The trading range of the Kiwi/Dollar has been narrowing since May 17 when this currency pair has commenced a first leg down in the direction of 0.67. Now the difference between the upper and lower trend-lines amounts to only 60 pips and it will continue decreasing. Under the base scenario we will see a fresh slump down to 0.67, namely
The Greenback's upward tendency has probably come to an end, provided that USD/JPY neared the pattern's upper boundary at 110.31. Guarded by the first monthly resistance, the cross may experience difficulties with breaching the pattern in order to extend the rally. However, if it happens, the cross will be anticipated to reach at least the weekly R1 by the end
Gold has been trading downwards in a narrow channel and the outlook remains negative for the time being. In the short-term we see the prices failing again, as soon as they approach the upper boundary at 1,233.76. Considering that the edge is backed by the weekly S1, daily R2 and 100-hour SMA, the likelihood of the fresh sell-off is quite
The Australian Dollar seems to be reversing its two-month long losing streak, as the double bottom pattern suggests the bulls have found ground to commence an upward breakout. The valley has its low at 0.9361 where the AUD/CAD pair stopped falling down on May 13. The crucial bearish test will happen in the 0.9513/19 area, where the weekly R1 is
While technical studies are partly suggesting that the Cable is overbought, we tend to agree that the correction is likely to take place in the foreseeable future. This is despite the bearish-biased SWFX market sentiment, which is adding to the idea of a continuous rebound of the Pound Sterling. The pattern's upper edge is located within 80 pips from the
GBP/AUD has been moving upwards in a tight trading range, therefore leaving a high risk of break outs in any direction. Now the outlook is maintaining bullish bias, as both trend-lines of the pattern remain intact. Moreover, a moderate prevalence of the SWFX bears (61%) over bulls (39%) may ultimately benefit the latter. However, technical indicators in both short and
The Sterling has been doing well against the New Zealand Dollar over the first two days of this week. It has already gained more than 2% after the 200-hour SMA boosted the exchange rate 24 hours ago. All May 24 daily resistances are violated, meaning weekly supply levels are left alone on the battleground. The nearest one is the weekly
Outlook for the Aussie against the Swiss Franc is bullish, since this currency pair has emerged with a rare triple bottom pattern in the 4H chart. The base scenario for this reversal pattern implies a spike of the exchange rate above the 0.7209 mark, namely the red horizontal trend-line, which has been holding AUD/CHF under pressure since early May. By
At the current moment the US Dollar is expected to bounce off the lower boundary of the channel up pattern, which should lead to an increase in value of this currency against the South African Rand by more than 4% over this week. By adding this percentage value, USD/ZAR will manage to reach the upper boundary of the channel at
At the moment EUR/SGD is bullish, as the currency pair is guided north by the trend-line that was established back in 2015, currently at 1.53. The upside, however, is limited, being that there is an upper boundary of an eight-year downward-sloping channel at the level of 1.5950 Singapore dollars that is supposed to prevent further appreciation of the single currency
The bias towards the Euro is negative, but only in the near term. EUR/USD is expected to bounce off of the upper edge of the channel at 1.1250 and then head towards a cluster of supports between 1.1150 and 1.1115 dollars. The centrepiece of this demand area is the seven-month rising trend-line, which is reinforced by the March 24 low,
The emerging channel is the result of a reaction to the test of the lower bound of the corridor forming in the higher time frame. Accordingly, while there is likely to be a short-term sell-off from 1.1130 down to 1.11, there is a good chance that during this week the Euro will be able to appreciate to 1.1180-1.1190 francs. The
Expectations for the US Dollar against another Scandinavian currency are similarly bullish. Even though the Danish Krone is getting stronger at the moment, this upside correction will likely become a short-lived one. Indeed, the one-hour technical indicators are giving the signals to sell USD/DKK, while in the future they tend to turn more bullish on the matter. Here, a recovery
The USD/SEK cross is expected to move forward within the ascending triangle pattern. At the moment there are few downside risks that may potentially detail a strong appreciation of the Greenback at the expense of the Swedish currency. The current correction lower will likely end near the 8.30 marker, where it is going to meet the pattern's lower boundary, the
The overall bias towards USD/ZAR is bullish, as the currency pair has recently left the boundaries of the four-month bearish channel and entered a new upward-sloping corridor. Appreciation of the US Dollar, however, is likely to prove to be difficult, considering that the pair is currently trading right at the upper bound of the pattern and at the same time
Although the Aussie has been heavily sold off since the end of April, there is a good chance the bearish momentum is soon to give way for a rally, at least in the near term. The main reason to be bullish on AUD/JPY is the way the pair consolidates—it is forming an ascending triangle, which implies growing demand. Accordingly, if
The Sterling is expected to fail against the Greenback very soon, as this pair has just reached the pattern's upper edge. However, considering continuation nature of the of descending triangle, GBP/USD is likely to break out of it with an upward confirmation. Now activity of the bulls is not at the highest possible level, even though the 4H technical indicators
While AUD/CAD has been trading mainly sideways over the past few days and the trading range has been falling, it managed to create a symmetrical triangle pattern. This particular case implies a bearish outlook for the future, as triangles assume the previous downside trend of the pair will be continued at some point of time. Now we are watching the
After a failure to get a foothold above a critical resistance level of 1.15 dollars two weeks ago, the Euro is now trending lower. However, considering the pattern the pair is now forming, the bears are unlikely to remain in control for long. The falling wedge emerging in the four-hour chart of EUR/USD implies a rally, once the price closes
Although USD/DKK is slowly but surely approaching the upper bound of the bearish channel that is forming in the daily chart, there is a good chance the rate will remain bullish until the end of the next week. During the next few days the Greenback is to undergo a downward correction from 6.65, but the green trend-line should be enough
Even though within the triangle pattern the outlook for the Sterling against the Yen should be tilted to the downside, the market seems to be assuming the opposite. At the moment the pair is testing the pattern's upper edge at 159.23, which can theoretically trigger a short-term sell-off down to the 154.50 mark, namely the green uptrend. However, near-term technical
The Sterling seems to be strong enough in order to test the upper trend-line of the ascending channel with a relatively high level of confidence. According to the overwhelming majority of technical indicators, especially on longer-term time frames, the GBP/CAD cross will appreciate further and will violate the trend-line. The following resistance will then be placed at 1.8972 (weekly R2),
Considering the pattern emerging in the one-hour chart of USD/JPY and the fact that the price is trading above its long-term moving average, the outlook on the currency pair is moderately bullish. The US Dollar is expected to extend the recovery from the green trend-line up to the upper boundary of the channel at 109.80. Appreciation of the Greenback in
EUR/SEK formed the channel soon after a test of 9.16—a major demand area that was established a year ago and repeatedly confirmed thereafter. Right now, the currency pair is completing a bearish correction within the pattern, and thus it should soon rebound. The price is expected to bounce off of 9.3220 and rally through the May 16 high at