Considering there is a bearish channel emerging in the hourly chart and the rate is right at the upper boundary of the pattern, gold is well-positioned for a sell-off. This decline could potentially extend down to 1,075 before there is a significant bullish correction within the channel.Nevertheless, while the four-hour indicators are in favour of such a scenario, there are
After a temporary down-leg USD/DKK is again showing bullish signs, in order to prolong movement between two upward-sloping trend-lines. Despite penetrating all moving average lines in the range of 6.86-6.88, the pair is now facing one more tough resistance represented by the monthly pivot point at 6.9036. Buoyant expectations are guaranteed by all technical indicators, while the strongly oversold status
US currency is correcting lower against the Canadian Dollar at the moment. However, as soon as the pattern's lower edge is touched near 1.4150, we will expect this currency pair to commence another up-leg. This week the bullish traders are hopeful to send the pair as high as 1.4417, namely to the second weekly resistance for this cross. Short-term weakness
The latest rally is having trouble surpassing supply at 1.5526. Nevertheless, the near-term risks are still considered to be skewed to the upside, being that while the new peaks are at the same level as the old peaks, the new lows are higher than the previous ones. This implies that demand is building up, and there is a decent chance
Our bias towards the Euro against the Yen is strongly negative. EUR/JPY is right at the apex of the consolidation pattern it has formed after a decline. Accordingly, we expect a break-out to the downside. At the same time, a majority of the technical indicators in all three relevant time-frames is giving a distinct ‘sell' signal. Once below 127.70, the
By forming a double top pattern, EUR/SEK is putting at risk any future growth opportunities, as this pattern is considered to be a reversal one. The most crucial test will take place somewhat above 9.23 where the 200-hour SMA merges with January 8 low, namely the horizontal trend-line for the pattern. Intermediate demand is offered by the weekly PP and
Downside risks for the Euro/Yen cross are created by both 100 and 55-hour simple moving average lines at 128, which are reinforced by the daily pivot point today and the upper boundary of the downward channel. For the time being, losses are foreseen by many technical indicators, which tend to deteriorate deeper on every following time frame from hourly to
GBP/NZD has successfully completed its bearish correction since the last time we reviewed the pair. This means the British Pound is now in a good position to resume the recovery from 2.15 started at the very end of 2015. The bullish outlook is also reinforced by the four-hour and daily indicators, and the price is expected to surpass the January
The Cable keeps trading between two falling parallel trend-lines, and it seems that the momentum will be preserved for a while. The rallies are to be capped by 1.4580, and even a break-out to the upside will not imply a prolonged recovery, being that around 1.4650 resistance is created by the daily R2, Jan 8 high, and 200-hour SMA. The
The 200-period SMA at 8.5266 is attempting to derail the US Dollar's revival against the Swedish Krona. If successful, the pair will be at risk of sliding down below a crucial technical area at 8.47-8.51, which is represented by monthly/weekly PPs, as well as 100/55-day SMAs. Further weakness could push USD back to the lower trend-line at 8.36. However, the
USD/PLN is still waiting for a more pronounced bullish impetus, which is going to send the US currency in the direction of 4.10 where the pattern's upper trend-line is currently located. A dense supply cluster remains the main obstacle for this currency pair, namely the 100-hour SMA and daily pivot point around 4.01. According to the technical indicators, USD/PLN should
Since the last time we looked at GBP/AUD, the currency pair has successfully bounced off the lower boundary of the channel and has nearly completed the bullish correction. The immediate resistance is at 2.09, represented by the monthly R1, but there is likely to be an extension of the rally from 2.0175 up to 2.1150/00, where the advancement should be
The bullish momentum of the British Pound appears to be running out of steam, as the latest wave failed to reach out to the upper line of the emerging channel. The main reason to be bearish in the medium term, however, is the fact that the pair is closing in on the major resistance between 2.11 and 2.12, represented by
While the weekly outlook on GBP/NZD is bullish, in the short run there is likely to be a 200-pip sell-off. Even though the hourly and four-hour technical indicators are mostly giving ‘buy' signals at the moment, the currency pair has recently confirmed the upper boundary of the channel, meaning there should now be a downward correction, which may extend to
GBP/NZD is trying to break a resistance bunch near the bearish pattern's upper boundary at 2.21. Since Tuesday the pair has been experiencing some issues in crossing the monthly pivot point and weekly R2, which are guarding the downward-sloping trend-line from below. Being that the daily and weekly technical indicators are largely bearish, a climb above this dense area seems
AUD/CHF has already dipped to the lowest (third) weekly support line during the last five days of trading. It proclaims that the selling pressure continues to persist, which led to a selloff of the Australian Dollar against the Swiss Franc. At the moment we are expecting more losses for this currency pair, given that it is located just below a
USD/CAD is in a good position to rally from the current levels. The currency pair has just confirmed the lower trend-line that is forming the ascending channel, meaning we are likely to see a new bullish wave within the pattern. Additional arguments in favour of the Greenback's recovery are the four-hour indicators and the fact that the US Dollar is
The pattern that is currently emerging in the four-hour chart of EUR/USD might be of low quality on the whole, but we are more interested in its upper trend-line, and it implies a strong sell-off next week. Resistance at 1.0950 is reinforced by the weekly R1 and January 4 high, making it a highly unlikely victim of today's potential rally,
The Euro has benefited from a recent heavy market turmoil, also at the expense of the Swedish Krona. Since December-end the EUR/SEK cross added around 1.75%, by growing from 9.12 to above 9.28 by Thursday afternoon. It succeeded in violating important resistances, including 100 and 200-period SMAs and monthly PP. The closest major supply zone is already represented by the
USD/PLN is correcting lower after a rally, which pushed this currency pair above a psychological level of 4.00 Polish Zloty per Dollar. A dive back below this mark is quite likely for the moment, being that the pair managed to overcome a strong support in face of 55-hour SMA, daily S1 and weekly R2 at 4.01-4.02. Now the market is
GBP/USD has been in a strong down-trend for quite a while now, namely since the last quarter of the previous year. However, despite the currency pair forming a bearish channel, the prospects are ambivalent, considering that the technical indicators do not support further depreciation of the Sterling and the price is approaching a significant support level at 1.4566, represented by
During the last two weeks the price of the Swiss Franc managed to fall by five yen, and there is still potential for the currency to lose some 3-3.5 yen more in the not-too-distant future. There are no important support levels nearby (350 pips between the spot and 2015 low), and the longer-term technical indicators are mostly giving ‘sell' signals.
Since Monday the UK currency has been recovering against the Australian Dollar. For now the pair has also gone through more than four figures and violated several important resistances, such as the monthly pivot point and 100-period SMA. Hence, the bullish pressure tends to be quite confident. Near-term risks are created by the 200-period SMA and weekly R2 at 2.07
The Greenback is now descending down from the bullish pattern's upper boundary located at 1.0156 for the moment. Just recently the pair has met a demand near 1.0088, which is represented by the weekly R1 and daily pivot point. Here some buoyant sentiment is going to persist, judging from signals given by technical indicators on all time frames from hourly