The European currency seems to be recovering against the Yen between two parallel trend-lines. This implies that a test of the support area at 136.25 should trigger strong buying, while if the price rises to 139.70, there is likely to be a decline of a correctional nature. Concerning a shorter-term perspective, the outlook is bullish as well. The price has
USD/SEK failed to sustain a rally beyond 8.80, and now the currency pair is trading within the boundaries of a bearish channel. The pattern, however, is not of the highest quality, but we are still likely to see some action near the trend-lines forming it. The upper one at 8.44 has just been confirmed, and now this is green trend-line's
The Cable successfully confirmed the upper boundary of the triangle pattern, meaning that a rally is now the most obvious scenario for this currency pair. The positive case is also supported by the fact the Sterling crossed a number of important resistances including simple moving averages on all time frames and the monthly pivot point at 1.5563. Despite technical studies
USD/SEK is expected to rebound in the nearest future, based on the developments from the past 24 hours. Yesterday it managed to bounce off the lower trend-line of the bearish pattern, while the Greenback has already penetrated both weekly S2 and S1. However, the pattern implies that a recovery is unlikely to prolong in the long run. The upper edge
Considering that a rectangle is a continuation pattern and before the consolidation started the trend had been bullish, the base scenario is a break-out through 1,166. In this case the target will be a combination of the daily R2 and weekly R1 at 1,182. Beyond this lies the June high and weekly R2 at 1,206.On the other hand, if support
GBP/CAD continues to trade within the bullish channel, and the currency pair has recently confirmed its bullish intentions by gaining a foothold above the 2008 peak. In the near term, however, the bias is to the downside. The price is approaching the upper trend-line of the pattern, and we expect a bearish correction to start around 2.11 dollars. Alternatively, even
The EUR/PLN currency pair is reaching new highs within the boundaries of the broadening rising wedge pattern. The last important resistance to cross was represented by the monthly R1 at 4.2375. Judging by the signals from the majority of technical indicators, the single European currency is going to outperform further, as the pattern's confirmation seems to be inevitable from their
Australian Dollar is quickly approaching the upper edge of the bearish pattern, which implies the sell-off is likely to resume in the short term. From bullish perspective, the level of difficulty is rising around the upper boundary of the pattern, which is reinforced by the weekly pivot point and daily R1 at 1.1060. In case the pair succeeds in closing
The British Pound is in a good position to advance against the US Dollar. First, GBP/USD has been fluctuating within the boundaries of a bullish channel for the past two weeks. Secondly, the currency pair is facing a dense cluster of supports around 1.5650. Apart from the trend-line, demand here is also implied by the 200-hour SMA and the weekly
USD/PLN did not break out of the channel with an upside gap after the weekend, giving us a good reason to stay bearish. The near-term ceiling is at 3.72, while by the end of the day we may expect a dip down to 3.69, although volatility could be decreased because of a lack of events in the economic calendar scheduled
GBP/AUD has been unable to recover in the past two weeks, even though there are still plenty opportunities for growth in the near term. The only massive obstacle is located around 2.1850, where weekly R2 coincides with the monthly R1. However, there are still almost five figures to cover until this level is reached. Despite the currency pair's indecisiveness, weekly
EUR/JPY has been inching higher since the beginning of August, when the Euro bottomed out at the 135 mark. The most recent move has been the bullish one, and some indications suggest the trend will continue in the foreseeable future. Firstly, technical studies are bullish on both 4H and daily time frames, meaning that the pair's growth may well be
GBP/CAD is highly unlikely to surpass 2.0630 in the near term, let alone a major resistance area at 2.07. Although the former is implied only by the Aug 5 high, the price is currently forming a rising wedge, meaning the bears should soon take control of the pair. Speaking of supply at 2.07, it is indicated by the upper boundary
Assuming that GBP/JPY is forming a bearish channel right now, there should be a small rebound in the short run. The currency pair is expected to confirm the lower boundary of the channel and rise up to 193.50 before commencing a new down-leg. The Sterling should retain the downward momentum at least until 192, where the currency is going to
While the Euro/Sterling pair formed the same bullish channel pattern as the previous cross, its near-term outlook seems to be more positive. At first, the Euro managed to appreciate as high as 0.7130 by Thursday midday, meaning that it is now hovering above weekly PP, 55 and 200-period SMAs. Daily technical indicators assume the pair will move further to the
The EUR/PLN currency pair has just crossed an important resistance line represented by the 200-hour SMA at 4.1846. At the same time, for the bullish outlook to be established the common European currency is required to violate the next supply in face of the weekly pivot point at 4.1952. According to the four-hour and daily technical indicators, the pair's bulls
The Sterling is taking a break right now after a prolonged rally that started in May. A symmetrical triangle is a continuation pattern, and we expect the currency pair to resume the advancement, especially considering the technical indicators. Once the resistance level at 2.1530 is overcome, GBP/AUD will confirm its bullish intentions. The first objective will be the monthly R1
AUD/USD is slowly but surely approaching the apex of a falling wedge, a reversal pattern. The short-term outlook is bearish however, since the upper trend-line, reinforced by the long-term SMA, is still intact. Moreover, the technical studies are mostly giving ‘sell' signals. Accordingly, there is likely to be a sell-off from 0.7367 into the region of 71 cents.In the meantime,
It seems that the 200-period simple moving average (SMA) is hampering not only the CAD/CHF's recovery, as the present currency pair is experiencing the same problem. The cap in face of the SMA is sloping downwards, thus posing extra risks for the Australian Dollar, which attempts to rise as high as the pattern's upper boundary/monthly PP around 0.7430. Meanwhile, AUD/USD
CAD/CHF has attempted to rebound for two times since the beginning of this working week. However, the pair had to capitulate amid a strong resistance created by the 200-hour SMA, which is currently located at 0.7491. Additional difficulty for the Canadian Dollar is represented by the weekly pivot point just one pip above the simple moving average line. Therefore, the
A downward-sloping channel formed by EUR/JPY is of higher quality than the one emerging in the H1 chart of the Euro's cross with the Pound because of more confirmations. The base case scenario is a sell-off from 137.40, where the daily pivot point coincides with the upper boundary of the pattern. The exchange rate should then slide down to the
Resistance at 0.7160/70 proved to be impenetrable. As a result, EUR/GBP started to form a bearish channel. The currency pair is expected to rise up to 0.7090/0.7100 and then resume the decline, since there it is going to meet the falling trend-line, weekly PP, and 200-hour SMA. It is likely that be the end of the week the Euro will
NZD/CAD formed a rare rectangle pattern, as a result of a broadly horizontal movement in course of the past four trading weeks. Judging from the signals, which are currently being given by technical indicators, the pair is likely to continue hovering inside the pattern's boundaries in the medium-term. Four-hour studies suggest the Kiwi is likely to rally towards the upper
Without touching the lower trend-line of the channel up pattern, USD/CAD decided to commence a recovery and continue appreciating. Bullish bets are getting additional support by the fact the US Dollar has recently crossed the long-term simple moving average line and managed to hold gains above it. Moreover, 1H and 4H indicators are strongly positive with no signs for selling