GBP/USD has recently completed the high Quality Up Channel chart pattern identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 8 bar level as a result of the sharp Initial Trend (measured at the highest 10 bar level), above-average Uniformity (6 bars) and significant Clarity (8 bars). This chart pattern continues the preceding weekly downward price thrust from the major level of resistance at 1.6600 (which had been reversing the pair down multiple times over the last few years) standing close to the 38,2% Fibonacci Retracement of the previous sharp downward price impulse from the November of 2007 to the start of 2009, as is shown on the second chart below). The pair is expected to fall further toward the Forecast Price 1.5727.

The following weekly GBP/USD chart highlights the aforementioned technical price levels:

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GBP/AUD continues to decline after the recent completion of the Rising Wedge chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is rated at the 7 bar level as a result of the low Initial Trend (3 bars) and substantial Uniformity and Clarity (rated at the 9 and 10 bar levels respectively). Higher Uniformity and Clarity reflect the well formed chart pattern with higher visibility to the market participants. Higher visibility in turn increases the probability of further losses for this currency pair after the completion of this chart pattern. The top of this Rising Wedge (point C on the chart below) formed close to the major level of resistance at 1.6200 (former strong support which had reversed strong downtrend in the middle of 2010 and which had been reversing the pair down over the last few months, after having been broken in October of 2010, as is shown on the second chart below). The pair is expected to fall further toward the Forecast Price 1.5981.

The following weekly GBP/AUD shows the previous price action close to 1.6200:

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Autochartist has recently identified the Clear Up Channel chart pattern on the 4-hour EUR/AUD charts. The overall Quality of this chart pattern is measured at the 7 bar level as a result of the above-average Initial Trend (rated at the 6 bar level), lower Uniformity (5 bars) and near maximum Clarity (9 bars). This chart pattern develops in line with the predominant downtrend visible on the daily and the weekly EUR/AUD charts. The top of this Up Channel (point B on the chart below) formed when the pair failed to break up above the strong resistance at 1.2900 (which had previously reversed the price in the March of this year), coinciding with the longer-term downward trendline from the October of 2011 (as is shown on the second chart below). The pair is expected to fall further in the direction of the lower support trendline of this chart pattern.

The following daily EUR/AUD shows the technical price levels mentioned above:

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Autochartist has recently identified the Clear Down Channel on the daily CAD/JPY charts. The overall Quality of this chart pattern is measured at the 6 bar level as a result of the below-average Initial Trend (rated at the 4 bar level), higher Uniformity (5 bars) and near maximum Clarity (9 bars). This Down Channel continues the preceding sharp daily upward price impulse from the major support at 72.00 (which had also previously stopped and reversed the strong downtrend at the end of 2008, as is shown on the second chart below). The bottom of this chart pattern (point D on the chart below) formed when the pair reversed up from the strong support area lying at the intersection of the long-term support at 79.00 as well as the 50% Fibonacci Retracement of the preceding upward price impulse from the November of 2011. The pair is expected to rise further toward the upper resistance trendline of this chart pattern in the coming sessions.

The following weekly CAD/JPY chart shows the previous price action close to the major support at 79.00:

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GBP/JPY has recently completed the Uniform Falling Wedge chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is measured at the 6 bar level, as a consequence of the low Initial Trend (rated at the 2 bar level), near-maximum Uniformity (8 bars) and lower Clarity (7 bars). This chart pattern reverses the downward correction to the preceding sharp daily upward price impulse from the major level of support at 119.00 (which had previously reversed the major downtrend at the start of 2009). The preceding upward price impulse had also previously broken up through the long-term descending trendline from the August of 2009 as well as the major level of resistance 127.00 (the bottom of this chart pattern, point G on the chart below, formed close to this support level). The pair is expected to rise further toward the Forecast Price 129.56.

