Patterns: AUD/NZD, EUR/NZD, TRY/JPY, SGD/JPY

AUD/NZD 4H Chart: Bulls could prevail

The Australian Dollar has been edging higher against the New Zealand Dollar since the middle of March. The currency pair tested the 200– period simple moving average at 1.0315 during last week's trading sessions.

As for the near future, the AUD/NZD exchange rate could continue to edge higher in the junior ascending channel pattern. The potential target will be near the weekly R2 at 1.0421.

However, given that the currency exchange rate is currently trading near the bottom border of the junior channel, a breakout might occur within the following trading sessions.

EUR/NZD 4H: Breakout could occur

The common European currency has declined by 6.28% in value against the New Zealand Dollar since the middle of March. The decline began after the currency pair tested the 2.0000 area on March 19.

Currently, the exchange rate is trading near the bottom border of an ascending channel pattern at 1.8462.

From a technical point of view, a breakout might occur within the following trading sessions.

However, if the channel pattern holds, the currency exchange rate will most likely continue its bullish momentum within this week's trading sessions.

TRY/JPY 1H Chart: Short-term increase expected

The Turkish Lira has been depreciating against the Japanese Yen within the descending channel since the beginning of March.  

As apparent in the chart, the TRY/JPY currency pair re-tested the lower channel line at the beginning of April. Thus, from a theoretical point of view, it is likely that short-term increase is expected, as the pair should reach the upper channel line in the 16.60/17.00 area.  

If the given channel holds, it is likely that the exchange rate could continue to trade downwards within it in the medium term. Otherwise, a breakout north could follow. In this case the rate could face the resistance level—the monthly R1 at 17.32.

SGD/JPY 1H Chart: Bulls could prevail in short run

The Singapore Dollar has been appreciating against the Japanese Yen within the ascending channel since the beginning of March.  

As apparent on the chart, the SGD./JPY exchange rate reversed north from the lower channel line at the beginning of April. Thus, from a theoretical point of view, it is likely that some upside potential could prevail in the market, as the rate could should target the upper channel line in the 78.00 area. 

If the given channel holds, it is likely that the currency pair could continue to extend gains within it in the medium term.