So far this month has been favourable for the Sterling, and the currency is likely to keep appreciating. The downside should be limited by the rising line at 191.30, and the Jun 5 high is not expected to cap the gains—the current target is the upper boundary of the channel at 192.50. On the other hand, if demand at 191.30
The New Zealand's Dollar has been losing value both against the Euro and the US Dollar. However, a downward tendency versus the latter has been taking place since the last week of April, when the bearish channel emerged on the 4H chart. Despite all efforts to gain value, the Kiwi was pushed back in the afternoon on Friday, and now
The EUR/NZD currency pair created the bullish channel on the hourly chart in the beginning of the previous working week on May 26. However, just recently their was undergoing a period of correction from the upper trend-line. As a result, the single European currency neared the lower edge of the channel up. This boundary, located at 1.5704, is strengthened by
The US Dollar was mostly struggling to stabilise above the 55-hour SMA, and even yesterday's breach did not last. At the moment, a strong resistance cluster is pushing the USD/CHF down, but the weekly S1 seems to have limited the losses for now. Moreover, technical indicators in the short and long-term are suggesting a rebound, but volatility to the downside
The CAD/JPY cross has been rising steadily since the 19th of May, when it formed the ascending channel. For most of the period, the pair held above the 200-hour SMA, but after touching the resistance trend-line on Tuesday, a sell-off has begun. Although the 200-hour SMA is providing formidable support, the 100-hour one is not allowing the Loonie to gain
EUR/USD has noticeably benefited from fundamentals that have been driving this currency pair this week. The Euro has already surpassed all available weekly pivot points of this week, and the only major supply is now represented by the monthly R1 at 1.1366. A breach of this line will provide bulls with an opportunity to push the Euro as high at
It seems that a rebound of the USD/ZAR currency pair that has been in place during the past 36 hours is going to be stopped by the weekly R2 at 12.3995. Just recently the cross has failed to increase above this resistance and has already fallen down to 12.33. At the same time, the present weakness is not forecasted to
The common European currency will soon approach the upper boundary of the channel down pattern. The pair has been rebounding since May 26, when it neared the lower trend-line and gained strong bullish momentum. At the same time, EUR/DKK may also feel some downward pressure created by the monthly pivot point and 200-period SMA around 7.4610. Technical indicators on a
The NZD/USD currency pair is going to trade under substantial bearish pressure from the dense resistance area around 0.7160. This cluster is composed of 100-hour SMA, daily pivot point and the pattern's resistance. Moreover, the latter level is also reinforced by the weekly pivot point from above. They are likely to send the Kiwi considerably to the downside in the
Almost two full weeks of gains were eventually changed back to a downside movement of the USD/DKK currency pair. The Greenback found a resistance around the 6.89 mark, namely the pattern's upper trend-line, which convinced bears to trigger sell-offs. Despite falling already below the weekly S2 at 6.6974, the pair still has a chance to recover at least some part
Despite touching the upper edge of the broadening wedge pattern on Wednesday morning, the AUD/NZD cross shows no clear intentions to depreciate at the moment. Earlier on June 3, the daily R1 support line managed to hold bears from pushing this currency pair to the downside. At the same time, the Aussie is required to close even lower in order
The EUR/AUD currency pair has entered a rising wedge pattern on the 22 of May. After a rather sharp sell-off, the Euro managed to regain the bullish momentum, but only to find resistance at the pattern upper border at the end of the month. Since then the pair experienced significant volatility, bouncing back from both pattern borders. Right now
The common European currency is being pushed to the upside against the Yen by bullish factors from the Euro zone and broad weakness of the Japanese currency. EUR/JPY has just recently penetrated the monthly R2 at 137.93 and continues heading upwards. The pattern's resistance is located within a distance of one figure, but it is strongly guarded by the monthly
This working week managed to provide bulls with major impetus, which is pushing the NZD/USD currency pair to the north. Positive performance has been especially noticeable after the midday on Tuesday. In case the pair jumps above the weekly PP at 0.7172, it will encounter the next resistance in face of the upper trend-line of the bearish pattern. Considering neutral
Similar to USD/NOK , the Euro/Zloty cross is generally gaining value, while trading inside the bullish channel pattern. At the same time, this pair is also experiencing a period of correction at the moment, meaning that we are likely to observe a development below 4.13 in the nearest future. Since May 29, the pair has been supported by 55-period SMA,
The American Dollar has been trending upwards since May 18, when the channel up pattern started to be formed on the one-hour chart. At the same time, USD/NOK seems to be under the bearish pressure at the moment, as short traders are driving the Buck back below 7.90. Despite that, they are getting prepared to encounter a formidable support area,
In the night between May 13 and May 14, AUD/SGD reached its monthly high, where the starting point of the current bearish channel takes place. Since then, the cross has already lost around five figures. However, the Australian Dollar is currently trading sideways against its Singaporean counterpart. This fact, however, makes it inevitable for the pair to reach the upper
After hitting the upper edge of the broadening falling wedge pattern on Friday, the EUR/HKD currency pair is poised for further losses in the foreseeable future. Currently, the weekly PP attempts to hold bears from pushing the common European currency to the downside. Still, in case the pair succeeds in falling below the mentioned support line, the next target for
EUR/SGD entered the broadening falling wedge pattern in the beginning of this year, while a decline of the pair started a month before in December. At the moment the Euro is hovering around the 55-day SMA at 1.4741. A violation of this important support would imply further losses for the single currency. The medium-term target remains at 8-year low of
Similar to the previous currency pair, the EUR/PLN cross has created the channel up pattern, which is likely to become the broadening wedge in the future. Taking into account the longer-term time frame, the pair touched the upper boundary of the pattern already three days ago, when both weekly R1 and monthly R2 managed to energize bears for sell-offs in
The USD/SGD currency pair has been trading upwards since the beginning of the previous trading week, May 18. Alongside, the trading range is gradually widening, meaning that the present channel up pattern may become the broadening rising wedge in the foreseeable future, in case the trend persists. The pair is currently expected to head in the direction of the lower
The bullish run we have been observing for the past two days should come to an end. EUR/USD has just come into contact with resistance at 1.0975, which is created by the May 28 high and, more importantly, by the falling trend-line. Accordingly, the present risks are heavily skewed to the downside. The initial target is the May 27 low
EUR/CAD bottomed out on May 26, being unable to pierce through support at 1.3430, which has been proving its significance throughout May. As a result, the currency pair is now forming a bullish channel, and the technical indicators reinforce the positive bias. In the short term the exchange rate may fall, but the dip should be limited by 1.3570, where
After the Russian currency gained substantial value in the first three months of this year versus the American Dollar, this currency pair was eventually stopped by demand at 49. However, the Buck put little effort to rebound noticeably. As a result, USD/RUB created the double bottom pattern on the 4H chart. Now, however, the Dollar is in the up-trend, following