A rare descending triangle pattern was formed on 4H chart in the beginning of July, and it seems that the pattern is moving closer to its apex, as both trend lines will converge on August 29. Even though technical indicators are sending mixed signals, not less than in two weeks we will see a breakout, which will mean significant moves
During the whole July USD/CAD was declining, losing three and a half figures. Then, for a relatively short period of time the pair was undergoing a bullish correction, but has recently resumed trending downwards in the channel down pattern.While the technical indicators are mixed and do not give a clear signal regarding the future behaviour of the currency pair, a
More than 250 hours ago EUR/TRY failed to sustain the rally, topping out at 2.5884. Since then the currency pair has been posting lower peaks and lower valleys, creating the bearish channel.It is noteworthy that the 200-hour SMA had a major influence on the price throughout the formation of the pattern and is expected to remain topical in the future.
During the past 170 hours USD/HKD has been trading beneath the falling trend-line, respecting it on many occasions. This may signify that the currency pair is fluctuating within a bearish channel; however, there is no yet a reliable lower boundary of the formation. There is a potential trend-line, but there are too few confirmations of it at the moment.In any
Apparently, the 200-hour SMA, a potentially tough line to breach, did not turn out to be a nuisance when XAU/USD was forming a rising wedge. A recovery from a low of 1,273.23 did not encounter any particular difficulties while crossing the long-term moving average, but instead was consistently respecting two converging trend-lines, an intersection point of which is not that
A Pound-greenback cross has been moving in an uptrend for the last month, after the pair bottomed at 1.4814. Several trading sessions ago, after touching the resistance line, the pair has began to depreciate and has lost more than 100 pips already. Pattern's magnitude is above the average, meaning traders can expect some significant moves, though high returns. According to
A 125-bar long channel down pattern was formed on July 12, when the pair surged from the level around 0.930, currently trading at 0.943. It seems that the pair is experiencing some difficulties around 0.948, represented by daily resistance and 200 bar SMA, therefore the pair is likely to bounce back from this level. Even though 62% of all opened
Since April AUD/CHF has been in a major down-trend. However, about 180 hours ago the bearish momentum waned, when the pair touched upon 0.8231. The bullish outlook was subsequently confirmed when the 200-hour simple moving average fell prey to the surge, although technical indicators on the three relevant time-frames are mixed, suggesting absence of any distinct action on the chart.In
Based on the fact that the support trend-line is slightly more sloped than the upper trend-line, the trading range could continue narrowing. This in turn implies that the currency pair may suddenly slip, as the rising wedge is appearing on an hourly chart.Once the support at 89.15 fails to evoke a rally, AUD/JPY will likely fall through the daily S1
Following a strong rebound from 0.8831, the currency pair penetrated the 200-hour SMA while fluctuating between two converging trend-lines. Accordingly, the probability of a decline is increasing with the progression of time, since the rising wedge is presently being formed. For the time being the market is likely to continue respecting the support trend-line at 0.9012, but we should be
Considering that within the last 300 trading hours the latest major peak and valley are lower than the previous ones, there is a reason to believe CHF/JPY is forming a bearish channel. Right now the currency pair is moving away from the potential pattern's lower boundary as a part of a correction that in the end may lift the price
After touching 1.3289 on July 16, CHF/SGD has been moving only to the north, however, during the last 70 bars the pair was moving sideways. As the market sentiment is not clearly marked, the pair is likely to be driven by technical indicators. Therefore, we might suggest a possible scenario– first a move to the support line, and possibly
The Euro-Swiss Franc cross has been moving in a downtrend for more than a month, however, recently a pair moved straight to pattern's resistance line, suggesting bulls are determined to penetrate this level, meaning an end to the downtrend. At the moment of writing 70% of all opened positions were long, while short term technical also sending "buy" signals, adding
During the period from Aug 2 to Aug 8 EUR/JPY, while being in a strong down-trend, covered four figures, but was unable to continue the decline beyond 128.33. Three days later the currency pair re-tested this support, but again unsuccessfully, which in turn led to formation of the double bottom pattern.Right now the pair is probing the neckline at 129.69,
Similarly to USD/CHF, the most recent 360 trading hours of EUR/HKD are forming a pattern, although a channel up in this case. Consequently, the Euro has a higher chance of appreciating relative to the Hong Kong Dollar than moving in a different direction. The current position of the currency pair only adds to the bullishness, since the spot has recently
The U.S. Dollar has been depreciating vis-à-vis the Swiss Franc for already a month and, using the last 360 bars, we may construct a channel down on an hourly chart with decent levels of quality and magnitude.Taking into account that USD/CHF is moving away from the lower edge of the formation, i.e. is undergoing a bullish correction, the 200-hour SMA
Although the single European currency has been losing value relative to the New Zealand Dollar already since Aug 5, we consider the breach of the 200-hour SMA as the beginning of the channel down pattern, when the currency pair started trading in a more orderly way, namely between two downward-sloping trend-lines. Being that just recently EUR/NZD has tested the upper
Euro-Polish Zloty cross has been following a downtrend during the last two months, after peaking at 4.37 on June 21. At the moment of writing the pair stood at 4.19– almost in the middle of a trading range. The market sentiment is undecided, while aggregate technical indicators are not univocal as well. Hence, technical on the 4H chart are pointing
A 196-bar long rectangle pattern was formed by NZD/CAD almost two months ago. Recently, bulls made an attempt to penetrate the resistance line and even formed something similar to a double top, however, the pair moved back in pattern's boundaries and currently trading at 0.8281. The medium and long term technical are suggesting the pair is overbought already and
We have a massive, almost 4 month long pattern which emerged in the 4H chart. To be honest, we could observe the manifestation of this pattern on the 1D chart as well, however, this pattern can be analysed in more detail. Pattern has the maximum magnitude rating, which looking in to the chart is well established and definitely promises good
The pair has been depreciating since the start of the month (since the peak at the pattern's start). Dues to the pair's rather volatile nature the pattern has just slightly above the average quality rating, but high magnitude (of moves) rating. It is worth pointing out that Fibonacci retracements of the move prior to the pattern's start (the 26th of
Greenback-loonie cross has been in an uptrend since the September, 2012. The pattern at hand started on the January, 2013 and at the moment the pair is on its way towards the pattern's support and trading almost exactly on the 100-day SMA. Pattern's quality is just slightly below the average due to the few volatile periods in the middle of
CHF/JPY topped out at 107.22 more than 270 bars ago. Since then the currency pair has been mainly declining, reaching in the end the low of 104.06. While the technical indicators on different time-frames are mixed, there is a higher chance of the Swiss Franc appreciating relative the Japanese Yen rather than losing in value, being that the price is
Throughout the past 90 hours EUR/CHF has been trading within two converging trend lines, thereby forming a symmetrical triangle. However, just now the upper edge of the pattern has been crossed, meaning that the risks are now heavily skewed in favour of a rally. For the bullish intentions to be confirmed the pair has to overcome the resistance at 1.2321,