The current upward movement of the NZD/USD pair is approaching to the bearish correction territory, after it has managed to bounce back from the lower edge of the descending channel. The initial target is set at 0.6375, while the stronger cluster of demand levels is located around 0.64, represented by daily R2 and the upper trend-line of the pattern. Therefore,
After confirming the lower trend-line of the ascending triangle pattern the CHF/SGD pair was trading flat around 1.4610. However, we expect the bearish bias to persist in the near term, as the cluster of demand levels right above the spot price could put the downward pressure on the Frank. Moreover, the SWFX market participants retain bearish views, as the 75%
Even though the GBP/CAD currency pair has recently crossed the upper trend-line of the falling wedge, the Sterling failed to extend gains and started to hover around the edge of the pattern on its way down. The current outlook for the pair is mostly bearish, as the price slumped below the cluster of resistance levels around 2.02, while
The Australian Dollar has been under-performing its Singapore peer since the beginning of the previous working week. Despite stabilising above 0.9980 for some time, the pair failed to sustain gains and eventually dropped below the triangle pattern's lower boundary. Therefore, the bearish scenario seems to become the main one now, meaning that the Aussie is likely to continue losing value
Since Aug 26 the USD/NOK cross has been trading in a tight range between 8.40 and 8.25, which are forming the rectangle pattern on a one-hour chart. At the moment the Greenback seems to be recovering, after receiving a confident impetus from the lower trend-line, which is currently reinforced by the weekly pivot point and 200-hour SMA. The outlook for
The bullion has recently confirmed the upper trend-line of the triangle pattern, expanding its gains versus the US Dollar. Nevertheless, the bulls failed to test the initial target at 1143 (daily R2), as the precious metal continued to fluctuate below that level, even though the one-hour technical studies are projecting a strong bullish tendency. At the same time, in case
USD/SEK is currently approaching to the neck-line of the double top pattern and preparing to test the first support level around 8.42. In case the price fails to extend downward movement and break the pattern's support, we expect to see bullish correction back to cluster of resistance levels at 8.46. If the currency pair manages to go through this demand
EUR/CHF is still trading between the boundaries of the triangle pattern, but risks of an upside confirmation are rising. Several important support lines are located below the spot price at the moment, while there are only few resistances left and all of them are placed above the pattern upper trend-line. Therefore, our outlook with respect to the Euro's cross against
From the second attempt the EUR/GBP cross has finally confirmed the upper edge of the descending triangle pattern. Therefore, it becomes increasingly likely that the common European currency will continue rallying in the foreseeable future. This scenario is also suggested by one-hour and daily technical indicators, even though the four-hour studies assume there can be a short-term correction on the
Canadian Dollar has been retreating against the Hong Kong Dollar since the middle of June, when the pair found its most recent peak at 6.3950. However, after touching Aug low at 5.8060 it has been recovering in the direction of the upper trend-line. SWFX market sentiment is firmly bullish, with more than 74% of all positions opened as the long
EUR/JPY may confirm the double bottom pattern soon, in case bulls manage to consolidate the price above a substantial resistance zone at 136.70. It is currently represented by the pattern's upper trend-line, daily R1 and weekly pivot point. By trading below the latter, the pair is considered to be slightly undervalued on a weekly basis. The Euro may await additional
The Aussie has been depreciating versus the Dollar since May of the previous year. Last time this currency pair touched any trend-line was in May 2015, when it peaked at 0.8164. That point of time marked a beginning of a new sell-off period. At the moment AUD/USD is hovering near the monthly S1 at 0.7115, while any development below this
USD/SGD is also going to meet the pattern's upper boundary in the next 24 hours, which is placed within 35 pips to the north from the spot price. Here the bullish outlook seems to be more realistic, as more than 66% of all traders are going long on the US Dollar versus its Singapore counterpart. Moreover, both 4H and daily
Sterling/Loonie cross will soon meet the pattern's resistance line, which is located at 2.0472. The pair will have to decide, whether to continue trading within the boundaries of the current pattern or to violate the mentioned supply. The first scenario will imply a decline back in the direction of 2.0291, namely the Aug 27-28 lows. This idea is supported by
After two consecutive weeks of limbo trading between two major trend-lines of the pattern, the Sterling has finally decided to move and surged to the upper edge in the beginning of this week. Following that, GBP/CAD was immediately sent downwards. It is forecasted to touch the lower boundary soon, which is likely to put the pair on the road of
EUR/USD is estimated to continue depreciating in the nearest future, as the pair seems to be receiving strong bearish momentum from the upper boundary of the pattern. Moreover, the trend-line is also reinforced by both daily and weekly pivot points at 1.1265/72. In addition, bearish expectations should arise rapidly, as soon as the 55-hour moving average crosses the same line
There is a high risk of a rally in the hourly chart of NZD/CAD, even though ideally we would want the currency pair for form this pattern at the end of a bearish trend. Nevertheless, the base scenario is a breach of the red trend-line, in which case the initial target is going to be the weekly S1 and Aug
The pace of Kiwi's depreciation has recently decelerated, but the bears remain in full control. In the short run, however, we are likely to see a rally. NZD/USD is expected to confirm support trend-line and begin an upward correction within the channel. The rise should not extend beyond the upper edge of the pattern at 0.67. The latter level is
USD/SGD has been trading range bound since Tuesday of this week, when a support line in face of the 100-period SMA kept the US Dollar afloat and rejected the idea of a drop below the pattern's horizontal trend-line. However, the main resistance is currently being created by another moving average on a 55-period time frame. Despite that, the average trend
In the one-hour chart USD/NOK is trading in the same upward channel pattern, as it is doing in the four-hour chart. However, the short-term time frame can better show a decline of recent hours. However, this correction is likely to come to a halt, as the pair is approaching the lower trend-line of the pattern at 8.25. This level is
Despite the fact that EUR/GBP failed to sustain upward momentum after hitting 0.7420, we retain a bullish outlook. The main reason is formation of a triangle, a continuation pattern, and the period Aug 19-24 was bullish for the Euro. Once breached to the upside, the figure implies a 140-pip move, but we must take into account resistances at 0.7364 and
Although on Monday it still seemed that the gold was going to resume last week's rally, on Tuesday the price plunged through the key mark of 1,150 dollars. As a result, XAU/USD is now in a bearish channel. The yellow metal is expected to bounce off of the down-trend line at 1,130 and thus start a journey towards the lower
USD/TRY is still trading within the boundaries of the triangle pattern, even though there is a high risk of a break-out in the near term. Bearish pressure is currently created by two moving averages on 55 and 100-hour time frames. On the other hand, bulls may rely on support from the pattern's lower edge, which is also strengthened by the
Even though the USD/NOK currency pair formed a rising wedge pattern, it seems that the pair's slow upward trend is likely to lead to stagnation in the long run. The pair is hovering just below the monthly R1 right now, while it is immediately followed by the pattern's upper boundary at 8.37. However, a confirmation of the pattern looks more