This channel is the result of USD/JPY violating the major trend-line at the beginning of January and confirming the breakout at the end of the same month. The currency pair is therefore well-positioned for a lasting sell-off, though not necessarily within these trend-lines. During the next two days, however, we are likely to see a bullish correction. USD/JPY is about
The Swiss Franc is likely to keep depreciating against the Japanese Yen. The price has recently broken through a major support line, and this implies a prolonged decline. Once CHF/JPY completes the current bullish correction near the upper bound of the emerging channel at 113.30 yen, a strong demand area at 111.50/30 will become the new target. There the price
The overall outlook on USD/TRY is strongly bearish. The currency pair confirmed the downside breakout of the 16-month up-trend in the daily chart after an upward retracement from 2.89. Accordingly, we are likely to see USD/TRY preserve the bearish momentum until the price reaches the February low. However, there are notable supports in the way, such as the weekly S1
The situation in the hourly chart suggests a strong sell-off, being that the currency pair has recently confirmed the upper bound of the newly formed channel. In reality, however, we are closing in on the major trend-line that was initiated back in April of the previous year. Accordingly, once we get close enough to it (around 1.3620), the bulls should
There is a high possibility of a rebound in the nearest future, but long-term short positions should be relatively safe until the price hits the ten-month up-trend at 14.20 rands. USD/ZAR is expected to bounce off of the lower bound of the emerging channel and the monthly S1 at 15.25/15, and the ceiling for this recovery is seen at 15.80,
After the plunge in EUR/CHF, when the SNB unpegged the Franc from the Euro, the Swiss currency has been generally weakening. However, there is a concern that this tendency will soon come to an end. The pair is forming a rising wedge, a pattern that portends a strong sell-off. We should therefore be wary of the green trend-line being breached
The risks are heavily skewed to the downside. First, AUD/NZD has been trading within the bearish channel for the last four days. Secondly, the pair is right at the upper edge of the pattern. Accordingly, the Aussie should leave the 1.0790/80 supply area and head south. However, there is going to be a significant support zone at 1.0733/24, represented by
Although the quality of the pattern is low, the bias towards EUR/CAD is still bearish. The pair is currently trading next to the upper boundary of the potential channel, which is also reinforced by the daily and weekly pivot points. Demand circa 1.5150, however, is going to be a major challenge for the bears, but beneath it the sell-off will
There is a risk the Euro will fail around the current trading level and will be forced to go under the lower edge of the bullish pattern. This scenario is forecasted by daily technical indicators. Moreover, 66% of all traders are betting on a drop of EUR/CHF. At the same time, the latter fact is rather backing the bulls in
As the bears have been able to pierce through several vital supports on Friday, we expect them to be in a good position to commence an ever deeper sell-off. The only daily support left is daily S3 at 79.41. In case this one is breached, the next demand will only be offered by the February 11 low and weekly S1
AUD/SGD is set for a decline both in the short and long terms. The currency pair has just met the upper bound of the descending channel and is thus expected to head towards the lower bound next, namely the 0.9650/00 area. The rallies are to be limited by 1.0100/1.0050 (down-trend, monthly PP, and Feb 17 high), but if the bulls
NZD/USD's outlook is bearish. The pair is currently trading near the 19-month resistance trend-line, which implies that any attempts of appreciation are to be prevented by 0.6690. At the same time, this suggests that the nearby support lines (at 0.6590 and at 0.64) should eventually be broken to the downside, even if they trigger some buying in the short term.
AUD/CAD has been very volatile since the beginning of 2016. Despite that, the pair managed to sustain itself in a downtrend, while in the short-term we see the Aussie even lower. Immediate support is currently being offered by the monthly S1 at 0.9779; however, without any help from below the bearish pressure is unlikely to be contained here. We estimate
The base scenario for the Canadian currency against the Swiss Franc implies a sell-off to the green trend-line of the bullish pattern at 0.7155. However, on the way down the pair will meet a bunch of support lines that includes the daily pivot point, weekly R1 and 55-hour SMA around 0.72. Below here will expose the lower boundary, along with
The bearish channel emerging in the hourly chart might be deceiving, being that the daily chart provides a completely different picture of what is going to happen. NZD/CAD has just arrived at the lower bound of the major bullish channel. Accordingly, while the hourly chart may suggest otherwise, it is in fact more likely that resistance at 0.91 will be
Considering that gold formed a continuation pattern after a sell-off, support at 1,206 is likely to be violated. However, if this is the case, we do not see the price falling beneath 1,175 afterwards, being that the decline from Feb 11 is a retracement following a break of the long-term trend-line. Alternatively, if the green trend-line stays intact with the
There is a risk the Dollar is going to continue underperforming against the Japanese Yen in the near-term future. Right now the cross is located at the upper bound of the channel down pattern, which is intensively guarded by the 200-hour SMA at 114.39. The future trend of the movement will be clearer when USD/JPY escapes a narrow, but dense
A rectangle proved to be a transitory pattern, which caused a temporary stabilisation in the broader context of the Sterling's general downtrend. This is usually a reversal pattern, but the bearish strength is dominating at the moment. They managed to breach the 1.9885 mark, namely the green horizontal trend-line. Now the outlook is heavily negative towards GBP/CAD. This is additionally
The ascending channel emerging in the four-hour chart is a bullish wave within a major rising wedge forming in the weekly timeframe. As a result, EUR/AUD has the potential to rise beyond 2015's high, up to 1.68. In the meantime, the short-term outlook is also bullish, being that the pair has just confirmed strong support at 1.5580/40, where the lower
We should be wary of a potential bullish breakout this week. The currency pair is trading in a well-defined falling wedge, a pattern that portends a rise in demand. The key resistance is therefore the red trend-line. If the price closes above 15.94, this will be a strong argument in favour of the Dollar resuming the rally that started in
At least in the short run the bullish scenario seems quite unlikely for the GBP/AUD currency pair. Last week the bears breached an important support cluster around 2.0360, including the monthly pivot point and several moving averages. Now the pair is already nearing the second weekly support at 2.0074, which is guarding the January low at 2.00. Considering that the
Statistically, seven out of ten breakouts from ascending triangle patterns take place to the upside, meaning there is a likely reversal of the recent downtrend of the Euro against the Franc. On the bullish side, short and medium-term studies are largely positive on the common currency. Moreover, SWFX market is quite overcrowded with the bears (66%), proclaiming that some buying
The bullish correction from 126 yen (2015 low) in the four-hour chart might have to wait. The currency pair is forming a rising wedge, a pattern that implies a sell-off. At the same time, EUR/JPY is approaching a dense supply area at 129, where the daily R3 coincides with the 200-hour moving average and the down-trend formed during the first
For the past several days AUD/SGD has been in a strong upward trend, after it had rebounded from 0.9720. The upside, however, is limited. Although the hourly and four-hour indicators suggest that the price will rise above the daily and weekly R1 levels at 1.0060, the chances are that the Aussie will bounce off of the seven-week down-trend already at