USD/SGD continues to decline inside the Triangle chart pattern identified by Autochartist on the 4-hour chart. Autochartist rates the overall Quality of this Triangle at 5 bars. This is as a result of the low Initial Trend rated at 3 bars, an above-average Uniformity rating of 6 bars; and a high Clarity rating of 7 bars.

This chart pattern continues the overriding downtrend visible on the daily, weekly and the monthly USD/SGD charts. The top of the pattern ( A ) formed when the pair reversed down from the resistance   level 1.2700. This level previously reversed the pair down in the middle of February 2012 and coincides with the 38.2% Fibonacci Retracement of the preceding sharp daily downward price impulse from  December 2011. This also broke through the support trendline of the preceding weekly upward correction.

After a few unsuccessful attempts the preceding daily downward price impulse started when the pair failed to break up above the major resistance area located at the intersection of the horizontal resistance level of 1.3100 and the 50% Fibonacci Correction of the previous sharp weekly downward price impulse from May 2010 to July 2011, as well as the downward resistance trendline drawn from May 2010 (as can be seen on the second chart).

USD/SGD is expected to fall further in the coming sessions.

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

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NZD/USD has recently completed the Falling Wedge chart pattern identified by Autochartist on the 4-hour charts. Autochartist rates the overall Quality of this chart pattern at the 6 bar level as a result of the above-average Initial Trend and Clarity (rated at the 7 and 6 bar levels respectively) and the lower Uniformity (4 bars). The completion of this chart pattern continues the predominant uptrend visible on the daily and the weekly NZD/USD charts. The higher Initial Trend of this chart pattern reflects the strength of the preceding sharp daily upward price impulse from the November of 2011. This preceding daily price impulse started when the previous weekly downward correction stopped at the combined support area made out of the major horizontal support level 0.7500 (which has reversed the pair up 3 times over the last few months) and the 38,2% Fibonacci Retracement of the previous longer-term weekly upward price impulse from the March 2009 to the July of 2011. The subsequent sharp daily upward impulse broke through the resistance trendline of the abovementioned downward weekly correction (rising to the top of this chart pattern, point A). The bottom of this Falling Wedge (point D on the chart below) formed when the pair reversed up from the 38,2% Fibonacci Retracement of the preceding daily upward price impulse (as is shown on the second chart below). NZD/USD is expected to rise further toward the Forecast Price 0.8307.

The following weekly NZD/USD chart demonstrates the technical price levels mentioned above:

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AUD/CAD recently completed a clear Rising Wedge chart pattern identified by Autochartist. The overall Quality of the pattern is measured at 6 bars. This is as a consequence of a below-average Initial Trend reading of 4 bars, a higher Uniformity rating of 5 bars, and a near-maximum Clarity reading of 9 bars.

This chart pattern has developed inside a longer-term weekly Rising Wedge from November 2009. The top of the pattern (B) formed when the pair reversed down from the strong resistance area made up of an upper resistance trend line of the Rising Wedge, as well as the aforementioned long-term Rising Wedge visible on the weekly AUD/CAD chart.

The weekly upper Bollinger Band and long-term resistance at the round price level 1.0800, served as the major barrier to the upward movement of this currency pair from the start of 1995 to the middle of 1997, as can be seen on the monthly chart below. The resistance at point B was further confirmed by the clear multiple bearish divergence on the following weekly trending price indicators – MACD, Momentum and RSI (as shown on the weekly AUD/CAD chart below).

The pair is expected to fall further toward the Forecast Price 1.0243 in the coming sessions.

The following weekly AUD/CAD chart shows the aforementioned technical price levels:

The monthly AUD/CAD chart below demonstrates previous price action close to the major resistance 1.0800:

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Autochartist has recently identified a high quality Pennant chart pattern on the 4-hour CHF/JPY chart. The overall quality of this chart pattern is rated at 8 bars as a result of the maximum Initial Trend rating of 10 bars, average Uniformity rating of 5 bars and a substantial Clarity rating of 8 bars.

