The Australian Dollar has been losing ground against its U.S. peer since mid-October and in the first part of December the pair embarked on a formation of the triple bottom pattern that took the currency couple to a five-year low of 0.8821. AUD/USD neared this low for three times and now it entered the bullish phase of the pattern; in
Having touched a one-year low of 4.1591, EUR/PLN followed an upside trend that led to a formation of the rising wedge pattern on December 31. Recently, the pair has approached almost a one-month high of 4.1823 that lies on the upper boundary of the pattern; however, the currency pair refrained from a further appreciation and retreated, albeit slightly. Now the
While the recent price action of CAD/HKD is presented here as an emergence of the rising wedge pattern, there is a strong argument in favour of the formation of the ascending triangle, being that the slope of the upper boundary is fairly low and may in reality be flat circa 7.3080. Accordingly, it is more reasonable to use the recent
After falling down to 6.4082 at the end of the last year USD/SEK commenced a recovery. Since then fluctuations of the price have been contained by two up-trend lines, meaning there is a channel up pattern currently emerging on the chart.However, we must note that right now there is a significant risk of the pair breaking out of the pattern
Since June of 2012 USD/CAD has been mostly following a bullish tendency. Throughout this time interval the trading range has been gradually narrowing. As a result, the currency pair formed a rising wedge pattern, which implies that the current recovery may be nearing its end and the rally will soon be reversed, even though weekly technical indicators are mostly giving
A plunge of the single currency versus the Danish Krone started on December 24 when the pair re-approached a multiple-month high of 7.4621. Throughout its retreat EUR/DKK tried to penetrate the lower limit of the channel down pattern, within which it performed a decline, for three times but all attempts proved to be unsuccessful. At the moment of writing, the
After a long-lasting downside trend, the U.S. Dollar eventually altered its direction versus its Hong Kong peer, forming a 88-bar long channel up pattern. Notwithstanding that since the very end of 2013 the currency pair has been trading close to the pattern's support line, USD/HKD is not likely to break out of the pattern given a strong support level represented by
A sharp depreciation of the Euro against the Swiss Franc that lasted for three weeks ended December 18 helped the single currency to accumulate strength for a rebound versus its Swiss peer. The rebound was performed in the corridor of two upward sloping, gradually converging lines, in the other words, within the boundaries of the rising wedge pattern. Up to
Since mid-November USD/NOK has been trading sideways; however, it managed to perform several relatively wide swings in the last trading sessions of 2013 thus forming a rising wedge pattern. Recently, the pair has bounced off its short-and long-term SMAs and now seesaws not far away from the pattern's resistance but a further upside is unlikely as market participants are mostly
This channel up pattern has recently featured in one of our reports. Then the rate was fluctuating just below the upper boundary of the figure after forming a rising wedge within its boundaries.As it turned out, the Sterling managed to decouple from the rising resistance line and fell through all of the nearest support levels straight to 170.90. Here the
It has already been more than 200 days since AUD/NZD started to exhibit tendency to decline. At the same time it appears that the currency pair has formed a bearish channel. However, while the formation seems to be viable, there are too few confirmations of the falling trend-lines. Accordingly, this corridor is rather a potential pattern rather than the actual
Only 24 hours ago CAD/JPY fluctuated within the boundaries implied by the 80-bar long rising wedge pattern. However, the currency pair has already managed to break out of it to the downside and reach the initial target of 98.21. And even though the price has covered more than 100 pips since the breach of the up-trend, the bullish momentum still
Judging by the recent behaviour of AUD/CHF, the decline that was started on Nov 20 seems to have ended. Following two distinct attempts (two bottoms) of the currency pair to violate the formidable support at 0.7815, it has just breached the neckline at 0.7995 and is already testing the resistance at 0.8096. This particular supply area consists of the weekly
A decline that we have been observing for the past two months is a continuation (after a prolonged bullish correction) of the down-trend started back in April, when the Australian Dollar was changing hands around the level of 1.05 U.S. dollars. Consequently, there is an increased chance that AUD/USD will go even deeper from here. However, we must also note
Being that GBP/JPY has managed to maintain a generally bullish course since November, there is a 250-bar long channel up currently developing on the four-hour chart. Lately the currency pair has been moving north from the lower trend-line towards the upper edge of the pattern. As a result, within the boundaries of the bullish channel there is a smaller rising
Already for almost 300 hours CAD/JPY has been consistently fluctuating between two upward-sloping but at the same time converging trend-lines. Respectively, we may claim that CAD/JPY has formed a rising wedge pattern and its further recovery is under a substantial threat. And while the majority of technical studies are presently bullish, whether the price once again successfully respects the support
After a precipitous increase of the Sterling's value during the second half of November the pace of currency's appreciation has notably decreased. As a result, since the beginning of last year's December GBP/AUD has been forming a rising wedge pattern.Right now the currency pair is trading next to the upper boundary of the figure and may even get closer to
AUD/CHF, just like many other Aussie crosses, has been forming a channel down pattern since the beginning of November after breaching the long-term moving average. However, while in most of the currency pairs the upper falling line of the pattern is currently forcing the upward momentum to give up, here the price, regardless of the bearish technical indicators, managed to
While on the daily chart USD/ZAR is currently moving from the lower boundary of the bullish channel pattern towards the upper, on the four-hour time-frame the currency pair is forming a rising wedge. Being that this formation usually portends a reversal, we should be especially careful when the price bounces off the resistances at 10.71, where it is currently headed,
The Canadian Dollar has been trading mostly higher versus the Japanese Yen since early November and in the very beginning of December the pair commenced to shape a channel up pattern. Now the pair is faltering close to a seven-month high hit several hours earlier. As concerns potential moves of the pair, it may return to the recent high and
Having attained almost a six-month high in the very end of October, the Australian Dollar started to lose ground against its Canadian peer. The currency pair performed a decline within the limits of the channel down pattern that now is 225-bar long. Currently the pair is vacillating near the upper boundary of the pattern, a proximity to which may result
Since the beginning of August, we have observed a clear upside trend developed by GBP/CAD; the pair started to shape a channel up pattern only in the second part of October. Although at the moment of writing the currency pair was retreating from a five-year high reached about a day earlier, market sentiment was strongly bullish as more than 73%
A lack of wide swings between July and November helped the single currency to accumulate strength against the Australian Dollar. In mid-November, the pair embarked on a sharp appreciation that sent it to a three-year high. Furthermore, the advance led to a formation of the double top pattern in early December; EUR/AUD has recently started a retreat from the second
Soon after peaking at 5.6111 USD/DKK came under strong selling pressure and fell beneath the 200-period SMA. Accordingly, there is a good chance the currency pair will descend from the current trading levels to at least the lower edge of the downward-sloping corridor at 5.3750. This course of events is also suggested by the technical indicators on the four-hour chart—four