The Cable has build a perfect triangle pattern in the four-hour chart. It is the rare case when the currency pair managed to fill into the triangle by almost 100%. Despite that, our expectations for the long-term are broadly bearish with respect to the Pound Sterling. In case of a descent below the 200-period SMA at 1.4453, the pair will
The Euro/Norwegian Krone cross is nearing the lower trend-line of the upward channel. It means that shortly we are going to see some purchasing activity and the common European currency is likely to resume growing in value. Additional support will be offered by the 200-hour SMA, which is currently coinciding with the green boundary of the pattern and daily S2.
The value of the Dollar failed to rise above nine kroner last month, and now the US currency is in a distinct down-trend. The channel implies that USD/NOK will bounce off of 8.60 and thus will start a new bearish wave. However, we have a strong case against the decline. The reason to be bullish is the 18-month rising support
GBP/CAD is currently trading in the middle of the bullish channel. However, the currency pair is moving downwards, from the upper edge of the pattern towards the lower trend-line, which is likely to be reached in April. The Sterling will then be set for a strong rally, which is likely to surpass both 2008 and 2015 highs that have not
USD/TRY has recently broken through the 15-month up-trend, which implies a strong negative long-term bias. In addition, there is a triangle emerging after a sell-off, further strengthening the case for weakening Dollar. USD/TRY is expected to close beneath 2.93 and resume the decline. And while the rate is highly likely to pass through the monthly S1 and February 4 low,
Outlook for the Swiss Franc against the Japanese Yen is strongly negative at the moment. In the battle between two safe haven currencies the Japanese one seems to be leading, as it has confirmed the triangle pattern earlier this week. Now the spot is placed below a heavy support cluster represented by the monthly S1 and weekly S2 at 115.75.
EUR/TRY's trading range has been declining since the first day of this month. Given that the trend is positive, we are now dealing with the rising wedge pattern in the 1H chart. It implies a downward confirmation at some point of time in the future, but there are few signals this is going to happen soon. The cross is nearing
Although the New Zealand Dollar is set to appreciate against the Greenback, it seems the currency will underperform the Euro. The pair has just confirmed the lower trend-line of the channel, meaning we are highly likely to see a rally towards 1.7275, where the upper boundary of the pattern is reinforced by the January high. Alternatively, if the bears manage
NZD/USD has managed to rebound from 0.66, thus keeping the bullish channel intact. However, the currency pair is now facing a tough resistance area at 0.6770/40, which consists of the weekly and monthly R1s in addition to the latest highs. Still, considering that the four-hour and daily indicators are pointing north, the price should eventually climb higher. If this
Even though rectangles are considered to be continuation patterns, statistically 55% of all break-outs are taking place to the downside. The pair will shortly encounter the local resistance line represented by the daily R1 and February 3/8 highs at 1.5827/32. From here the four-hour technical indicators foresee a new down-leg in the direction of 1.5568, namely the green horizontal trend-line.
The most popular FX cross is gradually moving to the North in order to reach its eventual mid-term target at 1.1412, namely the bullish channel's upper boundary. This one is guarded by the second daily support on Thursday. At the same time, the priority task for the bulls is a penetration of the weekly and daily R1s at 1.1335/50. Along
NZD/CAD has recently broken out of the channel it had been forming between Dec 22 and Feb 10. Therefore, the outlook on the currency pair is bullish, especially considering that the hourly and the four-hour technical indicators are pointing upwards. In the short run, however, there is likely to be a sell-off, as the price has just confirmed the upper
EUR/NOK is currently trading within the boundaries of the ascending channel, but the upside potential is limited. The pair is expected to rebound from 9.61, but the ensuing rally should be stopped by the resistance area between 9.74 and 9.77. There, apart of the upper boundary of the channel, we have the weekly R2, January high, and more importantly, the
The first monthly line to offer support to the pair is found at 0.9832 this week, and it seems to be building a reliable demand for the Australian Dollar. It is estimated to be breached in the nearest future, given a number of clear signals in favour of a plunge. Firstly, AUD/SGD is remains heavily overbought in the SWFX market.
The Dollar is estimated to recover up to 6.66 against the Danish Krone, where the next down-leg is going to commence. However, four-hour technical indicators are now pointing to the downside, meaning a renewed movement down can begin earlier than expected. The key obstacle is 55-hour SMA at 6.6487, which is quickly heading downwards and is reinforced by the 100-hour
EUR/TRY is in a strong up-trend. Apart from solid support areas at 3.2550/3.2450 and at 3.22, the overall positive bias is ensured by the long-term trend-line at 3.12 lire that has been topical throughout the whole 2015. However, right now the price is headed towards the upper edge of the channel, meaning the near-term upside potential is limited by 3.3650/3.3550,
EUR/AUD has formed an ascending channel after confirming the major support trend-line (connects Dec 2015 and Jan 2016 lows) at the very end of the previous month. Accordingly, our outlook on the Euro is bullish, especially considering the technical indicators in the hourly and four-hour charts. The currency pair is expected to rebound either from the weekly R1 or even
This currency pair is nearing the upper boundary of the channel down pattern. Despite the pair's ability to consolidate above a major cluster of resistances between 2.0326 and 2.0488, the future scenario is highly likely to include a correction lower from 2.07. Here the Sterling is expected to hit the weekly and monthly R1s, which are offering supply along with
The Kiwi is encountering the 200-hour simple moving average line at 0.6576, which is guarding the bullish pattern's lower boundary at 0.6529. We expect a recovery to start from any of these technical levels, given that bearish activity has been waning over time. Moreover, daily studies are giving an aggregate signal to acquire the New Zealand currency. Market sentiment is
USD/ZAR is in the process of forming a double bottom. There were two attempts to break demand at 15.85, but both tries were unsuccessful, and as a result, the US Dollar is headed towards the potential neck-line at 16.45/41. If the price closes above this area, we will expect further recovery until 17 rands. Nevertheless, we should not forget about
Although USD/NOK appears to have formed a bearish channel, we are highly unlikely to see Dollar's depreciation beyond 8.50 kroner. The reason is that the currency pair is closing in on the major rising support line that is drawn through the Aug 2014 and May 2015 lows. Accordingly, our base case scenario is a rally through the red trend-line at
EUR/AUD is successfully escaping the vicinity of a dense area of support levels between 1.5629 and 1.5354, the weekly pivot point and the pattern's lower edge, accordingly. Since early December the exchange rate has been broadly located above the 200-period SMA, meaning market sentiment is maintaining an overall bullish bias. With 4H and weekly technical indicators sensing signals to acquire
AUD/USD is on the verge of breaching the pattern's lower boundary. By doing that, the pair will be expected to prolong a sell-off down to the first daily support at 0.7016. This level offers a reliable demand ahead of the February 3 low at 0.7003. Adding to that, additional support zones are placed at 0.6967 and 0.6865. The possibility of
GBP/NZD appears to be trading within the falling wedge, meaning we should be wary of a strong rally once the price is above the red trend-line. In the short term the pair is likely to stay bearish and bounce off of resistance at 2.21/2.20 down to 2.11/2.10, but there is a high chance that eventually the Pound will break through