A sharp jump in the value of the Sterling has inevitably resulted in the eventual correction of its pair with the US Dollar, which is taking place at the moment. The cross seems to be following two trend-lines at the moment. The lower one, at 1.5353, is expected to encourage bulls for some gains in the nearest future. According to
Growth of the US Dollar against the Swedish Krona was halted by the 8.55 level on July 3 at the end of the trading session. Since then the USD/SEK pair has been trading in the range between 8.57 and 8.43, which led to emergence of the double top pattern on an one-hour chart. The current stage of development implies a
EUR/AUD carries strong bullish momentum, and the technical indicators, especially on the four-hour and weekly charts, confirm the positive bias. However, we should note that the currency pair is closing in on an important level at 1.49, which proved to be of great significance back in February. Potentially this resistance may trigger a strong sell-off, which could result in a
The Australian Dollar seems weak against the Swiss Franc, and we expect further depreciation of the Antipodean currency. The long-term target is the Jan low at 0.6880, reinforced by the monthly S3 level. In the meantime, there is likely to be an upward correction. AUD/CHF should rebound from 0.6971 (monthly S2 and down-trend) and commence a recovery, even though the
Even though the Euro/Pound currency pair tends to show mostly tranquil development, it is generally losing value at the moment. This situation helped the pair to create the channel down pattern on the medium-term/four-hour chart. The bearish trend is expected to persist in the long-term, as projected by technical indicators on all time frames. Positive intentions of bulls to push
The Pound has declined rapidly against the Japanese Yen on Tuesday. As a result, the pair managed to reach the lower edge of the falling wedge pattern. Meanwhile, the pattern itself implies a narrowing trading range, meaning that we may observe a confirmation in the foreseeable future. The cross is capable of bouncing off the lower trend-line, while supported by
USD/SGD has just broken out of the symmetrical triangle that emerged after a failure of the US Dollar to extend the rally beyond 1.3574. The initial target is the Jul 1 high at 1.3541. However, the main objective is the Jun 28 high that guards the June maximum at 1.3634. In the meantime, the studies are mostly pointing upwards, and
NZD/USD approaches an important milestone. The next major obstacle the currency pair must overcome in order to keep moving south is 0.6564, namely the lowest level since 2010. A test of this support is likely to trigger active buying, but we see the potential rally contained within the three-month bearish channel. Accordingly, the falling resistance line (currently at 0.6837 should
Gold has been under intense pressure from bears since May 18, when the bullion stopped growing around the 1,206 mark, or just above the Jun high. XAU/USD has consequently created the bearish channel pattern on the 4H chart, by violating all 55, 100 and 200-period SMAs on its way down. The medium-term outlook tends to remain fairly negative towards the
On Friday, the EUR/AUD cross reached its highest level since February of this year, stopping just above the 1.48 mark. Following that, the pair entered a correction phase in its development; therefore, the long-term target is now likely to be the pattern's support, currently at 1.4492. Nevertheless, at first the common European currency will be required to depreciate down to
Although in some of the pairs the Dollar has been performing poorly lately, the prospects in USD/TRY are bright. The currency pair has just reached the major support trend-line, meaning within the next few weeks the price is likely to return to the Jun high at 2.81. The next target will be the upper boundary of the channel at 2.9356.
GBP/AUD is bearish in the short term, and there are significant downside risks in the longer run, despite the major up-trend still being intact. During the next several days the rate should descend some 400 pips from 2.0851 (monthly R1 and up-trend), regardless of the bullish technical studies, though the latter fact could delay the sell-off. When the price reaches
Considering the fact that USD/CHF has formed a bullish channel and a lot of technical indicators are currently pointing upwards, we expect further strengthening of the US Dollar. However, there is likely to be a small sell-off before the latest rally resumes. The base case scenario is a decline down to the support trend-line at 0.9350, followed by a rally
The Aussie/Greenback currency pair has a greater chance of losing value inside the channel down pattern, compared with the previously discussed cross, even though its market sentiment is even more bullish at 71% for long traders. The main reason for a negative outlook is the long-term tendency of the Australian Dollar to depreciate. Moreover, the pair is trading below all
The end of May and the first week of June were exceptionally positive for the US Dollar, which rallied against the Japanese Yen, crossed the 2007 high and hit this year's maximum at 125.85. However, now the correction is taking place; therefore, the cross has formed a bearish channel pattern. In the long run some weakness is likely to persist
Considering that EUR/NZD has recently surpassed one of the major 2014 highs (Sep 29), the pair may well keep advancing further north. The positive outlook is also implied by the well-defined bullish channel and technical studies. However, at the moment the upside is limited, since the up-leg is already entering the ending phase. In the near term the Euro is
EUR/PLN appears to be offering a good buy deal. Right now the currency pair is trading just above the lower boundary of the bullish channel, and the base case scenario therefore is a rally towards the resistance trend-line at 4.30. Moreover, most of the technical indicators on all time-frames are pointing north. However, there is a risk of the price
In contrast to the USD/DKK cross, the USD/TRY pair is now estimated to just bounce off the lower boundary of the bullish pattern. The pair reached the lower edge of the pattern on June 25, but it is still hovering in the vicinity of a dense area of resistances around 2.69. Moreover, the 100-period SMA (2.7020) is reinforced by another
The USD/DKK currency pair is planning to approach gradually the upper boundary of the channel up pattern. The pair has been rallying in the past four days, after a correction was halted by the 200-hour SMA around 6.62. Meanwhile, the Greenback has already crossed both 55 and 100-hour simple moving averages, and the most important obstacle is now represented by
EUR/TRY is likely to preserve its bearish momentum until the currency pair hits the May minimum at 2.8514. This scenario is supported by the technical indicators that are pointing downwards both in the four-hour and daily time-frames. The near-term target is 2.93. There the Euro is supposed to meet the lower edge of the channel and rebound. As for the
The bias towards NZD/CAD is negative, and we expect further depreciation of the New Zealand Dollar. Over the next few days the exchange rate is likely to come down to the support trend-line at 0.8310 and then start a bullish recovery. In the meantime, the upside should be limited by a combination of the weekly PP and 200-hour SMA at
The USD/SEK pair has already been discussed last Friday, when the 1H chart has been analysed with the channel up pattern. On a longer-term chart, however, the pair is still trading inside the boundaries of the bearish channel, even though the pair is recovering towards the upper trend-line at the moment. The new July monthly PP and 200-period SMA have
The Australian Dollar has established a positive-sloping trend against its Canadian counterpart in the beginning of this week. The only important obstacles so far have been 200 and 100-hour SMAs, which were halting the pair around 0.9530 Tuesday morning, but it gained enough momentum to continue growing. At the moment bulls are facing the weekly R2 resistance line at 0.9660,
Having established a major support area in the vicinity of 1.93, GBP/NZD is now in an up-trend. And while the overall outlook is strongly bullish, there is likely to be a downward correction in the near future. The price is expected to descend to 2.26-2.25 area before the rate makes an attempts to re-test the upper boundary of the channel.