USD/ZAR is poised for a decline in the near term. The currency pair is currently trading near the upper trend-line of the channel, and it seems to have formed a rising wedge within the bullish pattern. The US Dollar is expected to bounce off the resistance area at 12.93 and pierce through the short-term up-trend at 12.80 (also weekly PP).
Because of the contradicting signals it is a thankless task to try to predict direction of a break-out. On the one side, an ascending triangle indicates growing demand, and the studies are bullish. On the other side, USD/CHF is currently consolidating after a strong sell-off, which resulted in a breach of the long-term SMA. However, we know the height of
GBP/CAD sustains momentum it gathered in April and May and continues to develop the pattern. The price has recently bounced off the lower edge of the channel, and it is currently moving north, towards the resistance trend-line at 2.09. There we will expect a start of a bearish correction. At the same time, should the price suddenly collapse beneath the
NZD/USD has recently broken out of the long-term downward-sloping channel, but this did not change the bearish outlook. The 200-period SMA proved to be more than enough to stop the nascent recovery and prevent a reversal. As a result, the currency pair is now forming a new bearish channel with the upper boundary at 0.6680 and the lower boundary at
EUR/AUD has confirmed the lower boundary of the upward-sloping channel since the previous report two weeks ago. Accordingly, the outlook is positive, but the currency pair needs to close above 1.5335 (2014 Dec high) in order to confirm its bullish intentions. In this case the target will be the 2014 peak at 1.58. A breach of the trend-line at 1.49
Despite the inability of GBP/NZD to overcome 2.40 since the initial test of the resistance on July 16, we retain a bullish outlook on the Sterling. First, an ascending triangle is a continuation pattern, and starting from the second half of April we have been in a strong up-trend. Secondly, a majority of the technical indicators, especially in the four-hour
EUR/JPY has just broken through the neck-line of the double top, and our outlook is therefore bearish. The negative bias is also reinforced by the fact that the hourly and four-hour indicators are mostly pointing south. The initial support is at 137.69, represented by the weekly pivot point, but the sell-off is likely to extend further, down to the long-term
After bottoming out at 120.41 in the first half of July, the US Dollar has been regaining bullish momentum in its pair with the Japanese Yen. However, it seems that USD/JPY's upward trend is also accompanied by a slightly decreasing trading range. Thus, we are dealing with the rising wedge pattern, even though the break-out point is still a long
After five consecutive weeks of mainly sideways trading in the range between 1.6350 and 1.68, the common European currency has eventually decided to establish a positive tendency in the one-hour chart. Bullish chances are also improving, given that the pair has successfully breached a tough supply at 1.69 (weekly R2). Meanwhile, the next weekly resistance at 1.70 has been crossed
We have been observing a strong up-trend since mid-June, and the chances are the US Dollar is going to keep outperforming the Swiss Franc. USD/CHF has just confirmed the lower boundary of the pattern, and the currency pair should reach resistance at 0.9950 before starting a pronounced bearish correction. The initial resistance, however, is at 0.98, represented by the weekly
The Sterling appears to be well-positioned for a rally right now. First, GBP/USD is currently trading in the lower part of the upward-sloping channel. Secondly, the near-term technical indicators are from neutral to positive. If the currency pair does in fact manage to close above 1.5620 and thus confirm its bullish intentions, the target will be the July high at
USD/TRY received very strong bullish momentum in the past few hours of trading, which was provided by the weekly PP and 55-period SMA at 2.7820. As a result, the Greenback erased two successive technical levels, namely weekly R1 and R2 at 2.7982 and 2.8107, respectively. Daily technical studies assume the US Dollar will continue rallying against the Turkish Lira in
GBP/JPY has bottomed out at 192 on Friday of the previous week. The pair has subsequently managed to commence a strong recovery, while many facts suggest the Sterling will continue appreciating in the foreseeable future. At the moment the pair is trading somewhat around the 55-hour SMA and weekly R1 at 194.50. Ability to penetrate both of them will reveal
Despite the fact that EUR/JPY is struggling with the weekly R3, we retain a bullish outlook. The currency pair is expected to gain a foothold above 138.70 and eventually rise re-visit the June high at 141 yen, while staying between the two parallel rising trend-lines. Alternatively, in case 138.50 fails to remain intact, the losses will likely extend down to
USD/SEK is currently trading within the boundaries of a downward channel, but it is becoming increasingly harder for the pair to sustain the bearish momentum. The exchange rate is closing in on some of the most prominent recent lows, and it might take some time before the currency pair covers the distance between 8.55 and 8.48. Short positions should be
At the moment the Kiwi is trading inside a dense cluster of different technical levels, making it more difficult to project the pair's possible development in the nearest future. However, several facts remains unquestionable. The New Zealand Dollar is actively attempting to violate the upper edge of the bearish pattern. Moreover, the pair has denied to move far away from
The Singapore Dollar has depreciated considerably against the Euro since yesterday, even though until Tuesday the EUR/SGD pair has been moving mostly sideways. As a result, the bullish channel emerged in the one-hour chart, and the near term outlook is now bullish. The positive scenario is also shared by technical indicators on all time frames, as they see the cross
There are at least two acceptable variants of a bullish channel emerging in the four-hour chart of USD/CAD. While this decreases trustworthiness of the potential supports and resistances, at the same time this increases the appeal of a bullish outlook. Regardless of the pattern's version, the key topic for the pair during the next few days is going to
As USD/PLN failed to gain a foothold above the July high, the currency pair exited the upward channel in the four-hour chart and instead entered a bearish channel in the hourly chart. For the time being the US Dollar is expected to target the lower boundary of the pattern at 3.7738, while in case of a rally the ceiling is
USD/ZAR has been correcting lower since the middle of the previous working week. The currency pair covered 11 figures to the downside before reaching the current month's low at 12.5965. Signals among technical studies are unclear at the moment. While 4H and daily ones suggest losses and gains for the US Dollar, respectively, the weekly indicators are mixed, making the
Despite remaining under constant bearish pressure, CAD/HKD managed to rebound moderately in the past five trading days. As a result, it was able to test the upper trend-line of the channel down pattern for two times on Monday and Tuesday. This fact signals about strong intentions among bulls to push the Canadian Dollar higher. The long-term positive scenario is broadly
The New Zealand Dollar failed to gain a foothold above 0.87. This implies an end of a bullish correction that started at the very end of June following a sell-off since March. At the same time, the daily and weekly technical indicators are mostly pointing south, further reinforcing the negative bias. Accordingly, March-June decline should soon resume, and this means
There is a bullish channel emerging in the hourly chart of USD/PLN. Still, at the moment the downside risks are substantial, being that the currency pair is facing a serious resistance level at 3.8566, represented by the monthly R1 and July high. If this obstacle is overcome, eventually the price should reach the March high at 3.97. In the interim
AUD/NZD is also showing some weakness of AUD at the moment. At the same time, in the downward scenario is not guaranteed to take place in the foreseeable future. At first, the pair is quickly nearing a tough support area near 1.1140, which is represented by the monthly pivot point and simple moving averages on different time frames. Moreover, daily