Dukascopy

The yellow metal continues to trade in a five-day ascending channel against the US Dollar. As apparent on the chart, the pair hindered near a medium-term channel at 1,343.00 during the first part of Friday. However, the prevalence of strong upside momentum mid-session allowed for a breakout of this pattern and further advance up to the 1,350.00 mark which...

Following two consecutive sessions of decline, the US Dollar entered a period of consolidation on Friday. Given that technical indicators are already showing signs of recovery, it is likely that the pair eventually manages to accelerate from the newly-formed 2017/2018 low of 104.62 and approach a trend-line located near 105.80. This yearly low is likewise...

The minor period of consolidation which started on Thursday was not followed by a breakout of the 55-hour SMA near 1.41. Instead, the Pound gained upside momentum mid-Friday and pushed the rate above the 1.4160 mark. It is likely that the same directional pattern occurs today. No significant fundamentals that could add some bearish pressure are not scheduled for...

The strong support of the 200-hour SMA allowed the the Euro bulls to grow stronger during the second part of Friday. Even though this up-move was not very significant, the pair did manage to breach its nearest resistance formed by the 23.60% Fibonacci retracement and a downward-sloping trend-line at 1.2358. ' The Asian session showed no changes to the overall...

XAU/USD soars to 1,259.00 After forming an inverse head and shoulders pattern and bouncing off from the weekly S2 at 1,235.93 the yellow metal managed to advance by 1.23% against the buck. In daily perspective the surge the is expected to last until the rate makes a new rebound either from the 1,263.63 resistance level or from a combination of the 200-day SMA and...

USD/JPY falls to 50% Fibo at 112.45 Due to interest rate hike by the Federal Reserve, the currency exchange rate got a downside momentum, which lasted until the pair reached the last combined support level formed by the weekly S1 and the 50% Fibonacci retracement level at 112.45. A successful recovery of the buck looks unlikely, as the rate will need to cross a...

GBP/USD crosses 200-hour SMA Despite the pressure from three moving averages as well as from other technical indicators, the pair ended the day near the 1.3420 mark. Today the cable is expected to continue the rally due to absence of any notable barriers on its way up until the 50% Fibonacci retracement level located at 1.3485. In case of appreciation of the...

EUR/USD jumps by 44 points amid rate hike As the currency rate was falling the last three weeks in a row, traders used the Federal Funds Rate hike to sell the Dollar and elevate the pair to the 1.1844 level. As long as market sentiment remains predominantly bearish the rate is expected to continue moving in southern direction. As for today, a deep plunge back to...

The US Dollar was depreciating against the Norwegian Krone for several weeks when this momentum downwards allayed, thus resulting in the formation of a descending triangle. The lowest point of the fall, t.i., the 7.7571 mark, is likewise the 2016/2017 low. The pair was also trading in a symmetrical triangle which was breached to the upside last week. The Greenback...

GBP/USD 4H Chart: Channel Up The British Pound is advancing against the American Dollar simultaneously in senior and junior ascending channels, where the latter represents a rebound of the currency exchange rate from the lower trend-line of the dominant formation. In the last hours of Monday’s trading session the pair made a second rebound from the bottom...

NZD/CAD 1H Chart: Channel Down The New Zealand Dollar is losing value against the Canadian Dollar in a short-term descending channel, which started to form after the Kiwi appreciated by 0.9% just in one trading session. In the beginning, the currency rate was moving quite sharply amid macroeconomic data releases and, for this reason, stayed indifferent...