Having tumbled to a one-month low on September 15, the single currency regained strength and commenced a steep advance against the Norwegian Krone. During thee-week time since the beginning of the channel up pattern, the pair managed to soar from the one-month low of 7.7809 to more than a one-year high of 8.2054, the level close to which the pair
A channel down pattern formed by USD/ZAR on October 3 has lasted for 108 hours and may continue to add selling pressure on the pair. Currently, USD/ZAR is vacillating below its daily pivot point sitting at 9.9357, with 200-and 50-hour SMAs meandering above the pair. Market participants believe the pair is likely to retreat in the foreseeable future, placing orders
GBP/USD undertook ascension to almost a ten-month high of 1.6261 reached on October 1. However, this altitude appeared to be hard to consolidate at and the British Pound succumbed to the heavy selling pressure. On October 4, GBP/USD started to form a channel down that represented a relatively narrow corridor bounded by two steep downward-sloping lines. The pair is expected
A decline from a two-month high to a four-month low reached on October 3 alleviated selling pressure, giving the U.S. Dollar impetus for a gradual increase versus its Swiss counterpart. The pair neared but did not break the pattern's resistance for several times and now is trading not far away from a three-week high of 0.9132. The bullishness of the
Since June single currency has been appreciating versus the greenback and formed a strong uptrend movement. However, after touching an eight-month high of 1.364, the pair inched lower and currently is trading at 1.353. The nomination of Janet Yellen as the next Fed chairman will push the United States Dollar higher, however weaker-than-expected number of jobless claims as well as
A 146-bar long channel up was formed by GBP/CAD on September 3, and during the last 6 days there were three attempts to break pattern's support, however, bears were not strong enough and the pair bounced back from the lower trend line. Regarding the possible outlook, we can suggest in the nearest future the pair will try to penetrate 1.6534
It seems the pair is facing a strong downside pressure around 97.90, as bulls are struggling to break through this level. Moreover, around this level are located sell orders, and as long as traders will sell the pair around pattern's resistance, the level will not be breached. Even though since morning technical indicators on 1H and 4H turned into positive
In the period between October 3 and October 7, EUR/SEK soared from 8.6160 to 8.7588 but failed to consolidate at the highest level since September and retreated to the formidable resistance at 8.6900 that gave the currency pair impetus for appreciation. However, the second jump was less successful than the previous one as EUR/SEK started to retreat not reaching the
A stab to almost a one-year high created heavy selling pressure that has been keeping the pair trapped within relatively narrow bands for more than three months. Despite currently faltering slightly above its 50-bar SMA at 3.1036, USD/PLN is expected to reverse its direction to the south as 57.14% of market players are betting on the depreciation of the pair.
NZD/CAD attempted to break through the pattern lines for several times; however, all these breakouts were false as the pair always came back to the boundaries of ascending triangle pattern shaped on August 28. Given that the pair is approaching the apex of the triangle, the real breakout is likely to appear in the nearest future. Ascending triangles often result
The channel down pattern formed by USD/JPY once appeared in our release of Trade Pattern Ideas; however, now it represents a particular interest and it is worth analyzing it again. After plummeting to almost a two-month low on October 1, the pair regained strength to reach the upper boundary of the pattern at 97.70. Currently, the pair is trying to
During the last couple of trading sessions NZD/CHF has been moving slightly above pattern's support line, which is also supported by 200-bar SMA. Furthermore, technical indicators on 4H, daily and weekly charts are neutral, suggesting pair will stay around current level for the foreseeable future. In the meantime, 74% of traders are bearish on the pair, hence we can expect
As well as NZD/CHF cross NZD/CAD is trading in a limited range since September 17, when the pair hit pattern's resistance, and which is now the recent high. Ascending triangle is 173 bars long, however, it seems that it is moving to its apex and soon both trend lines will converge, while the trading range is narrowing rapidly. According
After a double bottom pattern, EUR/GBP formed a rectangle. This usually happens after bulls or bears fail to break any of the trend line, and the price moves back to pattern's boundaries. The pair will continue fluctuating between support and resistance lines until either bears or bulls will be strong enough. At the moment of writing, 62% of opened positions
During the last 191 bars AUD/CAD has been moving in channel up boundaries, which was formed on August 16. Overvalued Aussie has been a major concern for the RBA and even though analysts do not see another rate cut, Oz currency looks overbought already and a period of consolidation is needed. This idea is supported by weekly technical indicators, which
A 274-hour long Channel Up pattern was formed by the most traded currency pair on September 19. EUR/USD attempted to breach the pattern for several times, once diving beneath the lower boundary to 1.3478, once soaring to more than a half-year high at 1.3647; however, the attempts were unsuccessful and the pair always returned back to the range formed by
On September 30, the death cross put heavy selling pressure on CHF/JPY that was not able to resist and started to decline on October 1. The pair trajectory shaped a Channel Down pattern, moving within which CHF/JPY touched a one-month low on October 7.CHF/JPY may continue falling as Channel Down patterns usually create a constant downside pressure often resulting in
Having surpassed its 50-and 200-hour SMAs, EUR/SEK started to form a Channel Up pattern, fluctuating within which the pair managed to hit a one-month high of 8.7572. The pair was flat for the last 12 hours, faltering at its four-hour pivot point at 8.7310. However, there are signs that a climb is highly possible in the nearest future. Market players
A sharp advance by GBP/JPY that occurred between mid-August and the end of September pushed the pair to a four-month high. Having reached this high, the pair lost momentum and started an accelerating decline, forming a Channel Down pattern. The pair has been vacillating between downward sloping lines for 114 hours and is likely to continue depreciating as suggested by
A 147-bar long Double Bottom pattern was formed by EUR/GBP pair on August 28, however, the pattern is moving to its apex. On October 4 bulls made an unsuccessful attempt to penetrate the upper trend line, however, the pair moved back in pattern's boundaries. Despite a false breakout, the pair moved lower and according to aggregate technical indicators on 4H
Relatively narrow channel up, with a distance between both trend lines of just 150 pips, was formed by EUR/CAD. Despite the fact the pair has been channelling up since September 6, the uptrend is likely to persist in the foreseeable future. The possible scenario can be a movement to pattern's support direction, while in a medium and long term the
Pair has been depreciating for the past 3 months and lost almost all the gains it had made from February to July. It appreciated by 3500 pips in that period. Theoretically it should be moving (appreciating) towards the pattern's resistance, but as we can see the pair is rather bearish lately. Bearish scenario is indicated by the medium term technicals
Aussie-greenback cross has been recovering since the end of September after a 250 pips sell off from 18th to 29th of September. It seems that Fibonacci retracements had significant impact on the pair early in the pattern, but this effect has fated away up to now. At the moment the pair is testing pattern's boundaries, but we don't expect it
After dropping to a two-week low on September 30, AUD/USD started to form a rising wedge pattern. Rising wedge pattern often results in the bearish breakout despite the tendency of higher highs and lows to keep the overall trend bullish. However, now the pair is expected to appreciate in the nearest future (66.15% of traders are bullish on the pair),