NZD/USD 1H Chart Emerging Pattern: Rectangle

by Admin

NZD/USD has formed a Rectangle pattern on the 1H chart. The pattern has 52% quality and 95% magnitude in the 115-bar period.

The pattern began on 11th of April when the pair peaked to 0.8677; after a recent bounce from the pattern’s support the pair is currently trading at the daily pivot (PP) at 0.8438; pattern’s support is at 0.8391; pattern’s resistance is at 0.8501. Trading volume seems to be dome shaped in the length of the pattern. Long traders, who expect the pair to continue moving towards the pattern’s resistance, could focus on the 20-day SMA/Bollinger band/daily pivot (R1) at 0.8462/75, pattern’s resistance/200-bar SMA at 0.8501/06, daily pivot (R2) at 0.8528 and daily pivot (R3) at 0.8564.

Technical indicators on aggregate point at depreciation of the pair on 4H horizon Short traders could focus on the Bollinger band/pattern’s support/daily pivot (S1) at 0.8401/0.8389, 100-day SMA/daily pivot (S2) at 0.8366/51 and daily pivot (S3) at 0.8298.

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EUR/TRY 1H Chart

Emerging Pattern: Channel Up

The current set-up on a 1H chart implies further appreciation of the single European currency, since both rising trend-lines were consistently respected throughout the last 198 trading hours. Technical indicators are also giving ‘buy’ signals on all three relevant time-frames. However, a substantial majority (73%) of market participants are bearish towards the currency pair.

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CHF/JPY 1H Chart

Emerging Pattern: Ascending Triangle

During the last 276 bars CHF/JPY has been struggling at 107.32/05, which proved to be a formidable resistance zone. Technical studies suggest there will be a bullish breakout in the nearest future, but 71% of traders view this as an unlikely scenario and bet on a decline of Franc’s value.

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AUD/CHF 1H Chart

Emerging Pattern: Channel Down

The current situation on the chart predisposes to further debasement of the Australian Dollar, being that the currency pair has repeatedly respected the falling resistance line. Moreover, a majority of technicals are giving ‘sell’ signals, reinforcing the bearish outlook. Nonetheless, a considerable part (72%) of traders are positioned counter to the downward trend.

AUDCHF