GBP/AUD 1H Chart: Broadening Falling Wedge

AUD/CHF 1H Chart: Rising Wedge

Comment: Since early March, the Australian Dollar has been on the rise against the Swiss Franc. The advance has been developing within the range bounded by two upward sloping and gradually converging lines that represent the trend-lines of the 134-bar long rising wedge pattern.

Now the currency couple is trading at a three-week high of 0.8011 and is likely to prolong the run of gains in the hours to come as more than 72% of market participants are bullish on the instrument, according to the SWFX data.

GBP/AUD 1H Chart: Broadening Falling Wedge

Comment: The British Pound has been tilted downwards against its Australian peer since the beginning of the spring; however, a formation of the broadening wedge pattern started only in mid-March when the pair performed an unsuccessful attempt to consolidate above the 200-hour SMA.

At the moment, the pair is gradually retreating as a drop below the 50-hour SMA at 1.8274 added some selling pressure. At the same time, traders do not consider the weakness will persist, with the proportion of long positions on the SWFX being almost 60%.

EUR/SGD 4H Chart: Channel Up

Comment: The single European currency has been gaining versus the Singapore Dollar for more than a month started February 6. The currency pair formed a 154-bar long channel up pattern on the four-hour chart and now EUR/SGD is vacillating slightly below a three-year high of 1.7676 reached on March 12. More precisely, the pair is sitting at its 50-bar SMA at 1.7598 that may become a helping hand aiding the pair to curb losses. In the hours to come, EUR/SGD may try to bounce off the short-term SMA and target a bunch of resistances at 1.7618/46 (four-hour R1, R2, R3; daily R1) that if overcome will push a three-year high back to the fore.

EUR/AUD 1H Chart: Channel Down

Comment: As it was discussed above, the Australian Dollar is enjoying a rally against most of its peers and the Euro is not an exception. EUR/AUD has been locked in the bearish corridor since the mid-March and it is not likely to break the chains in the days to come since there are no indications that the pair is either capable of a sharp rally or is willing to witness a massive sell-off.

Now the instrument is attempting to stay afloat by preserving its position above the level of 1.5195/77 (four-hour S1, S2; daily S1). According to the SWFX data, the pair is likely to remain above this support zone and may even try to appreciate slightly; about 54% of all positions being long.