EUR/NZD has been bounded by two upward sloping lines since December 9. The pair's moves represent a wide channel up pattern that was 94-bar long at the moment of writing. A recent weakness in the common currency entailed a stab to the lower limit of the pattern after that selling pressure abated and helped the pair to change direction to
The shared currency has been appreciating against the Turkish Lira since the end of November. The upward movement led to a formation of the channel up pattern on November 28; currently the pattern is 235-bar long and has average magnitude and quality. The pair has recently retreated from a three-year high and now is trading below its 50-hour SMA, albeit
The lower boundary of the 146-bar long ascending triangle pattern formed by USD/NOK was breached five bars ago. The breakout is likely to be real considering that even 50-hour SMA that is meandering below the lower trend line failed to mollify the downside pressure and allowed the pair to dive beneath it. However, market participants are in favour of the
The USD/ZAR has been tilted to upside since the second part of September as upbeat U.S. data has been pushing the greenback higher, whereas ongoing labour disputes at platinum mines have been weighing on the South African Rand. The upward trend has been developing within the boundaries of the rising wedge pattern that now is more than 312-bar long. Currently,
USD/JPY has been trading in an up-trend since Nov 7 and seems to be well-positioned to maintain the bullish direction. For the positive outlook to remain valid the lower boundary of the channel (currently at 102.71) has to stay intact and goad traders into buying the U.S. Dollar until the price reaches 105.19, passing through some of the intermediary resistances,
At first It might look as if EUR/GBP is trading within two parallel trend-lines. However, we should be aware of a possibility that the currency pair might be forming a rising wedge pattern that implies a completely different scenario from the one assumed by the bullish channel.Since the start of the pattern (Nov 29) the distance between the lines connecting
A precipitous rally of the Cable during the second half of November was halted by the resistance at 1.6457. Being that the currency pair has made two distinct attempts to break it (on Dec 2 and 10), we may contend that there is a double top pattern emerging on the four-hour chart.Right now the price is already trying to violate
Following eventless for GBP/JPY November, the currency pair initiated a powerful recovery that has already covered more than 12 figures. However, ahead of the round level of 170, Sterling's appreciation relative to the Japanese Yen has noticeably slowed down, resulting in formation of the rising wedge pattern.And even though most of the technical indicators on the four-hour and daily charts
Since the last days of November, the Euro has been losing ground against the Polish Zloty, shaping a channel down pattern that currently is 180-bar long. At the moment of writing, EUR/PLN was sitting at its 50-hour SMA; however, this support line is likely to succumb to the downside pressure and allow the pair to fall below it, opening the
The single currency has been strengthening versus the British Pound since early December that was marked by a start of the channel up pattern. At the moment of writing, the pair was faltering slightly above its 50-hour SMA that was acting as a strong support zone. However, selling pressure may appear heavy enough to push the pair beneath this level
For the last 185 hours NZD/USD has been locked in a wide corridor formed by two parallel upward sloping lines. However, the pair may witness a decline in the nearest term as the SWFX data indicates that bears outweigh bulls, albeit slightly; 56% of all orders are placed to sell the pair. In fact, if selling pressure persists for a
The most traded currency couple started to form a double top pattern on December 4 when it suddenly tumbled below its short-and long-term SMAs. Now the pair is struggling at the pattern's support at 1.3747 that is preventing a sharp decline usually observable when a currency pair breaches support of the double top pattern. EUR/USD approached this significant level after
The Japanese Yen is losing its ground versus the Hong Kong Dollar since the beginning of December. At the moment of writing the pair was trading just slightly above the 200-hour SMA. A drop below this level is unlikely, as tools of technical analysis are suggesting further appreciation. Hence, market sentiment is strongly bullish, as 73.32% of traders are holding
The USD/NOK has rallied since October 30, however, after hitting pattern's resistance and November's high, the rally paused and since then the pair has been fluctuating between two trend lines. Despite the sideways movement, the pair still has a potential for further appreciation, as from the downside it is bounded by a strong support line and a 200-period SMA.
We continue to observe emergence of an upward-sloping corridor on the four-hour chart of USD/SGD, which was started on Oct 23 after the currency hit a rock bottom near 1.2350.Since at the beginning of this week the pair respected the rising support line at 1.2479 (it was reinforced by the monthly S1 and the 200-period SMA), there is a good
Even though CAD/JPY has preserved its upward momentum since mid-October, the trading range during this time period has substantially decreased, namely from 300 pips at the initiation of the recovery, down to 180 pips, judging by the fluctuations within the last few days. Accordingly, we may assume that the currency pair is forming a rising wedge pattern that usually implies a
Recent moves of CAD/CHF represent a downside trend that has led to a formation of the channel down pattern in early December. Despite being trapped by two downward sloping lines, the pair has not strictly obeyed the pattern's boundaries thus weighing on the pattern's quality that is only 54%. At the moment of writing, the pair was rebounding from a
At the moment, the U.S. Dollar may continue depreciating against the Japanese Yen as the pair has become a subject to a heavy selling pressure after it retreated from a seven-month high that at the same time represents the second peak of a 359-bar long double top pattern. The fact that the 50-hour SMA may fall below the 200-hour
GBP/JPY has been tilted to upside since the beginning of November; however, a formation of the channel up pattern started only on December 4 when the currency couple increased the amplitude of its fluctuations. While vacillating within the pattern's boundaries, the pair attained more than a five-year high at 170.08 but it did not manage to consolidate at this level
Since early December, the Euro has been appreciating against the Swedish Krone, forming a double top pattern that now is 119-bar long and has the highest possible magnitude and 59% quality. The pair peaked at a one-year high for two times; the second peak was higher than the first one, albeit slightly. At the moment of writing, the pair came
EUR/AUD currency pair has been highly volatile during the last two days, as first the pair almost reached pattern's resistance, then pulled back to the lower boundary, while at the moment of writing bulls were making another attempt to the penetrate the key resistance level. While aggregate technical indicators are mixed, market sentiment cannot also be a very reliable source
The Euro has been appreciating against the Japanese Yen since early November, and on November 20 after hitting the 200-hour SMA, the pair formed a channel up pattern. The pattern is now 323 bar long, and 69% quality and 90% magnitude mean that even slight movements of the pair may lead to significant profits for traders. While technical indicators are
After bottoming out around 1.6750 GBP/AUD commenced an up-trend that later on turned into a bullish channel, the boundaries of which the currency pair has been recently trying to escape from (during Nov 27 and 28 there was an attempt of a break-out to the upside). Still, there is a good chance that the price will not settle far beneath
Being underpinned by the support at 97 the currency pair managed to start a strong recovery at the end of October. The rally, however, was bound by two rising trend-lines, meaning there is a bullish channel currently emerging on the four-hour chart. Still, the market is yet to confirm reliability of the lower boundary of the pattern, which was respected