This chart pattern continues the predominant uptrend which is visible on the weekly and the monthly CHF/JPY charts. More specifically, this chart pattern continues the sharp preceding daily upward price impulse (which acts as a “flag-pole” of the pattern). The upward price impulse’s strength is reflected by the maximum Initial Trend value of the Pennant.

The aforementioned preceding daily upward price impulse started in the beginning of 2012 – when CHF/JPY reversed up sharply from the strong area of support. This can be seen at the junction of the following technical support levels: Monthly support trend line from the middle of 2000, 50% Fibonacci Retracement of the previous sharp upward monthly price impulse from May 2000 to June of 2008, as well as the round price level 80.00 (as is shown on the second chart below).

The top of the chart pattern (A) formed close to the major resistance level 91.00 (which had been reversing the pair down multiple times over the last few years).

The pair is expected to rise further. The resistance at 91.00 should be broken on a closing basis for the uptrend to continue.

The following monthly CHF/JPY chart demonstrates the aforementioned technical price levels:

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GBP/JPY has recently completed the extended double bottom chart pattern identified by Autochartist on the daily chart. The length of the pattern is 133 candles. The overall quality of this double bottom has been rated at 6 bars as a result of the Initial Trend which has a rating of 10 bars, an average Uniformity rating of 5 bars, and a lower Clarity rating of 3 bars. This chart pattern shows reversal to the previous prolonged downtrend from August 2009.

Both connecting points of the lower support trend line of the chart pattern (B) and (C) below formed when the pair reversed up twice from the major long-term support level 118.00. This level previously reversed the sharp downtrend in January 2009 as can be seen on the second chart below.

The top of the chart pattern (A) on the chart below formed when the pair corrected down from the former strong support level 127.00 (which acted as resistance after having been broken by the downward price impulse preceding the double bottom).

The latest upward price impulse from (C) broke through the medium-term resistance trendline connecting the monthly reversal high from April 2011 point (A). The subsequent sharp advance broke through the upper resistance trendline of this chart pattern coinciding with the longer-term downtrend line connecting the monthly downward reversal points from August 2009 and April 2011.

The pair is expected to rise further towards the Forecast Price of 132.02 in the coming sessions.

The following weekly GBP/JPY chart shows the longer-term picture of this currency pair’s movement along with the aforementioned technical price levels:

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This Triangle continues the sharp preceding weekly upward price impulse from the major level of support at 1.1700 (which had previously reversed the strong preceding multi-year downtrend in August 2011). This preceding upward impulse broke up through the cluster of the longer-term downward-sloping resistance trendlines (as is shown on the third chart below).

The pair has recently broken up through the upper resistance trendline of the Triangle and is expected to continue upward movement in the direction of the Forecast Price 1.4678.

As can be seen from the following PowerStats chart, the upper boundary of the daily Expected Price Range (1.4657 which is the measure of price volatility calculated by Autochartist for each time frame chart) for GBP/CHF for tomorrow is very close to the Forecast Price calculated for the completion of the above Triangle (1.4678). This adds to the probability that this currency pair will continue to rise in the coming sessions.

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

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EUR/JPY continues to decline inside extended and well-formed Rising Wedge chart pattern identified by Autochartist on the 4-hour charts. The length of this chart pattern is equal to 112 candles. The overall Quality of this chart pattern is measured at the 6 bar level as a result of the low Initial Trend (rated at the 2 bar level) and higher Uniformity and Clarity (rated at the 8 and 9 bar level respectively). This chart pattern continues the long-term predominant downtrend visible on the daily and the weekly EUR/JPY charts.

