The appreciation of the single currency against the Norwegian Krone started on November 7 when a drop to a six-week high marked the beginning of the double top pattern. After that, the pair was rallying until it reached more than a one-year high that was the peak of the pattern attained for two times already, suggesting that the currency couple
A 231-bar long rising wedge pattern formed by USD/SGD is on the verge of being breached. The pair has recently broken through the pattern's support but managed to recover its losses and returned to the lower limit of the pattern; USD/SGD has been sticking to this level for 16 hours already. However, considering that the pattern trend lines are due
AUD/JPY has been vacillating between two upward sloping lines for the last 71 hour and is likely to prolong its trend in the foreseeable future. Market sentiment is strongly bullish, with 82.54% of traders betting on the appreciation of the pair. Meanwhile, technical indicators neither bolster nor gainsay the bullish outlook, sending mixed signals. To meet the traders' expectations, the
NZD/USD started to form a rising wedge pattern on November 27; however, a clear upside trend has been observable only since November 29 when the pair bounced off almost a three-month low. At the moment of writing, the currency couple was trading below the pattern's support for fourth consecutive hour, suggesting that the breakout may have occurred. However, the pair
USD/NOK started to post lower peaks but at the same time bounce off the support at 6.0632 in early November after a failure to breach the resistance at 6.2250. In the end this behaviour turned out into appearance of the descending triangle.On Nov 29 the currency pair violated the down-trend resistance line and reached the first target at 6.1366. Subsequently,
Judging by the fact that HKD/JPY has formed a rising wedge pattern on the four-hour chart (usually this formation portends a sharp drop in price), the rally that was started on Oct 25 appears to be overdone right now. Another argument against further appreciation of the Hong Kong Dollar relative to the Japanese Yen is proximity to the formidable resistance
GBP/AUD has been in a strong up-trend since Nov 19 and covered more than 10 figures during this time period. However, at the same time the trading range of the pair was gradually narrowing, leading to formation of the reversal pattern on the four-hour chart. Just recently the price has encountered a tough resistance at 1.8158, an event that resulted
Although the currency pair has been fluctuating within the boundaries of the bearish channel for nearly 400 bars, specifically respecting the lower edge, right now EUR/GBP is eroding this line. Potentially this may result in an accelerated sell-off down to the 2013 low at 0.8082, if the supports at 0.8262 (weekly S1) and at 0.8154 (weekly S3) fail to underpin
Shortly following a violation of the 200-day SMA in late July the currency pair started to fluctuate between two falling trend-lines, thereby forming a bearish channel. Now the pattern is almost 100 bars long and is expected to guide the exchange rate further south. At the moment USD/CHF is trading just below the upper boundary of the corridor, which creates
EUR/TRY started to form a double top pattern on November 25, when the Euro hit a five-day low versus the Turkish Lira. After that, the pair was climbing until it reached a two-week high that is the highest point of the pattern; this level was reached for two times, with the second peak being slightly higher that the first. After
Having jumped above the 200-hour SMA, GBP/JPY commenced its upswing that has eventually led to a formation of the channel up pattern on November 20. The pair was following its bullish trend unremittingly, withstanding heavy selling pressure arising when the currency couple was hitting record highs. For example, GBP/JPY touched the highest mark since at least 2009 but has no
Let us look again at the channel up pattern shaped by EUR/CAD on November 25. The pair has recently surpassed a five-year high sitting at 1.4441 but failed to gain a footing at this peak and retreated, albeit slightly. Meanwhile, the SWFX data indicates a possibility of a jump of the single currency against the Canadian Dollar as 60.61% of
USD/JPY formed a rising wedge pattern in mid-November; at the moment of writing the pattern was 234-bar long with 77% quality and 61% magnitude. While vacillating between the pattern limits, the pair has been gradually appreciating and now is trading close to the recent high that represents the highest mark since April. At the same time, a sharp advance
During this week USD/PLN has been exhibiting propensity to decline, being pressured by the long-term moving average from above. As a result, the currency pair formed a bearish channel, which is now more than 200 bars in length.Right now the exchange rate is moving away from the lower boundary of the pattern at 3.0796, which is reinforced by the daily
Being underpinned by the support at 97, the currency pair was able to commence a strong rally, which later turned into a 140-pip wide upward-sloping channel. According to the four-hour technical indicators, USD/JPY is likely to preserve its bullish momentum in the short run, on the condition that the rising support line at 101.89, which safeguards the bullish outlook, stays
CAD/JPY has formed a 82-bar long rising wedge, which indicates confident uptrend. Despite the fact the pair is fluctuating only in a 90 pips range, a move above pattern's resistance can be expected. This idea is supported by a vast majority of technical indicators on 4H and daily charts. Nevertheless, before a strong move to the north, a retest
The single currency has been appreciating versus the Turkish Lire since April and after hitting all-time high on August 28 the pair entered a period of consolidation and since that time has been bounded in a 1500 pips range. Pair's future outlook, however, is unclear, as tools of technical analysis are suggesting tow possible strategies. 75% of traders are holding
Having dropped to a one-week low on November 19, the U.S. Dollar commenced a sharp appreciation against its Singapore's counterpart that has lasted for 153 hours already. The appreciation took place within the boundaries of the channel up pattern that started also on November 19. At the moment of writing, USD/SGD vacillated not far away from a two-month high reached
A 337-bar long channel up pattern formed by EUR/CAD started on August 23. The pattern is more than 600-pips wide thus allowing the pair to perform large fluctuations within its territory. Recently, the currency couple has hit more than a five-year high of 1.4441 for the second time during the month; currently EUR/CAD is trading below this peak, albeit slightly.
The British Pound has rallied versus the Canadian Dollar for the last 116 hours forming a channel up pattern on November 20. Since November 27 the pair unremittingly followed the upper boundary of the pattern that may be a sign that the pair is strong enough to try to penetrate this level before long. A couple of hour ago, GBP/CAD
Since November 21, EUR/HKD has been climbing and on November 24, the pair started to form the ascending triangle pattern that lasted for 83 hours. The currency couple breached the upper limit of the pattern after it approached the apex one hour ago that is likely to result in an accelerating appreciation. To confirm this, EUR/HKD has to test the
The Swiss Franc has been appreciating against the U.S. Dollar since November 7, when the pair peaked at 0.9250. Since then the pair has lost more than 200 pips and at the moment of writing was trading at 0.9063, just 23 pips above the pattern's support line. This move would not be interpreted as usual– as a "buy" signal, as
A 64-bar long rising wedge was formed by EUR/SEK on a hourly chart on November 25. The pattern, however, is likely to be completed soon as the price has been highly volatile during the last couple of hours, while a recent spike of volume is supporting the case of an upcoming breakout. Despite a throwback, and a move below pattern's
Starting from mid-November the trading range of USD/CAD has been narrowing, thereby resulting in a formation of the rising wedge pattern on the four-hour chart.Now, considering that the exchange rate has reached the formidable resistance level represented by the Jul high, the currency pair is expected to break out of the pattern by violating the support at 1.0549 in the