Although the New Zealand Dollar has been appreciating versus its Canadian peer since early January, the pair embarked on formation of the channel up pattern only on January 10 when the currency couple noticeably sped up its advance. At the moment of writing, the corridor was 216-bar long and 244-pips wide thus leaving enough room to manoeuvre. Meanwhile, NZD/CAD was
The current situation in the market predisposes USD/SEK to extend the down-trend we have been observing for the past two weeks, following a failure of the rally to rise beyond the December highs at 6.62. Moreover, the long-term moving average is presently above the spot price, hardening the case that the bias towards the U.S. Dollar is bearish. Nevertheless, we
After topping out at 1.2050 at the end of October, the Australian Dollar has been generally underperforming the Singapore Dollar, thereby forming a bearish channel on the four-hour chart. More recently, AUD/SGD encountered the down-trend resistance line, which forced the currency pair to commence developing yet another bearish leg. The remaining supports until 1.0867, from where we are likely to
As in USD/ZAR, a significant role in the developing rally of CHF/SGD has played the long-term moving average, for the last 200 hours, by not letting the rate fall far beneath it. However, the bullish momentum may soon subside, given that daily studies are mostly bearish. Moreover, the currency pair is close to breaching the lower edge of the upward
While being well-supported by the 200-hour SMA, USD/ZAR continues to move forward. Just recently the currency pair has bounced off the up-trend support line at 10.7960, and it is currently approaching the upper boundary of the channel at 11.1499, beyond which the U.S. Dollar is likely to advance only after a bearish correction, though the resistance represented by the daily
After touching 145.69 right before the New Year, the single currency began loosing some of its value against the Japanese Yen. Since January 16 the pair has been trading in boundaries of a triangle pattern, which looks similarly to an ascending triangle. On Thursday the pair inched below pattern's support, however, stronger-than-expected factory data from Europe pushed the pair
The cable received a strong bullish impetus from the U.K. labour market data and on the back of positive news the pair soared above key level of 1.66. Despite a sideways movement during the last couple of hours, the pair has a great potential to penetrate pattern's resistance at 1.6625, as aggregate technical indicators on a hourly and 4H charts
Development of the bullish channel by HKD/JPY is somewhat reminiscent of the up-trend observed in GBP/AUD. The lengths of the patterns and price behaviours are very similar. Nevertheless, while the Sterling is in the upper part of the trading range implied by the upward-sloping corridor, HKD/JPY is currently testing the lower trend-line, which is reinforced by the weekly PP and
Starting from last year's October GBP/AUD has been consistently fluctuating between two parallel up-trends, meaning the currency pair has formed a bullish channel. More recently, on Jan 13, the Sterling encountered the lower boundary of the pattern and since then has been on the rise. In the meantime, the price is closing in on the upper rising trend-line, meaning a
AUD/JPY has been retreating from the level close to a one-month high whilst the formation of the rising wedge pattern started. The pattern originated in mid-January and has lasted for more than 160 hours; however, now the pair seems to have provided traders with an opportunity to make profit given that it broke through the lower limit of the wedge
Having risen to more than a one-year high, EUR/SEK changed its direction to the south, forming a channel down pattern shortly after the retreat started. The currency pair has been trapped by the pattern's trend-lines for 114 hours and hitherto it has not showed any willingness to break through any of the limits. At the moment EUR/SEK is sitting above a
Since mid-November the single currency has been following a pronounced downside trend against the Polish Zloty. The downswing has been bounded by two parallel downward sloping lines that created a 221-bar long corridor. For the last four trading sessions the pair has been faltering close to the upper boundary of the pattern but any attempts to reach this limit were
Despite the fact EUR/CAD has recently penetrated the upper boundary of the 113-bar long rising wedge pattern, it may be too early to talk about the breakout, especially given that the currency couple once attempted to exit the area bounded by the wedge but after a two-hour long vacillation below the pattern's support the pair went back to the pattern's
After touching a low of 3.0254 on January 14, the USD/PLN pair rallied to 3.0866, later, making this level as a highest point of the double top pattern. Despite the fact the pair has been moving in a 100-pip range during the last 20 hours, aggregate technical indicators are sending the pair higher, making pattern's resistance a key level for
The single currency has been steadily appreciating against the Turkish Lira since the middle of January, and it seems that rally begins to wane. The latest high is just couple of pips higher than the previous one, while technical indicators on several timeframes suggest a sideways movement. At the same time, 74% of traders are holding short positions, while CCY
Being that EUR/CHF was unable to break neither through the support at 1.2167 nor through the resistance at 1.2394, the rallies and dips were becoming less and less pronounced, eventually resulting in appearance of the triangle pattern on the four-hour chart of EUR/CHF. At the moment the currency pair is right at the apex of the figure, meaning we are
Since the end of last year's December the U.S. Dollar has been appreciating relative to the Danish Krone. However, while USD/DKK was in a strong up-trend, the trading range of the currency pair has been gradually diminishing. Accordingly, we may assume that the price has formed a rising wedge pattern and therefore is facing considerable downside risks.For the bearish potential
Since the very end of October AUD/NZD has been following a marked bearish trend. In the beginning of the year, the pair expedited its drop thus making the downtrend even more lucid and forming a channel down pattern. At the moment, traders have a chance to profit from the pair's moves as AUD/NZD has recently penetrated the pattern's resistance meaning that
The longest part of the slump started at a nine-month high of 99.24 took place when CAD/JPY embarked on a formation of the triangle pattern in early January. Now the pair is vacillating between its short and long-term SMAs but the picture may change soon as the Canadian Dollar may retreat against the Japanese Yen before long given bearish market sentiment.
The most traded currency couple started to shape a double bottom pattern on January 16. Several hours ago, the pair entered the most critical stage of the pattern as it reached the neck-line and if it manages to surpass this formidable resistance, it may enjoy a sharp rally. However, six hours of struggle at this level still have not brought
For almost 400 hours USD/PLN has been bound by the trend-lines of the ascending triangle pattern that started when the pair plunged to a two-year low of 2.9885 in late December. Six hours ago USD/PLN breached the lower boundary of the pattern but later it bounced off its 50-hour SMA and now it may even try to re-enter the triangle
The U.S Dollar– Norwegian Krone cross will be highly attractive for traders soon, as pair has reached an apex point– where pattern's resistance and support line crossing each other. Recently, the pair has breached pattern's lower boundary already, and while a majority of technical indicators are sending "buy" signals, pair's depreciation is expected. Vast majority (74%) of traders are holding
A 291-bar long channel up was formed by EUR/CAD on the first day of this year. It is rather interesting to monitor pair's future performance, as close to 1.50 the pair rejected almost immediately and moves lower, while pattern's support together with 200-hour SMA represent a strong support level. Nevertheless, technical indicators are either neutral or sending "buy" signals, supporting
After toping out at 8.5481 on Dec 12, EUR/NOK has been consistently trading in a down-trend, resulting in appearance of two parallel down-trends that are expected to guide the currency pair further south. Right now EUR/NOK is fluctuating just above the support created by the weekly PP, meaning the price may rise from here. However, the upside will be limited