This Rising Wedge encloses the clear-cut ABC correction to the previous daily downward price impulse from the end of October of 2011, which itself followed the completion of the similar ABC correction to the preceding longer-term down move from the start of April of 2011 (both ABC corrections labeled in red on the second chart below). The top of this Rising Wedge (point B on the chart below) formed when the pair reversed down from the strong combined resistance area lying at the intersection of the following technical resistance price levels: horizontal resistance level 103.00, 38.2% Fibonacci Retracement of the aforementioned preceding downward price impulse from the end of October of 2011, the 100-day simple moving average and the longer-term resistance trendline from the start of April of 2011. EUR/JPY is expected to decline further toward the lower support trendline of this Rising Wedge in the coming sessions.

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

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GBP/JPY continues to advance inside the uniform Triangle chart pattern identified by Autochartist. The overall quality of this pattern is rated at 4 bars. This rating reflects the following values of the individual contributing quality indicators: a low Initial Trend measured at 2 bars; a significant Uniformity rating of 7 bars; and an average Clarity rating of 5 bars.

This chart pattern continues the previous upward price movement from the major support level 117.00. More specifically, the C to B upward impulse of the Triangle broke through the descending resistance trendline of the longer-term, clear-cut daily ABC correction (labeled in red on the second chart below) to the previous sharp upward price impulse from the strong support level 117.00.

The A to C downward sub wave of the Triangle encloses the C wave of the aforementioned ABC correction, as is shown on the second chart below. The price has recently reversed up (at point D) from the combined support made out of the previous ABC resistance trendline, and now support trendline (after having been broken by the C to B upward impulse of this Triangle) and the 50% Fibonacci Retracement of the C to B price move.

The pair is expected to continue upward movement in the coming sessions.

The following daily GBP/JPY chart demonstrates the aforementioned technical price levels:

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HKD/JPY has recently completed the Flag chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is measured at the 7 bar level which is the result of the strong Initial trend (rated at the 10 bar level), low Uniformity (3 bars) and above average Clarity (6 bars). The completion of this chart pattern continues the predominant downtrend visible on the daily and the weekly HKD/JPY charts. More specifically, this Flag follows the preceding sharp downward price impulse (being the “Flag-Pole” of this Flag, whose strength is reflected by the maximum Initial Trend value) from the strong level of resistance at the round price level 10.00. The top of this chart pattern (point B on the chart below) formed when the pair reversed down from the resistance level 10.0765 (identified previously by Autochartist, as is shown on the second Key Levels chart below). The pair is expected to fall further in the direction of the Forecast Area set between price levels 9.84 and 9.72.

As can be seen from the following daily Key Levels chart for HKD/JPY, the top of the above Flag formed when the pair revered down from the resistance level 10.0765, which had been recently identified by Autochartist.

The Key Levels chart below shows that the lower boundary of the Forecast Area calculated for the completion of the above Flag (9.72) stands very close to the strong horizontal level of support 9.7324, identified previously by Autochartist. Expect strong support at this level.

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USD/NOK has recently completed the high Quality Up Channel chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is measured at the 8 bar level which reflects the following values of the contributing Quality indicators: significant Initial Trend (rated at the 7 bar level) and near maximum Uniformity and Clarity (both rated at the 9 bar level). This chart pattern reverses the previous upward correction to the prevailing downtrend visible on the daily and the weekly USD/NOK charts.

The first two connecting points of the upper resistance trendline of this Up Channel (points A and B on the chart below) formed when the pair reversed down from the combined resistance lying at the intersection of the round price level 6.0000 and the Fibonacci Cluster made out of the 50% Fibonacci Retracement of the preceding downward price impulse from the June of 2010 and the 38,2% Fibonacci Correction of the longer-term preceding down move from the March of 2009 (as is shown on the second chart below). The top of this chart pattern (at point C) formed when the price reversed down sharply from the longer-term downward-sloping resistance trendline built on the starting pivots of the aforementioned preceding downward price impulses. The sharp downward impulse from C broke through the support trendline of the preceding upward correction and through the support trendline of this Up Channel with Breakout, whose strength is measured at the highest 10 bar level. The pair is expected to fall further in the direction of the Forecast Area set between price levels 5.7504 and 5.8506.

The weekly USD/NOK chart below shows the aforementioned technical price levels:

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