USD/CAD 1H Chart Emerging Pattern: Channel Down

by Admin

USD/CAD 1H Chart

Emerging Pattern: Channel Down

USD/CAD has formed a Channel Down pattern on the 1H chart. The pattern has 51% quality and 92% magnitude in the 168-bar period.

The pattern began on 19th of March when the pair peaked to 1.0284; at the moment it is trading at the daily pivot (PP)/20-bar SMA at 1.0175. Trading volume seems to be decreasing in the length of the pattern. Current market sentiment is strongly bullish as 67% of market participants are long on the pair ant 65% of all pending orders are to buy the greenback against the loonie. Long traders could focus on the Bollinger band at 1.0182, daily pivots at 1.0189 (R1) and 1.0197 (R2), 200-bar SMA at 1.0205, daily pivot (R3)/pattern’s resistance at 1.0212/14 and 100-day SMA at 1.0224.

Technical indicators on aggregate point at depreciation of the pair on 1D horizon suggesting it should continue following pattern’s, downward sloping, trend. Short traders could focus on the Bollinger band/daily pivot (S10 at 1.0168/6 and daily pivots at 1.0150 (S2) and 1.0141 (S3) .


USD/HKD 1H Chart

Emerging Pattern: Channel Up

During the last 339 trading hours the U.S. Dollar has been generally outperforming its Hong Kong counterpart, forming a Channel Up on a 1H chart. Considering the fact that the spot price is near the upper edge of the pattern, the near-term outlook is negative. Nonetheless, a significant majority (73%) of market participants is bullish on the currency pair.


EUR/AUD 1H Chart

Emerging Pattern: Channel Down

Both falling trend-lines that have formed the boundaries of the Channel Down remain topical for the traders, being that most (64%) of them anticipate extension of the decline in the future. Technical indicators in aggregate are also pointing downwards, while the 200-bar SMA at 1.2344 is likely to continue preventing appearance of rallies.


GBP/CHF 1H Chart

Emerging Pattern: Channel Up

Fluctuations of GBP/CHF have been contained by two rising lines throughout the previous 143 bars, implying that the Sterling is set for additional gains. Still, at the moment there is indecision in the market, since the price is in the middle of the corridor. Accordingly, we need a re-test of either boundary to receive a clearer signal.