Gold became more expensive last week, and, considering that the price has formed a bullish channel, this tendency is likely to continue. In the short term we may expect a modest downward correction, but the losses are expected to be limited by the up-trend and daily S1 at 1,131. If not, there is likely to be a considerably deeper decline,
A decline of the Euro versus its Singapore peer has resumed yesterday evening, and at the moment EUR/SGD is already testing reliability of the 200-hour SMA at 1.5882. In case this level is unable to derail bears, we expect this task to be accomplished by the next support zone, which is represented by daily and weekly S1, 100 and 55-hour
Sell-off of the US Dollar against the Norwegian Krone continued during the second part of this week, after initial losses last week and some sideways movement on Monday and Tuesday of this week. At the moment the further downside development is forecasted both by SWFX market participants and bearish technical indicators on medium and long term time frames. Among traders
AUD/NZD preserved upward momentum after hitting the August highs. Accordingly, the currency pair is likely to keep trading between the two parallel trend-lines. In the short term the losses should be limited by 1.1245, where apart from the lower edge of the pattern we also have the daily S1 and Sep 17 low. If this demand level is broken, the
USD/JPY seems to have formed a symmetrical triangle after a strong sell-off during the third week of August. The pattern implies resistance at 121 and support at 119.40. However, considering that we are closing in on the apex (Oct 4), there is an increased possibility of a breakout in the nearest future. Taking into account direction of the market before
After reaching the most recent bottom at 119.40 on Tuesday, the US Dollar commenced a recovery in its pair with the Japanese Yen. For the time being the cross has already regained more than 150 pips. It is also trading above all short and long term moving averages at the moment, which should provide additional support for the pair. We
The Kiwi is undergoing a correction phase inside the bullish channel pattern at the moment. However, the pair's volatility seems to be quite high, which may cause a reversal of the negative trend in the foreseeable future. Moreover, we see the New Zealand Dollar facing strong supports around 10-15 pips below the spot price, namely 0.6347 at the moment of
AUD/CAD is currently having trouble with passing through resistance at 0.95. Nevertheless, the base case scenario is a close above the August 28 high, which in turn will pave the way for an extension of a rally in the direction of the upper boundary of the channel. Alternatively, in case the green trend-line falls under the attack of the bears,
Comment: AUD/SGD bottomed out on Sep 4 at 0.9830, and since then the currency pair has been forming a upward-sloping channel. Accordingly, the outlook is bullish. However, in the short term the downside risks are substantial because of the mixed technical indicators and proximity to solid resistance at 1.0120, where the upper edge of the pattern joins forces with the
CHF/JPY is testing the northern boundary of the bearish pattern now, but bulls are unlikely to succeed in penetrating this important resistance, which is reinforced by 100 and 200-period SMAs from above. On the other hand, the pair should also find it difficult to escape the vicinity of major levels surrounding the spot price. In case bears eventually push CHF/JPY
The value of the HKD/JPY currency pair has been increasing since the beginning of the previous week. Moreover, after a correction, which took place several days ago, the Hong Kong Dollar is gaining new bullish momentum, meaning that we should see a recovery in the near term. The pair has already consolidated above the crucial resistance area at 15.48-15.53. As
We consider the risks in EUR/CHF being heavily skewed to the upside right now, even though the technical studies are mixed. The reasons are that the currency pair has recently crossed the long-term moving average to the upside, and it has also confirmed the lower trend-line forming the bullish channel. Accordingly, the base scenario is a 150-pip recovery from 1.0975.
There are good signs that EUR/TRY is going to sustain its bullish momentum at least during the next few days. First, the currency pair is forming an upward channel, and right now the rate is just above the lower boundary of the pattern, which adds to the near-term positive bias. Secondly, the daily and weekly technical indicators are mostly sending
By trading along the upper boundary of the channel down pattern, the Sterling may receive a substantial bearish impetus soon. To support this scenario, daily technical indicators are giving signals to sell the Pound at the moment. GBP/JPY will therefore escape the vicinity of important technical levels at 184-185 (SMAs and weekly PP). However, the pair will immediately meet the
USD/NOK is exposed to a decline in the long run; however, in the nearest future we are likely to observe the US Dollar strengthening against the Norwegian Krone. We expect to see the 55-hour SMA crossing the moving average on a 100-hour time frame soon, which will mean the formation of the pair's positive trend. Moreover, the 200-hour SMA is
We hold a bullish bias towards USD/CAD. At the moment the pair is consolidating and at the same time forming a symmetrical triangle, implying that the US Dollar will soon resume its recent rally. Once the upper trend-line is breached, the first main target is going to be the August high and monthly R1 at 1.3350, followed by the weekly
AUD/CHF appears to be forming an ascending triangle after a sell-off in August. Considering a multitude of resistance levels above the spot and that an ascending triangle is a continuation pattern, eventually the currency pair is supposed to break through the green trend-line, which in turn will pave the way for a decline towards last month's low at 0.6550. In
Since the second week of August the Aussie/Yen currency pair has been forming the double bottom pattern. After a considerable drop on August 24 the pair managed to stabilise. At the moment there are signs of a recovery, but in case the Australian Dollar is unable to penetrate the resistance at 87, it will be forced to resume declining. Additional
The Euro is gaining momentum in its pair with the British Pound. At the same time, it is expected to encounter a substantial resistance in the nearest future, which is represented by the weekly R1 and the upper trend-line of the pattern at 0.7392/0.7410. Both four-hour and daily technical indicators are suggesting the Euro is capable of rallying in the
GBP/JPY is bullish, as it has just confirmed a potential lower boundary of the emerging channel. The nearest challenge for a rally is at 188.23 yen, where the Sterling is to encounter the monthly pivot point, followed by a more difficult obstacle at 196, which did not allow the price to move higher neither in June nor in August. A
EUR/USD appears to be in a good position to build on last week's success. Except for the weekly pivot points, there are not supposed be any significant resistances all the way up to the August high at 1.17. In the short term however, there is likely to be a decline, being that the Euro has just confirmed the upper boundary
In the next few hours we can expect a rebound from USD/DKK, but the overall outlook for now is bearish, as the currency pair is trading within the boundaries of a downward-sloping channel. The rally should be capped by a falling resistance line at 6.60, while the immediate support is at 6.55. By the end of the day the US
After bottoming out at the 180.44 mark, the Sterling/Yen cross decided to recover and has already regained more than six figures since the beginning of this working week. Moreover, the bullish scenario is forecasted to be in place in the foreseeable future. In the past 24 hours GBP/JPY has traded sideways, but there is a high probability the cross will
USD/ZAR is at a serious risk of dropping below the valley between two tops, which is also the pattern's support line at 13.5454. The US Dollar has just recently failed to cross one of the most important resistances represented by the weekly pivot point and 200-hour SMA at 13.66/67. In case the similar scenario repeats for the second time in