NZD/CAD 1H Chart Emerging Pattern: Rising Wedge

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NZD/USD 4H Chart

Emerging Pattern: Channel Up

NZD/USD has formed a Channel Up pattern on the 4H chart. The pattern has 57% quality and 50% magnitude in the 85-bar period.

The pattern began on the 15th of March when the pair peaked to 0.8281; currently it is trading at 0.8541. The trading volume seems to be increasing U shaped. Technical indicators on aggregate point at further appreciation of the pair on 4H and 1D horizons. Long traders could focus on the daily pivot (R1)/Bollinger band at 0.8550/53, pattern’s resistance/daily pivot (R2) at 0.8571/79 and daily pivot (R3) at 0.8621.

The Stochastic indicator sends signal on 4H and 1D horizons. It is very likely that this is due to the fact that the pair is rapidly approaching pattern’s resistance. Short traders could focus on the daily pivots at 0.8508 (PP) and 0.8478 (S1), 20-bar SMA at 0.8464 and daily pivot (S2)/pattern’s support at 0.8436/30.

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EUR/TRY 1H Chart

Emerging Pattern: Channel Up

EUR/TRY started the Channel Up pattern 110 trading hours ago, and even the 200-bar SMA was not able to prevent extension of the rally. Judging by the fact that the price has recently bounced off the up-trend support line, we are inclined to believe that it should advance further. However, neither traders’ sentiment nor technical indicators support this scenario.

EURTRY

USD/CHF 1H Chart

Emerging Pattern: Channel Down

The falling resistance line, being a part of the Channel Down pattern, did not manage to contain the bullish momentum and exposed 0.9333. Once this level is breached, USD/CHF is likely to aim for 0.9358 next. In the meantime, market participants appear to be largely undecided, 47% of positions are long and 53% of them are short.

USDCHF

NZD/CAD 1H Chart

Emerging Pattern: Rising Wedge

Following a jump from the 200-bar SMA NZD/CAD has formed a Rising Wedge pattern, which implies a reversal in the nearest future, a development that is anticipated by a majority (66%) of traders. However, if we disregard the pair’s move on Apr 8 at 1 p.m., we would get a Channel Up by connecting the most recent maxima with an up-trend. This continuation pattern is advocated by the technical indicators.

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