EUR/DKK 1H Chart: Ascending Triangle

EUR/JPY 1H Chart: Triangle

Comment: Since early April the single European currency has been steadily depreciating against the Japanese Yen. The decline started at a one-month high of 143.50 hit on April 2 and already on April 7 the pair entered a 72-bar long triangle pattern.

At the moment, the pair is on the edge of a bullish breakout since it breached the upper limit of the triangle two hours earlier and as the jump took place not far away from the apex that will be reached later in the day. According to technical indicators, the pair indeed is capable of a sharp advance in the short and medium terms.

XAU/USD 1H Chart: Broadening Rising Wedge

Comment: The yellow metal is prolonging its winning streak started in the very beginning of April when XAU/USD reversed its trend after a two-week decline from the seven –month high of 1,389.86 attained in mid-March. Now the climb is developing between two upward sloping and gradually diverging lines which form a 93-bar long broadening rising wedge pattern.

In the hours to come, the precious metal is likely to continue gaining ground as almost 70% of market participants are bullish on the instrument.

GBP/NZD 4H Chart: Falling Wedge

Comment: A 272-bar long bearish, gradually narrowing tunnel caught GBP/NZD late January when the pair approached a two-year high of 2.0443. Since then the Great British Pound has been losing its value relative to its overseas counterpart; however, the pair may change direction soon as it broke though the pattern’s resistance, meaning that the breakout might have happened. Market sentiment supports this, indicating that almost two thirds of traders are bullish. If these affirmations materialize, GBP/NZD may enjoy a rally towards daily resistance at 1.9420 that if overcome will push more formidable level of 1.9483/95 (daily R2; 200-bar SMA and four-hour R1, R2) to the fore.

EUR/DKK 1H Chart: Ascending Triangle

Comment: Despite being bounded by the trend-lines of ascending triangle pattern originated on April 2, EUR/DKK performed several unnaturally wide swings that nevertheless failed to lead to the breakout.

Now the pair is trading very close to the apex that will be attained in several hours, suggesting that the real breakout lies ahead. Currently, the pair is sitting right below the lower boundary of the triangle but the further decline seems unlikely given that EUR/DKK is on the rise. Technical data sheds some light on the future moves of the pair, sending ‘buy’ signals for medium and long perspectives.