USD/TRY 1H Chart Emerging Pattern: Channel Down

by Admin

USD/PLN 1H Chart

Emerging Pattern: Channel Up

USD/PLN has formed a Channel Up pattern on the 1H chart. The pattern has 65% quality and 100% magnitude in the 121-bar period.

The pattern began on 17th of April when the pair dipped to 3.1114; at the moment it is trading at the daily pivot (PP) at 3.1902. Trading volume seems to be decreasing lately. Technical indicators on aggregate point at appreciation of the pair on 1H and 4H horizons suggesting it might go along the pattern’s resistance. Long traders could focus on the Bollinger band at 3.2030, daily pivot (R1)/pattern’s resistance at 3.2127/74 and daily pivots at 3.2259 (R2) and 3.2487 (R3).

The Stochastic indicator sends sell signal on 4H horizon suggesting we might see a moderate dip in the near future. Short traders could focus on the Bollinger band/pattern’s support/daily pivot (S1) at 3.1821/768, 20 and 200-day SMAs at 3.1684/56, 200-bar SMA/100-day SMA/daily pivot (S2) at 3.1593/40 and daily pivot (S3) at 3.1408.

USDPLN

USD/TRY 1H Chart

Emerging Pattern: Channel Down

Lately (in a perspective of a week) USD/TRY has been bouncing back and forward without following one particular direction; however, if we take only the last 55 hourly bars, then the downward trend becomes apparent. Apart from the bearish support and resistance lines, technical indicators are also pointing at continuation of U.S. Dollar’s debasement. And if even this is not enough, 70% of SWFX marketplace participants are holding short positions at the moment.

USDTRY

GBP/JPY 1H Chart

Emerging Pattern: Channel Up

Throughout the past 52 trading hours GBP/JPY’s actions were limited by two parallel upward-sloping trend-lines. Still, we should acknowledge a lack of confirmations received by these boundaries belonging to the Channel Up pattern, meaning there is a substantial possibility they will not be respected in the future. According to a majority (64%) of traders, the support line is likely be breached.

GBPJPY

EUR/AUD 1H Chart

Emerging Pattern: Channel Down

It seems that EUR/AUD is going to remain on a bearish path for some time. The falling resistance line has been successfully denying attempts of the currency pair to recover for the last 46% hours. Additionally, 65% of currently opened positions are short, implying strongly negative sentiment of the market towards the exchange rate.

EURAUD