AUD/CAD 1H Chart: Channel Up

USD/HKD 1H Chart: Double Bottom

Comment: Having hit a one-month high of 7.7677 in mid-March, USD/HKD followed a bearish trend and started to shape a double bottom pattern early April.

Now the pair is on the rise as a plunge to a six-month low of 7.7530 one day earlier helped the instrument to change its direction. Meanwhile, the currency couple is located not far away from the neck-line at 7.7553 but the likelihood of the breakout remains questionable as technical indicators do not point to any possibility for a rally in either short or long terms.

AUD/JPY 4H Chart: Channel Up

Comment: The spring turned to be a time of a new beginning for AUD/JPY that reversed its trend early March and since then has been unremittingly moving higher. The climb has been developing within the limits of the bullish tunnel and now is around 152-bar long.

At the moment, AUD/JPY is sitting at the 50-bar SMA at 95.75 and is likely to surpass this formidable resistance before long taken into consideration that more than 80% of market participants are bullish on the pair. To confirm this, AUD/JPY has to bounce off the short-term SMA to approach 95.87/6.19 (four-hour PP, R1; daily R1, R2), a jump above which will push a nine-month high back to the fore.

AUD/CAD 1H Chart: Channel Up

Comment: Like in the previous case, the Aussie demonstrated its strength but this time to the Canadian Dollar. The Australian Dollar has been gradually appreciating versus its Canadian peer since the very beginning of April when the pair entered a bullish formation, channel up pattern.

Currently, the pair is trading near a 10-day high of 1.0272 and given that over two-thirds of all orders are placed to buy the pair, AUD/CAD is likely to re-approach this peak in the nearest future. Technical indicators are neutral for the short and medium terms but bolster traders’ view in the longer perspective.

USD/SGD 1H Chart: Channel Down

Comment: A jump to a two-month high of 1.2794 in the second part of March marked the beginning of the long-lasting downswing that sent USD/SGD to a seven-month low of 1.2453 hit on April 10. Being a subject to a heavy selling pressure, the pair did not surprise anybody by forming a bearish tunnel, within which it is sitting at the moment.

However, the latest moves of the pair suggest that it is not as weak as it may seem. During the last eight hours, the currency couple advanced from the lower to the upper-boundary of the pattern and if the tendency continues, we may even see a bullish breakout in the hours to come.