Although the currency pair has been successfully moving south for more than 120 hours, it appears that USD/PLN carried insufficiently strong downward momentum in order to penetrate the tough demand area at 3.0901. As a result, the upper down-trend line failed to contain the rebound and gave in, thereby allowing a continuation of the recovery up to the next significant
The single European currency has been consistently gaining in value relative to the Japanese Yen since Nov 7 and at the same time has been trading within a bullish channel. Yesterday, however, the currency pair nearly exited the rising corridor after forming two consecutive peaks around 135.40.Still, the bullish support trend-line was able to negate the selling pressure and sent
A 164-bar long descending triangle pattern shaped by EUR/NZD was broken through six hours ago. The penetration of the upper limit of the pattern may be a signal that a bullish breakout has occurred, especially given proximity of the apex. The SWFX numbers also solidify this view, indicating that 63.16% of all orders are placed to buy the pair. If
AUD/USD took advantage of a long losing streak that sent the pair from a six-month high to a two-month low reached on November 12. During the dive, selling pressure ebbed thus helping the pair to reverse its direction and shape a channel up pattern that started on November 14 and at the moment of writing was 70-bar long. The pair
A jump to a two-month high in the beginning of November enfeebled USD/CHF and the pair commenced a retreat that resulted in the formation of the channel down pattern on November 14. Now the pair continues to succumb to a heavy selling pressure that sent the currency couple to a two-week low several hours ago. The SWFX data reveals that
After touching a two-month low on November 11, the most traded currency pair started to appreciate. However, a formation of the channel up stared only three days later when the pair managed to surpass its 50-and 200-hour SMAs. At the moment of writing, EUR/USD traded within the 69-bar long pattern close to the daily pivot point at 1.3543. Market players
Despite the fact that the common currency has been depreciating relative to the Turkish Lira for the past 24 hours, the rate has been consistently respecting both trend-lines that are forming the 150-bar long bullish channel.While at first it may seem as if the upper boundary is a more reliable estimator of turning points, since it was confirmed on more
After bottoming out near the low of 106.80, the Swiss Franc started a robust recovery against the Japanese Yen that resulted in a rally of more than 300 pips.Previously we supposed that CHF/JPY has been fluctuating between two parallel trading lines. However, now, with more candlesticks to examine, it appears to be more likely that the currency pair has been
Although just recently we have recognised that EUR/GBP is trading within the bearish channel, we should also consider a possibility that the former hypothesis does not hold. Then we may assume that a recently initiated channel up will eventually take its place. For this to happen the single European currency will have to break a major down-trend resistance line at
For the past 170 hours the trading range of GBP/CAD has been narrowing, but at the same time the currency pair has been respecting two converging rising trend-lines. As a result, there is a rising wedge pattern appearing on an hourly chart of the pair. Even though the price has just entered the second part of this pattern, there is
A short, only 75-bar long, double top pattern was formed by EUR/JPY on November 13. The currency pair has already touched the peak lying at a one-month high twice and retreated to the pattern's support zone at 134.79. Despite being supposed to decline after a dive below the pattern's support siting at 134.79, the currency pair reversed its trend to
On November 18, GBP/NZD seemed to have broken through the support lines of the 341-bar long rising wedge pattern that started in the second part of October. However, the pair's movements proved the breakout to be false. At the moment of writing, the currency pair has returned to the pattern's territory and traded within its boundaries for 11 consecutive hours.
The U.S. Dollar started to decline versus the Turkish Lira after it peaked at a two-month high on November 13. Since then, the pair has been forming a channel down pattern that now is 78-bar long. At the moment of writing, the pair was faltering slightly above the four-hour pivot point sitting at 2.0217 and may advance further as
NZD/USD breached a rising wedge pattern eight hours ago; however, the pair was not falling with alacrity after the bearish breakout. The currency couple consolidated slightly below the pattern's support and is not likely to follow a downtrend; the SWFX data indicates that 67.59% of traders bet on appreciation of the pair. This may mean that the breakout was false
Since mid-September the cable has been bounded in a 360 pips range between two parallel trend lines. It means that it would be extremely difficult to push the pair above 1.6258 or below 1.5899, and a strong impetus would be required. In a shorter term, however, the pair is expected to inch higher toward pattern's resistance, as majority of technical
Amid upcoming FOMC minutes, the U.S. Dollar remains under pressure, hence USD/JPY retreated from key level of 100. While it could be interpreted as a "sell" signal, bears are facing strong support levels from the downside. Technical indicators on a 4H chart are sending "buy" signals, while a dip under pattern's support also suggests the pair would depreciate in the
If we take into account only the last 150-160 bars, there are almost no arguments against the continuation of the up-move: the rising support line remains intact; technical indicators on a four-hour chart are largely bullish and the exchange rate is currently trading at levels above the long-term moving average. On the other hand, the currency pair is a few
USD/SEK bottomed out at 6.3130 late in October, and since then the currency pair has been moving north, breaking resistances one by one. Right now the price is undergoing a bearish correction after hitting the resistance level at 6.7061; however, given that USD/SEK is currently closing in on the support at 6.5953, there is a high probability that the decline
Although USD/ZAR has been in an up-trend since the second part of 2011, it started to trade in a more orderly manner only last year in June, when the exchange rate peaked at 8.7140. Subsequently, already throughout more than 400 days , the currency pair has been consistently respecting two rising trend-lines. The upper line currently creates strong resistance at
The Australian Dollar commenced a retreat against its Canadian counterpart after it reached a four-month high in the end of October. Since then, the pair has been declining, being trapped by two downward sloping lines. At the moment of writing, the AUD/CAD movements were also bounded by its SMAs; 50-hour SMA was preventing a further decline, whereas 200-hour SMA was
The single currency has been gradually appreciating against the Swiss Franc, fluctuating in a corridor formed by two parallel upward sloping lines that represent a channel up pattern started on November 13. The pattern is relatively short, 60-bar-long, but the pair seems to have enough strength to continue climbing thus extending the pattern. Market players also support this view, placing
The pair of two Pacific currencies has been following a bearish trend since it touched a six-week high in the end of October. However, a formation of the channel down pattern started only on November 8 when AUD/NZD sped up the pace of its depreciation. Currently, the regained some strength and may try to penetrate the pattern's resistance that
A 425-bar long channel down pattern formed by EUR/GBP started in mid-October, 11 days before the pair hit a two-month high that put a heavy selling pressure on pair. At the moment of writing, the currency pair was vacillating slightly below its 50-and 200-hour SMAs and was expected to retreat in the hours to come; 72.41% of market participants were
A 123-bar long double top pattern was formed by EUR/AUD on November 7. After hitting a high of 1.4485, the pair entered consolidation phase, and until now has been fluctuating in a 110 pips range. Meanwhile, the short-term outlook is bearish, as aggregate indicators on a 1H chart are sending "sell" signals, while 65% of opened positions are short, meaning