GBP/AUD has been in a strong up-trend for already more than 150 bars and it seems to be well-positioned to extend the rally even further, given that the trend-lines still remain intact. At the moment the currency pair is trading just above the rising support line, meaning that not solely the long-term, but also the near-term outlook for the Sterling
Since June of 2012 USD/ZAR has been consistently trading within two rising trend-lines, thereby forming a 400-bar long channel up pattern. At the moment the currency pair is moving away from the lower boundary of the figure, which is currently reinforced by the 200-day SMA, towards the upper one at 11.0129. In order to reach this mark the price will
On December 26, the U.S. Dollar plunge versus the Swedish Krone seemed to be cogent to make us believe that the bearish breakout has happened. However, after a dive to a two-week low, the pair surprised us by sharply changing direction to the north; the appreciation was fast enough to send the pair back to the pattern's support until the
The British Pound has been rallying against the Japanese Yen since mid-October; the pair performed its advance within the corridor of two upward sloping and gradually converging lines. Recently the pair increased the pace of its appreciation thus breaking through the upper limit of the pattern to hit the highest level since at least 2009. Meanwhile, the climb that resulted
The upside trend that followed October's decline aided USD/CAD to shape a rising wedge pattern that now is almost 230-bar long. Whilst moving within the pattern's limits, the pair managed to attain a four year high of 1.0773 for two times and at the moment of writing the pair was vacillating close to this peak. However, considering the SWFX data,
Let us examine the 180-bar long channel up pattern formed by EUR/AUD one more time. Since reaching a multiple-year high, the pair has become a subject to a noticeable downside pressure that pressed it to the lower boundary of the pattern, near which the currency couple has been trading for several days already. At the same time, selling pressure failed
The most traded currency pair has been highly volatile on Friday following comments from the ECB. Despite a 205 pips hike, the pair is still moving in pattern's boundaries, however, according to technical indicators on a variety of timeframes, further appreciation is expected. At the same time, traders are less optimistic and opening short positions more often that long ones
Even taking into account low trading volumes, USD/NK almost managed to hit the strong support at 6.0825, represented by a 23.60% retracement. In case the pair dips below this level, and this move is supported by technical indicators on a daily chart, the next target for short traders is located at 6.0711, where they will find pattern's support. The pair
Although a strong rally that started two months ago came to a sudden stop in mid-November, EUR/NOK did not lose its bullish momentum and continued to trade above the 200-period SMA and thereby formed a channel up.And while the most recent price action may not be encouraging—the rate has been anchored to the up-trend support line since Dec 19, a
As mentioned in the yesterday's evening issue of Trade Pattern Ideas, among many of the Aussie's crosses, including AUD/USD, we may observe emergence of a channel down pattern starting from Oct 23. This particular formation is nearly 300 bars long and is likely to continue developing, as suggested by the four-hour and daily technical indicators, while the weekly ones are
The yellow metal has been retreating since the middle of autumn; however, XAU/USD embarked on formation of the channel down pattern only in November when the precious metal dived below its short and long-term SMAs. The corridor is about 158-bar long and has average quality and magnitude. Lack of fresh data releases during Christmas time mollified selling pressure thus aiding
Since early November the Euro has been appreciating versus the Australian Dollar, forming a channel up pattern that took the pair to more than a five-year high. A stab to this peak incited a sharp decline of the pair that slumped to the pattern's support. However, thanks to the 50-bar SMA that is sitting close to this support zone, the
After moving sideways during several months, the Australian Dollar commenced a retreat against the Japanese Yen. The drop has been progressing in the corridor of two downward sloping lines that have been acting as boundaries of the 367-bar long channel down pattern. In present instant, the currency couple is moving towards the upper boundary and is likely to approach this
A rise to a two-year high in mid-November put a heavy selling pressure that since then has been weighing on USD/PLN. Despite more a month-long sell-off, the downside pressure has not abated yet and recently has sent the pair to a three-year low. The decline to this low was performed within the limits of the channel down pattern that was
During the last 266 bars the Sterling has been appreciating against the Loonie, however, this week the pair opened with a 12 pips gap. The pair is still appreciating, and aggregate technical indicators on a 4H and daily charts are bolstering the case of further appreciation. Market sentiment is strongly bearish, with 61% of positions being short. Moreover, 56% of
A 281-bar long rising wedge was formed by EUR/SEK on a 4H chart in the beginning of October. Pattern's support has been followed by a 200-period SMA, and each time bears have been experiencing difficulties around the lower trend line. This time the pair is changing hands just 328 pips above the SMA, and according to aggregate technical indicators on
Since the first days of July GBP/USD has been in a distinct up-trend and the last 200 candlesticks that form a bullish channel are a part of this advancement after a prolonged phase of consolidation.However, the currency pair has been recently struggling to overcome a tough resistance level at 1.6470 that could potentially turn the pair around. Still, the key
The beginning of the channel down pattern formed by AUD/SGD (and by some of the other AUD's crosses) dates back to Oct 23, when the currency pair topped out at 1.2055. Since then the price has covered the distance of more than nine figures. Just recently the pair has completed a bullish correction within the major down-trend and it is
After a sharp appreciation in October, USD/PLN lost its spree and changed direction to the south. The downward trend has been observable since mid-November; however, a formation of the triple bottom pattern was started only in early December when the pair notably accelerated the pace of its depreciation. Now the currency couple is rebounding after bottoming at the lowest mark
High volatility of USD/HKD prevented the pair from developing a clear trend until recently. In mid-December, the currency couple commenced a long upward move that helped it to form the rising wedge pattern that now is 225-bar long. Now the pair is performing a sharp climb that resulted from a recent drop to the 50-hour SMA sitting close to the
EUR/SEK shaped a triangle pattern in the first days of December. Now the pair has almost approached the apex, meaning that the breakout is likely to appear soon. However, the direction of the breakout still seems obscure as market players are strongly bullish on the pair, whereas a recent drop to the pattern's support as well as formidable resistances
EUR/USD has been trading within the corridor shaped by two upward sloping lines for more than a month. The pair once attempted to breach the upper limit of the pattern but it failed to consolidate above this significant resistance line and came back to the pattern's area. At the moment of writing, the pair was vacillating near the pattern's support;
Even taking into account a lack of liquidity and low trading volumes before Christmas, USD/SEK represent a great opportunity for traders. The main reason behind this suggestion is the fact the pair is trading in boundaries of triangle pattern, which soon will be completed. Market sentiment, however, is not clearly marked, as 54% of traders are holding short positions.
One of the most traded currency pair has been trading in a rising wedge pattern's boundaries since November 7. Despite several attempts to break the resistance line, the pair moved back each time and at the moment of writing was trading at 104.29, just 35 pips below the recent high. In case pattern's upper boundary and a recent high