Having found strong support at 0.7420 on Apr 13, the New Zealand Dollar has been strengthening relative to its US counterpart lately. However, right now NZD/USD is undergoing a bearish correction. This short-term sell-off is expected to end near 0.7568, and a new attack on the Apr 3 high at 0.7630 should follow soon. Once this mark is overcome, the
EUR/SEK is currently trading in a down-trend, and the bearish momentum is likely to persist at least until we get to the Apr 1 low at 9.2530. However, in the very near term the Euro has a good chance of gaining some ground, being that the currency pair has nearly reached the lower boundary of the channel. These gains should
Starting from mid-February, EUR/JPY cross has been forming the ascending triangle pattern on a 4H chart. However, on April 6 the pair failed to overcome one of the strongest resistance lines represented by 200-period SMA. As a result, the single currency was pushed considerably to the downside and confirmed the pattern three days later. On its way down, EUR/JPY erased
It seems that today the EUR/PLN currency pair is losing bullish momentum it gained yesterday. Therefore, there is a risk that the Euro will fall below any of two valleys of the double bottom pattern. The bearish scenario is currently supported by technical indicators on all time-frames, while additional downward pressure is created by 200-hour SMA, which has been following
Because of a solid resistance level at 1.3750 the currency pair had no other choice but to decline. Even though the technical indicators are largely mixed, with only the hourly ones demonstrating some bearish bias, the Euro still appears to be a good sell against the Canadian Dollar. EUR/CAD is expected to leave the falling trend-line at 1.33 intact and
EUR/AUD managed to stabilise at and eventually start a recovery from 1.38 after a precipitous decline between the 7th and the 10th of April. The upward momentum is now challenged by the supply area near 1.40, which is reinforced by the weekly pivot point. If this resistance is overcome, 1.41 will become the next target. There the upper boundary of
A rare triple top pattern was formed by the USD/CAD currency pair. Pattern's emergence followed a three-month long development in the range between 1.24 and 1.2850. Last week, the pair neared the lowest valley between tops, but managed to bounce back and began trading upwards with renewed momentum. In case of success, the cross will be on its way to
After slowing down in the beginning of this week, the US Dollar found itself approaching the lower boundary of the bullish channel on Tuesday. However, the 100-hour SMA which is reinforcing the pattern's support may provide the Greenback with some reliable bullish momentum for the future growth. Moreover, in case the pair unexpectedly drops below 0.9739 (daily S1), the next
Not only does USD/SEK look bullish on the daily chart, but the short-term outlook appears to be positive as well. The currency pair has just confirmed the lower trend-line of the channel, meaning the next objective is the resistance at 8.96, which is reinforced by the daily R3 and weekly R1 levels. However, there is a notable obstacle at 8.8855,
EUR/JPY has been falling since last year's December, and the pair's inability to rise above 131.30 during the latest consolidation phase only confirms its bearishness. The next target is therefore a combination of the daily S2 and weekly S1 near 126.00, though we are likely to see an upward correction only from 125.00, where the rate is expected to encounter
On April 7, the American Dollar succeeded in confirming the triangle pattern to the upside and crossed many important resistance levels. They included the 200-period SMA and the monthly pivot point at 120.15. Currently, the pair continues developing to the upside and shows no major signs of willingness to return back below the round level of 120. Moreover, as many
Following some stabilisation of EUR/CHF currency pair in February, the Swiss Franc began appreciating again in March. As a result, a number of bearish channels have been created, and the latest one started emerging on Tuesday of last week. However, for now it seems that the Euro is likely to rebound moderately against the Swissie, at the least in the
Considering that USD/NOK has formed a bullish channel, the US Dollar is likely to keep outperforming the Norwegian Krone in the foreseeable future. If there is a dip, the bears should be stopped before they cross support at 7.85. Additional demand areas are supposed to be 7.67 and at 7.53, whereas the 200-day SMA is at 7.20. At the same
Although the outlook for GBP/NZD is bearish, because of the downward-sloping channel, there are two major support levels the pair is currently facing that are capable of turning the trend around. This may explain why only one out of four traders is short the Sterling. The nearest potential floor is at 1.94, represented by the March lows, followed by a
During the previous week USD/DKK has been forming a well-defined bullish channel, and the currency pair may well keep fluctuating within its borders. The immediate resistance level is represented by the Friday's high, but a real test of the upward momentum is expected at 7.1285, where the US Dollar is going to meet a combination of the trend-line and the
After a rebound from the ten-week low of 1.3462, the US Dollar began appreciating against its Singaporean peer, while bulls experienced little problems in sending the pair considerably to the upside. As a result of that, the pair neared the upper boundary of the channel down pattern on Friday, April 10. However, views on the pair's future are diverging right
During last two weeks, the Kiwi/Greenback currency pair has formed a high-quality and magnitude triangle pattern. However, today bears decided to take leadership in their hands and are currently trying to consolidate the exchange rate below the lower trend-line. The negative scenario is shared not only by 1H technical indicators, but also by a majority (74%) of market participants who
Since Mar 5 the single currency has been trading beneath 1.1037, and none of the attempts to breach this resistance succeeded. Accordingly, the exchange rate is now moving south, towards the parity. The interim ceiling is at 1.07, represented by the daily PP and the down-trend, while the short-term target is the lower boundary of the channel at 1.06, which
XAU/USD opened this week with large upside gap, but since Monday the bullion has been trading in a down-trend, as resistance at 1,223 proved to be impenetrable. Being that at the moment the price is fluctuating just beneath the formidable resistance area around 1,197, created by the daily and weekly PP together with the trend-line, the outlook is strongly bearish.
Similar to the previous currency pair, EUR/JPY has also formed the ascending triangle figure, following a failure to decline beyond 127 earlier in March of this year. At the same time, this pair is testing the lower upward-sloping boundary of the pattern at the moment, which is reinforced by the weekly S1 at 128.98. Judging from technical indicators on all
After bottoming out around 7.73 on March 26, the American Dollar commenced a gradual recovery against the Norwegian Krona. However, the trading range of the pair is narrowing, which eventually led to emergence of the ascending triangle pattern. The upper boundary of it is currently located just above the 8.12 mark, and the Greenback has been heading directly towards this
EUR/GBP prepares to launch an attack on a strong support level at 0.7220. This is the neck-line of the recently formed double top pattern, and it is reinforced by the monthly pivot. If the currency pair succeeds, the price may afterwards fall towards the Mar low near 0.70, though there is also the monthly S1 nearby at 0.7043 that can
Although from a fundamental perspective the Sterling appears to be fairly weak, the technicals are suggesting the time has come for the British Pound to outperform its peers. Specifically in the GBP/CAD pair, we see emergence of a double bottom pattern that implies a reversal of the recent sell-off. At the same time, we must note we are still rather
Since March 16 the Euro has been developing in a general uptrend against Hong Kong Dollar. In the meantime, trading range has been narrowing, meaning that we are dealing with the ascending triangle pattern. Currently the single currency is intended to receive a sustainable support from pattern's support and monthly pivot point at 8.39 and rebound, while this idea is