While in the long-term perspective it could be argued that GBP/USD is forming a rising wedge pattern (especially on the daily chart), as discussed today in the morning, it looks as if the currency pair has been trading between two parallel trend-lines since last year's December.In order to confirm its bullish intentions the Sterling will have to bounce off the
Judging by EUR/SEK's behaviour over the past year, it becomes evident that the currency pair has been trading in a rising wedge pattern. Since mid-January of 2013 the trading range of the exchange rate has been narrowing, while the Euro was appreciating relative to the Swedish Krona. EUR is therefore inclined to fall precipitously once the up-trend support gives in.
The British Pound performed a sharp appreciation against the Canadian currency in early January; however, the advance was paused several hours earlier when the pair touched a five-year high of 1.8032 that lies on the upper boundary of the 104-bar long channel up pattern. In the hours to come GBP/CAD is likely to restart its climb as 68.25% of traders
A drop to a two-month low in the very end of December was a starting point of the channel up pattern formed by EUR/SEK on the one-hour chart. The pair has been trading within this corridor for about 165-hours already but it still did not manage to erase all losses it faced before it followed the upside trend. Now the
The Euro has been losing ground against the Polish Zloty since mid-November when the pair embarked on a formation of the channel down pattern that took the currency couple to a seven-month low of 4.1319 in the second part of December. At the moment the pair is on the downside that followed a rebound from the recent low and may
Having reached a five-year high of 1.6607, the national currency of the UK plunged against its U.S. peer and even broke through the lower limit of the rising wedge pattern that restricted the pair's moves during more than two months. However, it may be too early to talk about the breakout since the currency couple managed to use its
HKD/JPY currency pair has rocketed on October 25 and since then has been moving to the north only and has already moved more than 10,000 pips higher. On Friday there has been an attempt to penetrate the support line, however, bears were not strong enough and the has bounced back to 13.480. At the time being, aggregate technical indicators on
The Euro– Norwegian Krone cross has been moving sideways since late December, and it seems that the tendency will persist for some time before the pair will be able to push above or below any of the trend lines. Nonetheless, a move below the 200-period SMA seems probable, as aggregate technical indicators are either neutral or sending "sell" signals, while
After hitting a rock bottom near 1.51 on January 3 EUR/AUD started an up-trend on the hourly chart that still remains topical. Right now the exchange rate is undergoing a bearish correction from 1.5358 forced by the 200-hour simple moving average and is therefore headed towards the up-trend support line, which is expected to terminate the decline in the region
Being underpinned by the long-term moving average, the Euro continued to outperform the Japanese Yen, thereby giving a possibility for the channel up to make its entrance. Given that the currency pair is presently oscillating near the lower boundary of the corridor, we are inclined to believe that EUR/JPY will soon commence rising, an idea that is supported by the
CHF/JPY is about to breach the neck-line of the 136-bar long triple bottom pattern that was shaped on January 1. If the pair manages to gain a footing above this important resistance it is likely to witness an accelerating advance in the hours to come. According to the SWFX data, the currency pair is capable to consolidate above the pattern's
The Australian Dollar has been rallying against its Canadian peer since the beginning of the year. The advance has been developing within a tunnel formed by two upward sloping lines that represent boundaries of the channel up pattern. Recently, the pair, being a subject to buying pressure, touched almost a one-month high that provoked a retreat to the pattern's support,
Although USD/HKD has surpassed the upper limit of the pattern for several times, all these attempts to break through the 92-bar long triangle proved to be unsuccessful. At the moment of writing, the currency couple was faltering relatively close to the apex, solidifying the view that we will see a breakout in the nearest future. Meanwhile, analysis of technical signals
EUR/JPY formed an ascending triangle pattern in the end of December when it started to retreat from a five-year high of 143.11. Now the pair is trading not far away from the triangle apex, implying that the breakout is likely to appear before long. The direction of the breakout may be bullish given the type of the triangle and the
During the first nine days of 2014 the U.S. Dollar has been constantly strengthening against the Norwegian Krone and each new high was higher than the previous one, reflecting the strength of bullish movement. Nevertheless, the pair is unlikely to reach another high, as aggregate technical indicators are neutral, while almost 72% of traders are holding short positions on the
After a rally to 0.90 during the first couple of days in January, the AUD/USD pair has inched back to a weekly S1 at 0.8864. However, the pair refuses to go any lower and at the moment of writing was changing hands at the level of 0.8889. While market sentiment has been strongly bullish during the last couple of months,
Starting from mid-December the U.S. Dollar has been outperforming the Turkish Lira and at the same time respecting the up-trend line that currently creates support in the region around 2.1786.Given that USD/TRY has formed a rising wedge and the apex of the figure is already nearby, there is a significant chance that this demand area will soon be breached, potentially
After remaining side-lined just above the 200-period SMA for a prolonged period of time, USD/ZAR seems to have finally commenced a robust recovery. This is evidenced by a 40-bar channel up pattern the currency pair has recently formed.However, the near-term risks are notably skewed to the downside, being that the price is fluctuating circa the upper boundary of the corridor
Following a rise to more than a three-month high in the very end of December, the Euro commenced an accelerating depreciation versus its New Zealand peer that eventually resulted in the 101-bar long double bottom pattern. Now the currency pair is recovering after hitting an eight-week low for the second time, implying that a continuous advance may lie ahead. However,
After trading sideways for three-months ended in mid-December, AUD/JPY performed several more distinct moves that were enough to shape the ascending triangle pattern with quality and magnitude well above average.At the moment, we may observe a decline that occurred after the pair broke through the support line of the 115-bar long pattern. However, the drop may have been much steeper
It may be noted that the Canadian Dollar has been weaker versus most of its peers since the beginning of the year and this weakness is illustrated on the NZD/CAD one-hour chart. On January 2, NZD/CAD embarked on a sharp appreciation that has been developed within the limits of the channel up pattern. So far, the pair has managed to
Having reached the highest mark since at least 2009 in the first day of 2014, the British Pound started to lose ground against the Japanese Yen and retreated to the lower limit of the rising wedge pattern that at the moment of writing was 319-bar long. While being a subject to a heavy selling pressure, the pair attempted to breach
The bullish tendency HKD/JPY has been constantly following since the end of the last year's October persists. However, it is noteworthy that the pace of Dollar's appreciation relative to the Japanese Yen has been decreasing lately, which allowed this bullish channel to emerge.Not so long ago the currency pair respected the support at 13.4354 and is therefore poised for an
For the past 200 hours EUR/GBP has been consistently trading between two parallel bearish trend-lines, suggesting there is a channel down being formed on an hourly chart. If this is the case, just recently the Euro bounced off the upper boundary of this corridor (we must note that the 200-hour SMA did not play a secondary role in the initiation