The following weekly GBP/JPY chart shows the longer-term picture of this currency pair’s movement:

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GBP/USD has recently completed the high Clarity Triangle chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is measured at the 5 bar level as a result of the low Initial Trend (one bar), significant Uniformity (7 bars) and higher Clarity (8 bars). The top of this chart pattern (point A on the chart below) formed when the pair reversed sharply down from the strong resistance level 1.6300. Both of the connecting points of the lower support trendline of this Triangle (points C and D on the chart below) formed when the pair corrected up from the Key Level support at 1.6114 (shown on the second chart below). The pair has recently broken down through the lower support trendline of this Triangle and is expected to fall further toward the Forecast Price 1.6061.

As can be seen from the following hourly Key Levels chart for GBP/USD, the completion of the above Triangle coincided with the Breakout through the horizontal support level 1.6114 (with Significance rated at the 4 bar level), identified previously by Autochartist. Two breakouts in one direction heighten the likelihood that this currency pair will fall further in the nearest time.

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Autochartist has recently identified the Descending Triangle chart pattern on the 4-hour USD/JPY charts. The overall Quality of this chart pattern is measured at the 6 bar level as a result of the similarly ranked Initial Trend, Uniformity and Clarity (all rated at the 6 bar level). This Descending Triangle continues the predominant downtrend visible on the daily and the weekly USD/JPY charts. Both of the connecting points of the lower support trendline of this chart pattern (points C and D on the chart below) formed when USD/JPY reversed up from the strong support at 79.75. This price level had previously served as a strong support as well as the powerful resistance level – alternating its role after being broken by the pair (as is shown on the second chart below). This level should be broken on the closing basis for the price to fall further.

The following weekly USD/JPY chart shows previous price action close to the pivotal price level 79.75:

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USD/KRW continues to rise after the recent completion of the Triangle chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is measured at the 6 bar level which reflects the following values of the individual contributing Quality indicators: strong Initial Trend (rated at the 8 bar level), above-average Uniformity (6 bars) and lower Clarity (5 bars). The completion of this Triangle reverses the preceding longer-term downward correction (which developed inside the larger weekly Triangle visible on the second chart below) to the preceding sharp weekly upward price impulse from major support at 1100.00. The first upward price impulse of this Triangle (from C to A) broke through the descending resistance trendline of the aforementioned longer-term Triangle. The last connecting point of the lower support trendline of this Triangle (point D on the chart below) formed when the pair reversed from the previously broken resistance trendline – acting as support now. The pair is expected to rise further toward the Forecast Price 1158.9272.

The following daily USD/KRW chart demonstrates the aforementioned technical price levels:

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USD/HKD has recently completed the high Clarity Triangle chart pattern identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 6 bar level, as a result of the low Initial Trend (rated at the 3 bar level), above-average Uniformity (6 bars) and near maximum Clarity (9 bars). This chart pattern continues the preceding sharp upward price impulse from the major long-term level of support at 7.7550 (which had served as a powerful support for USD/HKD for the last few years, as is shown on the second chart below). Both of the connecting points of the lower support trendline of this Triangle (points C and D on the chart below) formed when the pair reversed up from the aforementioned support level 7.7550. USD/HKD is expected to rise further toward the Forecast Price 7.7615.

The following weekly USD/HKD chart shows the previous price action close to the strong support at 7.7550:

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EUR/CAD continues to fall inside the Clear Triangle chart pattern identified today by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 5 bar level as a result of the low Initial Trend (rated at the 3 bar level), above-average Uniformity (6 bars) and significant Clarity (7 bars). This Triangle continues the prevailing downtrend visible on the daily and the weekly EUR/CAD charts. This chart pattern follows the preceding strong downward price-thrust from the former support trendline of the longer-term upward correction from the June of 2010 (acting as resistance trendline after having been broken by this currency pair in the December of 2011, as is show on the second chart below). Both of the connecting points of the lower support trendline of this Triangle (points C and D on the chart below) formed when the pair reversed up from the strong support at 1.2900. This support level should be broken for the pair to fall further.

The following weekly EUR/CAD chart shows the technical price levels mentioned above:

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