to be unable to rise beyond the resistance between 1.4162 and 1.4121, consisting of the weekly PP, falling resistance line and the