GBP/USD 1H Chart Emerging Pattern: Triangle

by Admin

GBP/USD has formed a Triangle pattern on the 1H chart. The pattern has 70% quality and 51% magnitude in the 84-bar period.

The pattern began on 22nd of February when the pair dipped to 1.5075; currently it is trading at the pattern’s resistance 1.5174; pattern’s support and resistance are set to intersect on 6th of March, 04:00 GMT at 1.5094. Trading volume seems to be holding in the same length in the length of the pattern. Technical indicators on aggregate point at appreciation of the pair on 1H horizon suggesting we should see at least an attempt to breach the pattern upwards. Long traders could focus on the Bollinger band at 1.5186, daily pivot (R1) at 1.5210, daily pivot (R2)/200-bar SMA at 1.5235/69 and daily pivot (R3) at 1.5318.

Technical indicators on aggregate point at depreciation of the pair on 1D horizon suggesting the pair should bounce from the pattern’s resistance or, if it will be breached, we should see a pullback. Short traders could focus on the 20-bar SMA/daily pivot (PP) at 1.5173/45, Bollinger band at 1.5129, daily pivot (S1) at 1.5102 and pattern’s support at 1.5080.


AUD/NZD 1H Chart

Emerging Pattern: Channel Up

AUD/NZD has formed a Channel Up on a 1H chart, fluctuating within the rising trend-lines throughout the last 191 bars. Being that recently the currency pair has bounced off the upper edge of the pattern, it is likely to reach 1.2309 prior to recommencing a robust recovery. A majority of market participants (70%) are already long on AUD/NZD.


USD/CHF 1H Chart

Emerging Pattern: Rectangle

USD/CHF has returned into a consolidation phase and thus formed a Rectangle on a 1H chart. From above the price is contained by 0.9338, though the current focus is on the support line at 0.9284, which will not give in easily, being reinforced by the 200-day SMA. Technical indicators and traders appear to be undecided at the moment, giving mixed signals.


EUR/CHF 1H Chart

Emerging Pattern: Channel Up

EUR/CHF has formed a Channel Up on a 1H chart that does not look like a bullish correction anymore, following a precipitous dip from the 200-bar SMA at 1.2317. Judging by the technical indicators, the upward impetus is expected to weaken in the nearest future, though a substantial part of all SWFX marketplace participants (73%) are holding long positions on the pair.