NZD/USD took up some volatility to form a symmetrical triangle just to lose it again as the bounds became distinctly narrow. Currently targeting the upper trend-line at 0.7199, the pair is likely to weigh on the bottom boundry at 0.7157 on the following wave, and we will look for the level to break. The dip will be likely cut by
Following the "Flash Crash" of October 6, the Pound did not truely recover, and maintained the gloomy themes in a descending channel. GBP/USD just tapped the upper trend-line of the triangle at 1.2248 and is currently being squeezed against it by the 200-hour SMA at 1.2213. With several other SMAs collectively working against the dive, the pair will face some
The US Dollar recently has been depreciating against the Polish Zloty in a descending channel pattern. The channel has formed itself, as the currency exchange rate attempted to break out of a large scale triangle pattern, as for the whole year of 2016 the pair has been trading in a triangle pattern. Moreover, the channel and the triangle actually share
The common European currency rebounded against the larger descending channel pattern's lower trend line against the Russian Ruble on October 25. In the aftermath of the rebound an ascending channel. Moreover, a significant role in the direction of the rates movements is being played by the Fibonacci retracements, which connect the 2015 low level and the high level of 2016.
A flattish channel up has been running the trend for EUR/CAD since April, and is currently on its way towards the upper trend-line of the pattern at 1.4952. With various SMAs and a cloud below lifting the pair up, it is likely to reach the trend-line with ease, with a single obstacle at 1.4881. In case bullish momentum beats closest
Sticking to the bottom trend-line of the almost two-week wedge, NZD/CHF shows little doubt of a bear-trend, at least as high as 0.7089 – the upper trend-line of the wedge. The rate will have to battle 0.7073 and 0.7081 before the trend-line is attempted, and a close above would shift risk to 0.7098/99 or 0.7107/08 which would then leave little
While an attempt at reversing the previous downtrend failed on the fifth wave, USD/NZD went on to repeat the motion, forming a double bottom at 0.7118 with a neckline at 0.7182. A close above this level would confirm a change of trend and set the next major target at 0.7247 where October 20 highs lay – a scenario quite likely
The Hong Kong Dollar is another currency, which has reversed its direction against the Japanese Yen, as the currency exchange rate broke out of the long term descending channel pattern and has formed an ascending channel. Most recently the currency pair broke the resistance put up by the 23.60% Fibonacci retracement, which connects the 2016 low level with the 2015
The Singapore Dollar is in a quite strange situation against the Japanese Yen from a technical trend analysis perspective, as the currency exchange rate has broken out of a more than a year old descending channel pattern. The breakout occurred after the pair had been trading in a short term descending channel and, after hitting the pattern's lower trend line,
Led by a rising wedge turned channel up, CHF/JPY added some upside restriction which still requires some confirmation. The pair attempted a small-scale double top formation and got as far as breaking the neckline just before repeated tests of the upper trend-line of the channel at 106.08. While we do expect a slide towards the bottom trend-line of the channel
USD/TRY traded flat on Friday, approaching the bottom trend-line of the channel up - and a tap might strengthen area or break it. While we lean in favour of an extended uptrend inside of the channel, a rising wedge has characterized recent movements and is now testing the weakness of the pair around 3.1440. The pair appears to be pushing
Staying relatively closer to the bottom trend-line than the upper one, EUR/JPY traded consistently inside of a channel up for a month, executing several false downside breakouts. While indicators remain strongly bullish, the pattern appears mature enough to break sometime soon – a prospect strengthened by a wedge-like formation sketched recently. Squeezed between SMAs at 79.84/86 and 79.55/52, the rate
EUR/JPY executed its first consistent rise since the beginning of October, and shows little doubt on the strength of the uptrend. Currently hovering mid-channel, the pair will launch a new attack at the 200-hour SMA confluence at 113.73 which in its nature releases a strong BUY signal. Inching down towards the bottom trend-line, the rate will tap it around 113.67
The Swiss Franc is depreciating against the Japanese Yen, as the currency exchange rate is simultaneously in two descending channels. First of all, the pair has been moving lower since June 2015, and, secondly, the rate is also in a short term channel, which represents the rate's movements near the larger channel's resistance line. In addition, the exchange rate is
Most recently the Kiwi formed an ascending channel pattern against the Loonie. The channel was formed as a result of a rebound of the currency exchange rate against a large scale ascending channel pattern's lower trend line, which was supported by the 61.80% Fibonacci retracement. The Fibonacci retracements connect the 2016 low level of May and the recently achieved 2016
A set of patterns sending mixed signals on the future direction of EUR/NZD suggests that it could go either way in the short term, while we lean heavily in favour of a bearish market in the long term. On its way to the bottom trend-line of the channel down EUR/NZD sketched two overlapped patterns – a symmetrical triangle and an
EUR/AUD put an end to the consolidation of the month-long downtrend with an exit from the symmetrical triangle, extending the weakness with a hit from the Australian CPI data tonight. The downfall could come immediately or move by the three-week trend-line, which the pair has been sticking to. SMAs will facilitate the movement, weighing the rate towards 1.4087 with more
The chart for the US Dollar against the Turkish Lira shows a complicated situation, as the medium term ascending channel pattern, which previously dictated the rates movement, has been broken by this year's July high level of 3.0986. The currency exchange rate struggled many times to pass the resistance, but after a week of short range trading, the pair moved
The US Dollar most recently depreciated against the Mexican Peso in a descending channel pattern, as the currency exchange rate rebounded from a larger pattern's resistance line and moved to its lower trend line. The larger scale pattern is an ascending channel, which has been active since the beginning of May. Moreover, the currency pair is highly influenced by the
USD/ZAR lacked strength to push through the double bottom and attempt the neckline at 14.0606. An extended short-term dip could result in a descending triangle, if the support line at 13.8320 limits the weakness. We will look for signs at 13.9379 – a break above would suggest that the bullish themes continue for tests of the neckline, while a bounce
A rising wedge cast doubt on the sustainability of the four-day uptrend, suggesting momentum will be lost to dip beneath 104.96, the bottom trend-line of the wedge, strengthened by the bottom Bollinger Band just below. Demand will be sufficient to cause some stickiness inside of the region bound by 104.96 and 104.45, which could steal bearish potential during the battle.
The yellow metal recently bounced off a strong psychological support level, which is represented by the 1,250 mark. By doing so the metal also confirmed the existence of a massive ascending channel pattern, which was previously for a few quarters thought to be a rising wedge. Moreover, the recent rebound of the bullion is occurring in a much smaller ascending
The US Dollar is depreciating against the Russian Ruble, as the currency exchange rate continues its path in a previously analyzed descending channel. The latest developments for the pair are that the rate hit the channel up pattern's upper trend line and confirmed it three times before finally retreating. Since then the currency rate seems to be forming a not
Following a false break above the upper trend-line of the symmetrical triangle AUD/USD entered in January, the pair has returned into the pattern and appears to be launching a new attack at the targeted trend-line. Using the 55-day SMA at 0.7612 to step towards levels above, the rate will test 0.7673 latest mid-November. With demand pressures stemming from below in