USD/NOK is on the verge of a massive sell-off that is confirmed by various factors. Firstly, the pair is trading slightly below the lower-trend line of the 421-bar long ascending triangle pattern at a time when the instrument almost approached the apex. Secondly, the likelihood of a bearish exit is supported by traders who bet on depreciation of the pair
Since mid-May, AUD/USD has been trapped by the bearish tunnel that now is 111-bar long. At the moment, the pair is located between its 50-hour SMA at 0.9237 and the upper limit of the formation at 0.9241 and given that market players are not univocal-the proportion of short to long orders on the SWFX is near 1:1, the pair
Several hours earlier, USD/PLN dived below the neck-line of a 216-bar long double top pattern that originated in the beginning of May. Shortly after the breakout, the pair commenced a retreat; however, later, the instrument halted its decline and re-approached the neck-line, slightly below which it is sitting at the moment. The SWFX data suggests that the U.S. Dollar may prolong
An eight-day decline performed by AUD/CHF started when the pair approached a seven-month high of 0.8394 in mid-May. Now the currency couple is wandering near the upper boundary of the 114-bar long bearish tunnel and considering a strong bullish sentiment –more than 77% of traders on the SWFX hold long positions- AUD/CHF may venture to exit the formation in the
EUR/CHF continues the rally that it started in the early days of May. And while at the moment the currency pair is facing some difficulties—it is coming off the recent highs, this is likely to be only a temporary phenomenon, as there is a bullish channel emerging on the chart, meaning that the outlook remains positive.Accordingly, we expect the support
Being well-supported by the demand between 5.92 and 5.91 in mid-May, USD/NOK was able to commence a robust recovery, which is already more than 100 bars long and seems to be likely to persist. At the moment, however, the currency pair is undergoing a bearish correction, which will supposedly be terminated near 5.93, where the lower up-trend support line of
USD/ZAR broke out of the rising wedge pattern circa 10 hours earlier and now it is locked between the pattern's lower boundary and the 200-hour SMA at 10.3713. Taking into account SWFX traders' view, the pair is likely to continue its retreat in the hours to come; almost 70% of all orders are placed to sell the pair. However, fundamentals
The Australian Dollar was trading close to a one-year high against the Japanese Yen during more than a month ended early May when the pair slid into a channel down pattern. Despite being a subject to a heavy selling pressure, AUD/JPY demonstrated unwillingness to plunge below a two-month low of 93.05 hit on May 21. A stab to this low provoked
A dive to a three-month low of 1.0813 in the very beginning of May gave USD/CAD an impulse for a jump. However, a two-week rally now may be halted given that the instrument has recently broken the support of the 57-bar long channel up pattern. If the breakout appears real , the pair is likely to plunge to the
NZD/USD followed a lost-lasting bearish trend after it reached a three-year high of 0.8780 early May. The currency pair entered a downward sloping tunnel that took the instrument to a one-month low 0.8539 in the second part of May. Now the pair is on the verge of penetrating the upper limit of the corridor that may lead to a breakout followed
The long-term outlook for gold, both spot and futures, is bearish, as fundamentals are suggesting the world's largest economy will gain momentum. Moreover, technical analysis is pointing at the downside movement in the XAU/USD pair. The symmetrical triangle pattern on the 4H chart is moving to its apex, while the price has already moved below the lower trend line, reflecting
There is a channel down pattern on the 4H chart formed by USD/NOK. The pattern looks more like a broadening wedge, as trading range is broadening and is now more than 400 pips larger than in March. At the moment of writing the pair was struggling to move above the 200-period SMA, located at 5.9565. While technical indicators on the
The market remains bullish after EUR/CHF broke out of the triangle. However, there are signs the tendency may soon discontinue and give way for a sell-off. This is evidenced by a rising wedge pattern that is emerging on the four-hour chart. Consequently, if the upward-sloping trend-line is breached, the Euro will most likely extend the decline to the May 14
Being unable to cross the resistance at 9.1393 on Apr 21, subsequently EUR/SEK came under strong selling pressure, resulting in emergence of a bearish channel. Accordingly, the currency pair is expected to respect the upper down-trend line, which creates a strong supply area with the May 19 high and 200-period SMA at 9.0603. If this is the case, then the
USD/RUB has been in the down-trend since late April when the currency pair slid into a bearish corridor, inside which it has been vacillating up to now. At the moment, the pair is sitting not far away from the upper boundary of the tunnel. However, USD/RUB is likely to retreat from the pattern's resistance in the foreseeable future taking into account
Let us look again at the double bottom pattern shaped by USD/SGD on the four-hour chart. Previously, we have noticed that the 200-hour SMA at 1.2523 had been containing the advance; however, several hours earlier the pair managed to overcome this barrier and now it may start nearing the neck-line at 1.2596. To pave the way towards this important level,
After failing to settle at the highest mark since at least 2009, the U.S. Dollar was trading almost flat against the Japanese Yen and early April the pair entered a descending triangle. Considering that USD/JPY breached the pattern's lower limit at 101.38 a day earlier, the instrument may depreciate heavily before long. However, the SWFX data does not prop up this
Since early May, the yellow metal has been forming a triangle pattern that now is more than 240-bar long. Currently, the bullion is sitting slightly above the 50-and 200-hour SMAs at 1,295.37. In the hours to come, the most traded precious metal may bounce off this level and follow a distinct bullish trend given that over 70% of positions on
After moving to the south since January 24, the GBP/AUD currency pair is now has a chance to end a more than 500-bar long rally to the downside. At the moment of writing, bulls were making an attempt to close above the upper trend line. However, they are facing a strong resistance around 1.8202, represented by a weekly R2. Aggregate
The U.S. currency is finally recovering. At least versus the Polish Zloty. The USD/PLN pair has been moving higher since May 8, when the pair moved below 3.00-mark. At the moment of writing the pair has been changing hands around the pattern's support line. However, keeping in mind 'buy' signals from technicals on the hourly and daily chart, the penetration
The British Pound halted its appreciation versus the New Zealand Dollar at a one-month high of 1.9763. Shortly after changing its trend, the pair entered a channel down pattern, inside which is has been locked since the last days of April. Now GBP/NZD is nearing the upper limit of the formation; however, it is uncertain whether the pair is strong enough
A sharp retreat from a two-month high of 173.50 early May became a part of the double bottom pattern shaped by GBP/JPY. At the moment, the pair is vacillating near the 50-bar SMA at 170.57 that is acting as a strong support level. If GBP/JPY manages to bounce off this level, it may recover previous losses by moving closer to the
Having reached a one-month high of 1.8589 late April, the British Pound commenced a retreat against its Canadian counterpart. The pair shaped a 170-bar long falling wedge pattern; however, now the downswing may have come to an end as GBP/CAD broke through the upper boundary nine hours earlier. A bullish breakout usually gives the pair an impetus for a climb
An 80-bar long triangle pattern formed by CAD/CHF represents a part of a sharp appreciation that took place after the instrument dived to a one-month low of 0.7957 late April. Earlier in the day, the pair approached the apex of the formation; however, up to now, we have not observed any notable changes in the pair's trend. CAD/CHF is still