After peaking at 100.86 60 hours ago, USD/JPY started to move downwards in the direction of the 200-hour SMA, which has been already breached, meaning that the outlook is negative. Apart from the long-term simple moving average, the down-trend resistance line at 99.89 also makes it difficult for the currency pair to rally. Accordingly, we are biased to see continuation
NZD/CAD has recently formed a triangle pattern on an hourly chart that at the moment is about 70 bars long. Both converging trend-lines have been respected by the currency pair several times, suggesting that the price is likely to get close to the apex of the formation before breaking out of it.Moreover, the technical indicators for the nearest time-frames are
After touching 0.9250 on July 10 the CAD/CHF turned lower, and now hover around 200-day SMA, around 0.908. Even though the pair is trading in the upper part of a channel, aggregate technical indicators are sending either "neutral" or "sell" signals. On the contrary, 70% of all opened positions are long, suggesting bulls may push the pair higher, and
In comparison with Monday, USD/CAD inched closer to the support line and now changing hands at 1.036, just 70 pips above the lower trend line. Our outlook for the pair remains the same– USD/CAD is likely to reach the support line in the shorter term, however, in a longer period, the continuation of an uptrend is expected. It is also
Pair is posing for a major sell off. Idea of a such scenario comes from the main assumption of the Triple Top pattern—pair fails to reach new high and afterwards returns to the previous trading levels. Taking in to account that the pattern started in the end of April we could expect significant move (~1600 pips). Short term technicals (on
Pair has been narrowing its trading range by 60 pips in 100 bar period since the beginning on April. Short term technicals suggest that the pair might remain in the vicinity of the 200-bar SMA. Medium term technicals, however, suggest that overall bullishness and movement towards the pattern's resistance (after the bounce from the pattern's support) should persist. Except for
Soon after hitting 0.9753 USD/CHF experienced a precipitous three-and-a-half figure drop. The currency couple was unable to recover after such a decline and continued to descend, although at a substantially slower pace. This marked the beginning of a channel down the price is presently fluctuating within. The upper trend-line is at 0.9440, while the lower one is at 0.9316.According to
The most recent 75 bars USD/CAD has been fluctuating in a fairly narrow, 40-pip wide corridor, and is not expected to exit it in the nearest future, since most of the technical indicators are pointing in the direction of the pattern, namely south. The nearest support the currency pair is going to hit then is located at 1.0316 (daily S1),
Before forming the channel up on an hourly chart the currency pair was at risk of breaching the 200-hour SMA, which would imply a bearish outlook. However, the simple moving average withstood the downward pressure, allowing the Canadian Dollar to gradually appreciate during the last 170 hours.Just recently CAD/JPY has touched upon the rising support line at 95.95, where the
For more than 300 hours already GBP/AUD has been gradually reducing the trading range, being contained by two converging trend-lines.The upper one is currently creating the resistance at 1.6666, which is also reinforced by the daily R1 level. On the other side the currency pair is underpinned by the up-trend line at 1.6543, which in turn is strengthened by the
A 256-long channel up pattern was formed by USD/CAD on May 9, when the pair surged from a level close to parity, currently represented by Fibonacci Retracement. At the moment of writing the pair was hovering around the 200-day SMA, which stands at 1.0385. According to technical indicators, the pair is likely to reach the support line in the shorter
The most traded currency pair has formed an ascending triangle pattern on the 4H chart on July 9. At the moment of writing, the pair traded at 1.3185, level which is very close to pattern's resistance line. Even though the market sentiment is not clearly market, the pair is most likely to head to the north, as aggregate technical indicators
Rising Wedge pattern in the kiwi-greenback cross has been narrowing it's trading area by 60 pips in the 100 bar period. It is worth pointing out that trading volume has decreased significantly lately and taking in to the account that the pair is trading on the pattern's support we could suspect that either bulls or the bears are preparing for
Aside the recent recovery (24th of June till 10th of July) the loonie-franc cross has been depreciating since the middle of May. And we can see the pair moving along the pattern's resistance, but not breaching it, since the 18th of July. Short and medium term technicals do not give any indications that pair could do significant moves soon, but
Euro-loonie cross has formed a Rising Wedge pattern whose trading area is narrowing by 250 pips in 100-bar period. Although usually Wedge type pattern's have decreasing trading volume in the length of the pattern we have a completely different situation here. Combined with the recent increase in volatility it suggests that we could expect significant moves. Regarding technical levels it
HKD/JPY has been in an up-trend since Jun 13, consistently recovering from the low of 12.6724. However, 10 days ago the currency pair encountered the resistance at 13.0953, evoking a bearish correction, which is currently being slowly negated.In the short term we may expect more bearish pressure, namely on the nearest supports at 12.8905, the 200-hour SMA, and 12.8111, the
Even though both trend-lines were respected by the market only on several occasions throughout the last 225 trading hours, there is a high possibility they are going to play a notable role in forming the price chart in the future. A rebound from 2.5165 and a subsequent close beyond the 200-hour SMA at 2.5280 should confirm this hypothesis.Conversely, if the
For the past 140 hours CAD/CHF has been trading in a 130-pip wide corridor that is sloped down. Right now the currency pair is facing the resistance at 0.9085, formed by a number of studies, including the daily pivot point level and the down-trend resistance line. Overhead there should be even more supply at 0.9107 (daily R1 and 200-hour SMA)
AUD/SGD has been trading in a channel down for 240 hours and it is currently at the upper edge of the pattern, if we look at the long-term perspective. This means that the set-up is bearish, especially considering the daily technical indicators, which are largely giving ‘sell' signals. In the short run, however, the currency pair is held by the
As soon as USD/SEK fell beneath the long-term simple moving average (for 200 hours), the outlook turned negative. This bearish potential is currently being realised in the form of a high-quality channel down pattern. Both trend-lines were consistently respected by the market and should thus continue playing important role in shaping the path of the price in the future, which
EUR/JPY is not wasting time trading sideways, but is quickly rising. This is why the currency pair formed a channel up pattern, which creates the support at 131.43 and at the same time the resistance at 132.32. Judging from this set-up, also considering the signals provided by the technical indicators on 4H and daily charts, the Euro should continue winning
Even with the recent increase in the volatility the pair has been trading in the dram of the Channel Down pattern rather well. Increase in volatility also increases the probability of the momentum gains which becomes important due to the fact that pair is currently trading at the pattern's resistance and at the last few bars of predicted pattern length
AUD/USD has been rather volatile lately, but relatively well shaped Double Bottom pattern managed to emerge. To be on the fair side there might be some questions about where the fist bottom should be, but that ahs little impact on overall analysis. Due to the volatility in trading pair has a magnitude (of movements) rating well above the average suggesting
GBP/USD currency pair has been respecting a Fibonacci retracement since January, when it peaked at 1.6390. Currently the pair is trading at 1.5220, only about 40 pips above on of the retracement levels. As the majority of technical indicators are sending "buy" signals, the pair is likely to head to the north to reach the next Fibonacci level at