NZD/CAD is likely to be highly volatile soon, as even despite subdued market reaction towards Canadian manufacturing sales, the rising wedge pattern is moving to its apex. Trading range is narrowing rapidly, meaning that in case of a breakout, markets will go wild. At the moment of writing the pair was trading at 0.864, just couple of pips above the
This 350-bar long pattern was initiated after AUD/USD reached a peak of 0.9760 on Oct 23. Since then the currency pair has plunged more than four figures and appears to be capable of moving even lower. Before resuming the down-trend, however, there is a good chance that the Aussie will first test a down-trend resistance at 0.9398, but should fail
Two days after bottoming out at 106.80 the currency pair overcame the 200-hour SMA and started to trade while being contained by two upward-sloping parallel trend-lines.The upper edge of the pattern at the moment creates strong resistance near 109.47 and seems to be more reliable than the lower one. First of all, it was confirmed by the market on more
A drop to a four-month low in the beginning of November eased selling pressure that helped EUR/SGD to recover slightly and commence a formation of an ascending triangle pattern. At the moment of writing, the currency couple was trading near the apex of the triangle and was trying to breach the lower limit of the pattern, signalling that we are
A short, only 62-bar long, channel up pattern was shaped by NZD/USD on November 11. Now the pair seems to be bounded not only by the pattern's lines but also by its SMAs that locked the pair in relatively narrow trading range. 50-bar SMA meanders slightly below the pair, representing a strong support, whereas 200-hour SMA is acting as the
GBP/USD has been quite volatile recently and a sharp appreciation after a steep decline in mid-November did not come as a surprise. At the moment, the pair is following a bullish trend, fluctuating between two upward sloping gradually converging lines that represent boundaries of a 119-bar long rising wedge pattern. Market players are not univocal on the future moves of
AUD/USD started to form a double bottom pattern on November 6 when it dived below its short- and long-term SMAs. The pair approached a two-month low on November 12 and neared but did not quite reach this level again two days later; after that the pair got impetus for a climb and is likely to surpass the pattern's resistance lying
A 128-bar long rising wedge was formed by CHF/SGD on November 6. The pair is expected to be highly volatile in the nearest future, as the trading range is narrowing rapidly– just 66 pips, compared with 160 at the moment of formation. However, it is rather difficult to predict pair's future movement, as market sentiment is not clearly marked (57%
A huge, 358-bar long, double bottom pattern was formed by CAD/HKD. Since late October, the pair has been bounded by two parallel trend lines in a 780 pips range. Though, technical are not univocal, it is important to mention each new low was lower than the previous one. In the short-term, the outlook is bullish, as 74% of traders are
Although just yesterday USD/PLN was trading in a bullish channel, today the lower boundary of the pattern has already been violated. This allowed the currency pair to form a downward-sloping channel, which is already more than 40 bars long.However, in order to confirm its bearish intentions USD/PLN still needs to breach the long-term moving average at 3.1174, then it will
Since USD/CHF encountered an impenetrable resistance line at 0.9231 (now also the daily R2), it had no other choice but to decline. And, judging by the last 40 bars, it appears that the currency pair is highly likely to descend while fluctuating between two parallel trend-lines. However, first USD/CHF has to confirm 0.9185 as the resistance, otherwise the price will
A dive to a four-month low in the very end of September was a starting point of the rectangle pattern formed by EUR/CHF. The pair entered the pattern from below and has touched its boundaries for four times already. Now the currency couple is faltering above its 50- and 200-bar SMAs and is expected to advance by traders who are
Having touched a one-year low, the U.S. Dollar got an impulse to advance against its Hong Kong peer. The appreciation started alongside with formation of the ascending triangle pattern on November 8. At the moment of writing, the pair was fluctuating close to the apex of the triangle that signals on the looming breakout. Ascending triangle patterns usually result in
A formation of the triangle pattern by GBP/NZD started in mid-October; the pattern has lasted for 117 hours already but is likely to be breached in the following hours as the pair almost approached the apex. Currently, GBP/NZD is vacillating slightly below the pattern's support, suggesting that the breakout may have occurred, especially given the proximity of the apex. If
The Australian Dollar was gradually appreciating against its Canadian counterpart during three months ended October 28. In the end of October, the pair reversed its trend to the south; in the beginning of November, the pace of decline accelerated and the pair started to form a channel down pattern. At the moment of writing, the currency couple is trading above
We took a look at this particular bullish pattern yesterday, when the currency pair was testing the rising support line at 1.6691. As it turned out, the lower boundary of the corridor, together with the 200-period SMA and the weekly S1, held the price and provided enough support to initiate a rally, which is now supposed to target 1.7085—the upper
Even though the currency pair managed to lift above the 200-hour SMA at the beginning of November, which generally is a bullish sign, soon afterwards the Australian Dollar started to decline. Since then AUD/JPY has been trading beneath the falling resistance line that now may be considered an upper boundary of the bearish channel, although a lower edge of the
Another rectangle was formed by NZD/CHF on August 27, when the pair soared from 0.711. Since then the pair has been bounded between two parallel trend lines, in a 300 pips range. Though technical indicators are not univocal, the fact that each new high was higher than the previous one, is suggesting bulls would be able to penetrate the resistance
The cable has been highly volatile during the last two days, and mostly led by fundamental data. Hence, on Tuesday, the pair lost 136 pips after disappointing inflation data, while on Wednesday, it rebounded from previous drop, rising 123 pips, on the back of better-than-expected data from the U.K. labour market. Though technical indicators are mixed, in a shorter
The single currency has been gradually declining against the Danish Krone since October 17. The pair formed a channel down pattern and now it trading within its boundaries being trapped by short and long term SMAs. 200-bar SMA is meandering above the pair, acting as a formidable resistance, whereas 50-bar SMA is lying below EUR/DKK, being a strong support. Market
A drop to almost a one-year low on October 22 gave USD/PLN an impulse to climb. The pair took advantage of this upward pressure and commenced a sharp appreciation that has lasted for almost two weeks already. However, a formation of the channel up pattern started later, only on November 5. Now the pattern represents a particular interest as the
Having approached more than a half-year high, AUD/USD has become a subject to a bearish pressure that prevented any upside moves. In the very beginning of November, the pair attempted to recover but after a slight gain the pair started even sharper decline, forming a channel down pattern. At the moment of writing, the currency pair is vacillating close to
USD/CAD started to from a double top pattern on November 7. A day after the pair moved to a two-month high; it neared but did not quite reach it first time but managed to hit this peak during the second escalation. Now the currency couple has entered the bearish phase of the pattern that is likely to take the pair
Just recently EUR/JPY has fully pared the losses made on Nov 7—it took the pair 60 hours. During this recovery the currency pair has been respecting two rising trend-lines that are now the boundaries of the channel up pattern. The upper edge is currently at 133.71 and the lower one is at 133.33.Considering the technical indicators on the hourly and