EUR/DKK 4H Chart: Triangle

EUR/TRY 1H Chart: Falling Wedge

Comment: EUR/TRY is prolonging its losing streak started late January when the pair hit a record-high of 3.2752. The pair’s moves are determined by the limits of the 81-bar long falling wedge pattern, inside which the currency couple plunged to a one-month low of 2.8304 a day earlier.

At the moment, the pair is wandering close to the recent low and is likely to re-approach this level before long given that over 80% of all orders on the SWFX are placed to sell the pair. However, the levels of 2.8376/55 (four-hour PP, S1; daily PP, S1) and 2.8344/29 (daily S2, S3; four-hour S2, S3) may prevent the pair from re-approaching the recent low.

USD/RUB 4H Chart: Channel Down

Comment: The U.S. Dollar has been drifting lower against the Russian Ruble since early spring. A rise to the highest level since at least 2008 was the starting point of this decline that pushed USD/RUB into a bearish corridor.

Considering that easing tensions over turmoil in Ukraine as well as selling pressure pertaining to the downward sloping formation are likely to persist in future, the pair probably will not be able to reverse its trend in the foreseeable future. Market players share this view – more than 85% of positions on the SWFX are short. Technical indicators also point to a possible decline in the next four hours.

EUR/DKK 4H Chart: Triangle

Comment: Having reached a two and a half-year high of 7.4690 early April, the Euro commenced depreciation versus the Danish Krone. While retreating, the pair of two European currencies shaped a 182-bar triangle that was broken a few hours earlier. Although the breakout was followed by a sell-off, the decline was not sharp enough to confirm that the pair exited the pair in earnest. In fact, shortly after a drop, the instrument managed to recover all losses and now is on the way towards the pattern’s lower limit. Meanwhile, technical numbers still warn us that the pair may depreciate in the following hours.

AUD/SGD 1H Chart: Channel Up

Comment: A two-week climb started at a two-month low of 1.1534 hit late May helped AUD/SGD to enter a rising wedge pattern that now is almost 90-bar long.

After attaining a one-month high of 1.1724, the pair retreated slightly and now is trading above the 50-hour SMA at 1.1692 that may serve as a prop for a climb. If this comes true, the pair will move to 1.1707/19 (four-hour R1, R2; daily R2, R3), a rise above which may bring the recent high back to the picture.