Despite trading between two downward-sloping boundaries, the GBP/AUD currency pair is set to advance in the nearest future, after it touched the lower trend-line on Friday. A positive outlook is supported by 1H technical indicators so far, even though the 4H ones are bearish at the moment. The main reason for pessimism is a dense cluster of resistances ahead of
Despite the average quality of the pattern the outlook on USD/JPY is bullish, as the lower trend-line has been confirmed by the market on plenty of occasions during the last eight months. Probability of a change in the bias is also decreased by the fact that the lower boundary of the channel is reinforced by the July low and 200-day
Since mid-June USD/TRY has been in a clear up-trend, but recently the currency pair has been struggling with resistance around 2.7950. Nevertheless, appreciation of the Greenback is expected to resume in the nearest future, being that an ascending triangle is a continuation pattern. In theory, given that the price closes above the red line, the rate should rally 450 pips.
The Australian Dollar has been bearish for a year, but the recent developments, namely emergence of a falling wedge, speak in favour of the trend reversal. Right now might not be the best time for a bullish break-out, since the resistance trend-line has been just confirmed and the technicals are pointing south, but with every new candle the upside risks
EUR/CAD is hovering between two different-sloping trend-lines, which are successfully forming a triangle pattern for this currency pair. The apex of the pattern should be reached by Monday evening at the latest. Judging by signals sent by technical indicators we should not expect a confirmation of the pattern in the next few hours. Some moves are possible later in the
USD/CAD is expected to depreciate in the near term, despite moving inside the pattern with positive-sloping boundaries. The bearish scenario is broadly supported by the fact that 55-hour SMA has just crossed the longer-term 100-hour SMA, thus creating more favourable conditions for a sell-off. The closest target for bears is placed at 1.3075 (200-hour SMA; daily S1). In case shorts
USD/ZAR is in a good position to keep advancing. For now there seem to be no resistances nearby capable of stopping the US Dollar from gaining even more ground. The pair is expected to respect the green trend-line and make yet another up-leg. A correction should commence in the region of 12.95, where the upper trend-line merges with the monthly
There is a strong case for the Canadian Dollar to keep appreciating relative to the Swiss Franc in the near term. CAD/CHF has formed an upward channel, and the technical indicators are mostly pointing north. In order to confirm the bullish outlook however, the currency pair has to break through the Jul 29 high at 0.75. Once this is done,
While in the one-hour chart the Aussie/Yen cross is trading inside the boundaries of ascending triangle pattern, in a longer-term time frame this currency pair formed a double bottom. At the same time, since the previous week the Australian Dollar has been recovering, and the pattern's resistance is likely to be approached shortly. However, the main risk is now being
The most traded pair on the foreign exchange is expected to pick up in the near-term, taking into consideration current location of this currency pair. EUR/USD has already crossed the weekly S1 at 1.0876 and confirmed the yesterday high of 1.0936. The pair is now required to advance above this mark and 100-hour SMA, which is presently trading at the
There is a high-quality double top forming in the hourly chart of AUD/JPY, since there were no pauses on the run up from a solid support at 90 yen to the first peak. The price should now close beneath the neck-line at 91.26 in order to confirm the pattern, which will imply a decline to the Jul 31 low. At
Given the current situation in the market, the US Dollar is likely to keep appreciating relative to its Canadian counterpart for now. An important test of the present bullish momentum will take place around the 2004 Jul high at 1.3385. If the currency pair manages to overcome this resistance and at the same time manages to stay above the green
EUR/SEK is assumed to move in the direction of the pattern's lower boundary, which is placed around 9.37 at the moment. However, at first bears have to violate the 100-period SMA at 9.46, which is shortly followed by the 100-period SMA and monthly pivot point at 9.41. Therefore, bearish scenario is not guaranteed even in the short-term, despite a negative
GBP/CAD cross has been respecting the lower trend-line of the pattern since mid-Tuesday. Even though more than 24 hours have already passed since then, the Sterling is still unable to bounce off this support line. The main resistance is represented by the weekly R1 and yesterday high around 2.0580. A rebound above this mark will mean further gains for the
GBP/NZD appears to be forming an ascending triangle in the hourly chart, and soon there is going to be a break-out. If the currency pair closes above 2.3834, the initial target will be the July high and weekly R1 at 2.40, and there are enough reasons to believe that the rally will eventually extend up to the 2009 September high
AUD/CAD might have formed a bullish channel, but further advancement is nevertheless questionable. The up-trend started with the help of a strong support level at 0.94; now the Aussie is testing another major level at 0.9750, namely the May high. If this obstacle is surpassed, the next target will be the March peak at 0.9884. At the same time, if
Euro/Aussie cross has just breached the lower boundary of the rising wedge pattern. Moreover, along with that this currency pair managed to surpass the immediate bunch of support levels represented by the monthly PP, weekly S1 and 100-period SMA. Consolidation below this area on August 4 will mean considerable losses for the Euro in the mid-term. Bears are likely to
The US Dollar has again been stagnating against the Japanese Yen, this time since the middle of July. Before that, this currency pair managed to show somewhat higher levels of volatility. Therefore, the pair formed a double top pattern, which can become a rectangle in the long-term. For this scenario to be affirmed, USD/JPY is required to violate the support
Right now EUR/SEK is prone to a decline, as the pair has just confirmed the upper resistance trend-line. Weakness should be only temporary however, and before the rate dips beneath 9.35, the bulls are expected to regain control of the pair. At the same time the positive outlook on the Euro is implied by the technical studies and by the
The near-term future of NZD/CAD is more or less clear. Considering that the pair has formed a channel and has crossed the 200-period SMA, the outlook is bullish. The positive bias is also reinforced by the four-hour and daily technicals. Beyond the next several weeks however, the outlook is unclear. First, because most of the weekly indicators are giving ‘sell'
It seems that USD/ZAR was not the only currency pair to reverse its bearish trend, as the GBP/CAD cross decided to show the similar development. However, a surprising recovery of the Pound started earlier, namely in the middle of the previous week. Right now the pair is nearing the weekly R1 at 2.0569. A breach of this supply will give
USD/ZAR cross decided to restart its bullish trend on Monday, even though some signs of a recovery were observed already on Friday. The lower trend-line of the pattern is therefore quite highly unlikely to be approached in the near-term, as this scenario may take place at the end of the current working week. One-hour and four-hour technical indicators are pointing
EUR/AUD has been bullish for the past four months, and the currency pair is likely to keep moving north. However, we would like to note that the downside risks are significant, and they are rapidly increasing. There is a good chance the Euro is going to finish the downward correction soon and rebound from 1.49. Further prospects however, are obscured,
Ascending triangles formed by EUR/JPY and GBP/USD are similar in nature. Both have emerged after a decline, and in both cases technical studies imply appreciation of a base currency. In case of a bullish break-out the main target will be the June high, even though the distance between the key resistance level and 1.5930 is less than the height of