By connecting the peaks and troughs charted within the latest 400 bars we may arrive to a conclusion that USD/PLN is in the down-trend. At the moment the currency pair is trading at the upper edge of this bearish channel, which creates strong resistance at 3.1267 with the help of the weekly R1 level. However, at the same time USD/PLN
Soon after finding support at 1.5575 GBP/CAD started to consistently outperform the Canadian Dollar, which resulted in the formation of the bullish channel on a daily chart. Despite the narrowness of this pattern (hence the low measure of magnitude—30%), there is a high probability that future behaviour of the currency pair will be to a large extent defined by the
The Canadian Dollar has rallied against the Japanese Yen for 237 hours, forming a rising wedge pattern that started on November 17. The pair fell below the lower trend line of the pattern for two times; however, it managed to return to the pattern's boundaries both times. At the moment, the currency couple is vacillating close to the highest level
Although EUR/NOK has been trapped by two upward sloping lines for more than two months, the pair has been trading within a very wide corridor that allowed EUR/NOK to make large swings during this period. At the moment of writing, the pair came off more than a one-year high and approached the lower boundary of the 415-bar long pattern that
After a stab to a two-week high in mid-November, EUR/CHF commenced a losing streak that has lasted for almost two weeks already. Being a subject to a heavy downside pressure, EUR/CHF shaped a channel down pattern that started on November 19 and sent the pair to a three-week low reached several hours ago. Shortly after, the pair reversed its trend
The channel up pattern formed by USD/CAD started on November 19. At the moment of writing, the currency couple traded between its daily resistance at 1.0554 and four-hour resistance that lies not far away from a three-month high at 1.0568. According to the SWFX data, market participants expect the pair to move higher in the hours to come; 56.10% of
Judging by the price action during the last three months, EUR/TRY is currently trading within the boundaries of an ascending triangle: after making sharp gains (160 pips) in the second part of August, the currency pair encountered a tough resistance level at 2.7711 that denied all subsequent attempts of the Euro to resume the rally. In the meantime, the setbacks
We continue to observe formation of the major pattern by EUR/GBP on the four-hour chart, namely of the bearish channel, which was started back in August and is already almost 360 bars long. Concerning the most recent events, it appears that the currency pair took a U-turn before reaching the major support area represented by the falling support line at
Soon after a precipitous (80-pip) decline that took place on Nov 20, the currency pair found a formidable support level at 1.6720, an event which allowed EUR/SGD to begin a recovery that later on developed into a full-blown channel up pattern.According to this formation, the price is just a few pips away from the resistance created by the up-trend line
Until very recently, namely most of November, the currency pair has been directionless, jumping around the 200-hour SMA. However, on Nov 29 the British Pound started to appreciate relative to the New Zealand Dollar and, as a result, GBP/NZD formed an accelerated bullish channel on an hourly chart.And while the technical indicators are slightly more bullish than bearish at the
CAD/HKD breached the support of a 306-bar long channel down pattern two hours ago that may be signal of a bearish breakout that if comes true would suggest on-going weakness of the pair. At the moment of writing, the pair was trading at a three-month low and may decline to daily support at 7.3332 that may restrict deeper selloff. Meanwhile,
EUR/USD witnessed a sharp decline after it hit a three-week high on November 20. A day before the pair reached this peak, it had commenced a formation of the channel down pattern that put heavy downside pressure on the most traded currency couple. At the moment of writing, selling pressure seemed to start abating thus allowing the pair to near
The single currency has been appreciating versus the Japanese Yen during last 225 hours, vacillating between two steep upward sloping and gradually converging lines. The pair once breached the pattern's support and plunged to the 200-hour SMA that mollified selling pressure and helped the pair come back to the area bounded by the rising wedge pattern's trend lines. At the
After USD/DKK touched a three-week low on November 20, it reversed its trend and started to form a channel up pattern that was 58-bar long when the pair approached the lower trend line. The pair was trying to penetrate this level at the moment of writing and was expected to overcome the pattern's support given a strong bearish sentiment on
The Canadian Dollar acted almost like its American counterpart, as NZD/CAD cross fell more than 170 pips and even crossed a 200-period SMA, suggesting bears would dominate the market in the nearest future. Moreover, aggregate technical indicators on a 4H chart are sending "sell" signals, meaning a retest of support line can be expected. Nevertheless, in a mid-term
New Zealand Dollar has been appreciating versus its American counterpart since September, however, after reaching a high of 0.8544 on October 22, the pair entered a period of consolidation and since then NZD/USD has been bounded between 0.8414 ad 0.8182. Despite U.S. Dollar's significant appreciation after FOMC minutes, the pair still is expected to head to the south. This
Although at the moment the down-trends that form the bearish channel seem to be weak due to a lack of confirmations, there is a good chance they may turn out to be significant later on.Right now the lower falling line creates support at 0.8266 together with the weekly S2. Considering that recently the pair has failed to extend the rally
Starting from the very beginning of July, when the rate hit a rock bottom at 1.4823, the Cable had been in the up-trend for almost three months. However, the upward momentum of the currency pair was nullified by the resistance level at 1.6258. Nevertheless, this event did not force the price to reverse its direction, at least for now. Instead,
A four-month low touched in mid-September was a starting point of a channel up pattern formed by USD/ZAR that was 238-bar long at the moment of writing. Since November 14, the pair has been locked between its SMAs, with 50-bar SMA acting as a strong resistance and 200-hour SMA preventing a sharp depreciation of the pair. Traders expect the pair
In mid-November, the pair commenced a formation of an ascending triangle pattern that helped AUD/NZD to recover some of its previous losses. Although ascending triangle patterns often lead to a bullish breakout, AUD/NZD dived below the pattern's support several hours ago, meaning that a bearish breakout probably have occurred. If it is so, the pair is likely to test
A decline to a three-month low on October 23 mollified downside pressure thus helping GBP/AUD to change its direction to the north. Since then, the pair was following a bullish trend and started to shape a channel up pattern in the very end of October. Currently, the pair is trading near a one-month high reached a couple of hours earlier.
USD/CAD has been gradually advancing since mid-October; however, the pair started to form a channel up pattern only in the very end of the month when the currency couple slowed down the pace of appreciation. At the moment of writing, the pair breached its 200-hour SMA that may give USD/CAD a stimulus for a further climb. According the SWFX data,
Because a week ago AUD/JPY found a strong support at 92.31, the currency pair has managed to form an almost 150-bar long channel up pattern on an hourly chart—even the 200-hour SMA has proved to be unable to stop the advancement, only to delay it for a brief moment.Right now AUD/JPY is undergoing a bearish correction, following a confirmation of
After topping out at 5.6101 on Nov 7, the U.S. Dollar has been intermittently but surely depreciating. By connecting the peaks of this cascade of sell-offs, we would get a down-trend resistance that represents the upper boundary of bearish channel (red line on the picture). And while we consider this down-trend to be fairly reliable due to many confirmations it