EUR/USD has been in an up-trend since mid-July, but the most recent 360 bars fit the description of the channel up the best. In order to confirm the pattern, boundaries of which were respected by the market only a few times, the currency pair needs to end the current bearish correction somewhere near the rising line that connects the troughs
A recovery that was commenced at a low of 1.1257 was not stopped by the 200-hour SMA. Once the long-term simple moving average was violated, AUD/SGD started fluctuating in a more orderly way, respecting two rising parallel lines that have eventually become the boundaries of the channel up. The corridor is a little less than 90 pips in width, but
A Falling Wedge pattern worth of attention has emerged in the greenback-zloti cross. Pattern's quality rating is significantly above the average and quality rating is at it's maximum. At the moment the pair is trading supported by the 4 month low which seems very likely to send the pair to test the pattern's resistance. However, as short and medium term
Pair is posing for a further depreciation. That is the main underlying assumption behind the Double top pattern—the pair fail's to reach new high (twice) and then slowly return to the previous levels. A significant rally can be observed before the first top, however, Fibonacci retracements does not seem to have any effect on the pair thus it was excluded
There is an emerging pattern on a hourly chart of USD/SGD. For now it consists of only 36 bars, but both falling trend-lines forming it were confirmed by the price action on several occasions, making a bounce off the resistance at 1.2624 and then a pull-back from the support at 1.2534 a plausible scenario for the short term.Meanwhile, considering narrowness
EUR/SEK topped out at 8.7983 on Aug 4. There it commenced a decline that still remains topical, being that the major down-move and bullish corrections accompanying it turned out to be forming a bearish channel.Just recently the currency pair breached the 200-hour SMA and touched upon the lower boundary of the pattern, meaning we may expect a shallow rally in
A little more than 100 bars ago EUR/CAD decoupled from the 200-hour SMA it was trading near for half a month and entered an upward channel within which it is still fluctuating and at the same time consistently respecting the trend-lines.According to the technical studies on 4H and daily charts, the Euro should continue appreciating relative to the Canadian Dollar
Since the beginning of August the 200-hour simple moving average has successfully underpinned the currency pair and thereby preserved the bullish outlook. However, each subsequent peak GBP/NZD charted was lower than the previous one, resulting in a triangle being formed on an hourly chart.The pair is already at the very end of the pattern, meaning the break-out is supposed to
Similar properties to the previous pattern (in the terms of quality and magnitude) are given by the US dollar and Swedish kroon currency pair – quality being slightly above the average whilst magnitude is well above the average. Differently from the EUR/PLN pattern, short and medium term technicals in this case give a rather good indication about the further depreciation
A Falling Wedge pattern worth of attention has emerged in the Euro-zloti cross. At the moment it is approaching strong support are around 4.2 (1.5 month low) which should cause some volatile/choppy moves. However, the presumption remains that pair will continue moving towards the pattern's support which could be reached in the course of 4-5 days if the pair maintains
While it appears that the single European currency is losing value against the Japanese Yen and the New Zealand Dollar, it still remains within an upward-sloping channel in its pair with the Singapore Dollar. However, even though the technical indicators are moderately bullish, there is a significant risk the support at 1.6845 will not be able to withstand the bearish
Being that EUR/NZD carried insufficient momentum in order to surpass a level of 1.7155 about 60 hours ago, the currency pair is now inclined to descend. As a result, there now appears to be a channel down on an hourly chart with the resistance trend-line at 1.6768 and the support trend-line at 1.6563.However, the long-term moving average for 200 periods
Not so long ago, namely 80 trading hour back, the currency pair did not manage to sustain a surge above the 200-hour SMA. After peaking at 131.99 the common currency started to depreciate, a tendency, as it turned out in the end, that was guided by two falling trend-lines. Given many confirmations of these boundaries, we may expect the market
NZD/USD found a bottom at 0.7737 and started a recovery that is now 50 bars long. Along the development of the channel up the 200-hour SMA slowed the advancement down at first, but eventually gave in, although it does not seem the currency pair is in a hurry to challenge some of the higher levels, such as the daily R1
Similarly to the previous pair, aussie-greenback has a very high magnitude rating, but the pairs quality rating is much higher. Despite the fact that short term technicals give almost unanimous bearish signal, in our opinion, we should put more weight on the medium and long term technicals. Pair seems much more likely to peak above the pattern's boundaries and then
Cross of the US and the Hong Kong dollars has a rather volatile nature, but once in a while we can spot patterns with decent characteristics. It is no surprise that pattern's quality is just slightly above the average in this case, however, it's magnitude rating suggests a strong possibility to trade on volatility and momentum. For the past week
USD/NOK has formed a double bottom pattern on the 4H chart, after falling from level around 6.28, currently trading at 5.93, just several pips below the pattern's resistance line. Even though the pair has not been highly volatile during the last several trading sessions, it can become very profitable in case of an upside or downside breakout. At the moment
Recently bears pushed the pair to pattern's support line, however, they were not able to close below it. Usually, it would be interpreted as a "buy" signal, however, the majority of tools of technical analysis are pointing at the downside movement. Hence, aggregate technical indicators on 1H and 4H charts are sending "sell" signals, while 66% of all opened positions
Despite the fact that the break-out from the triangle has already occurred, EUR/USD is still believed to carry remnants of the bullish momentum, meaning that the single European currency should continue on appreciating versus the U.S. Dollar.The first target at 1.33 has been already attained recently, but we also consider 1.3345 to be a likely trading level in the future.
Although the channel down on EUR/GBP chart is only 80 bars long, there are good reasons to suspect that the trend-lines forming it will be able to withstand up and down swings in the nearest future. If this is the case, then a resistance area at 0.8692/77 (falling trend-line; 200-hour SMA; daily R1) will not let the price to step
Since mid-April this currency pair has been in a major down-trend and just recently it has accelerated its descent. The strong bearish impetus was received once AUD/USD breached the 200-hour SMA that previously was keeping the pair afloat. Both short and long-term outlooks on the price are negative. Firstly, it is currently testing the upper boundary of the pattern, meaning
Within the last 80 trading hours the British Pound managed to strongly appreciate relative to the Canadian Dollar, thereby negating the prior losses.However, the currency pair encountered a tough resistance line at 1.5962 that prevented further extension of the rally. Being that there were two attempts made to breach it, we may posit that GBP/CAD formed a double top pattern.
During the last 81 hours we have been observing the appreciation of the Great British Pound against the loonie. At the moment of writing, the pair stood at 1.5945, level which is very close to pattern's support. As usually, it should be interpreted as a "buy" signal. Moreover, aggregate technical indicators on 1H and 4H charts are pointing at continuation
Yesterday we've seen an attempt to break pattern's support line, however, it was a false breakout, and the pair moved back into pattern's boundaries. Currently, the prices stood at 0.816, just 30 pips above the lower trend line. According to tools of technical analysis, the pair is likely to move sideways for some time and after being flat, it