Having found strong support around 1.46 EUR/SGD was able to start a recovery. Considering that the currency pair also formed an ascending triangle, there is a significant chance the gains will be extended. Furthermore, the technical indicators are bullish, especially on the shorter time-frames. Accordingly, once the resistance level at 1.4980 is broken, the Euro will be expected to resume
GBP/JPY has been bearish since the beginning of March, when the currency pair failed to overcome supply at 185.00. However, an ascending triangle suggests the upward pressure is currently building up. If the price closes above the key level at 180.14, the Sterling will be expected to keep advancing. The next potential targets will then be the weekly R1 at
During its bearish correction USD/PLN has already violated a number of important supports, including the Jan high at 3.80, since an encounter with resistance at 3.97. Right now the currency pair is approaching yet another potential reversal point at 3.7412, created by the Feb high and the lower trend-line of the channel. A test of this demand area should lead
Though the pattern itself favours a bullish outcome, there is a lack of confirmations from the other studies. First, the trend is sideways since the beginning of February. Second, the technical indicators are either mixed or neutral. Still, if the resistance level at 95.67 is broken, the Canadian Dollar is likely to keep appreciating at least until the price reaches
USD/DKK is currently in a good position to advance north. The currency pair has recently found solid support at 6.70, thus confirming topicality of the bullish channel. The immediate resistance is at 6.97 (monthly R3), but neither this obstacle, nor the one at 7.07 (2003 Mar high) are expected to change the general direction of the US Dollar. The downward
The fact that GBP/CAD is currently forming a falling wedge pattern makes a strong case for a rally. The market has been bullish since the end of November, but resistance, now the Feb high at 1.9556, triggered a prolonged downward correction. Another argument in favour of a recovery is the technical indicators. While on the shorter time-frames they are by
There are good reasons to be long the US Dollar both in the near and long run. USD/TRY has formed a high-quality bullish channel, and at the moment it is trading next to the support line. The demand between 2.58 and 2.56, reinforced by the monthly R1 and Mar 18 low, should be more than enough to prevent a dip
Considering the current situation, a rally through the resistance level at 0.9450 appears to be more likely than a decline beneath the up-trend at 0.9430. NZD/CAD has formed an ascending triangle, which indicates that the bullish pressure is building up. In case of the more probable scenario, the weekly R1 will be the first target, followed by the Mar 4
While forming a channel NZD/USD has almost completely erased the 400-pip decline made between Mar 4 and Mar 11, and the pair is likely to close the gap in the coming weeks. However, the short-term bias is bearish, being that the currency pair has just bounced off the resistance trend-line. Accordingly, we expect the weekly R1 at 0.7463 to act
The previous guesses with respect to what pattern AUD/CHF is forming now seem to be invalid, as neither triangles nor wedges proved to be the case. The bullish channel fits the current picture better, even though for a prolonged period of time (between Feb 12 and Mar 12) neither of the trend-lines was tested. Right now the pair is in
The European currency has been recovering against the Sterling since Mar 11 and managed to form a bullish channel. However, the long bets are risky, considering that the market is distinctly bearish: EUR/GBP is in a distinct down-trend since Dec 16. Right now the pair is struggling to breach resistance at 0.7250 created by the 23.6% Fibonacci retracement of the
At the moment the Euro is in a strong up-trend against the Krone, and extension of the recent gains seems a likely possibility. EUR/NOK should be underpinned by the support trend-line at 8.90 and rally through immediate resistance at 8.9320, represented by the daily R1. In order to confirm its longer-term bullish intentions the currency pair will have to overcome
Gold has been in a stable down-trend since the end of January, when price of the precious metal reached $1,300 per ounce. Since then, the bullion lost more than $150 and formed a bearish channel on a four-hour chart. Moreover, despite bouncing off the lower trend-line last week, the recovery is unlikely to be sustainable, provided there is a strong
The most traded currency pair has stopped declining after a week of constant losses from March 4 until March 11. However, some attempts to push the single currency down took place from time to time, which led to emergence of the double bottom pattern on 1H chart. Nevertheless, the Euro has been undergoing a rebound stage during this trading week,
The common currency has been losing value relative to the New Zealand Dollar since the very beginning of February, and, unlike in the EUR/PLN pair, there are no signs of a potential reversal just yet. Right now the price is undergoing an upward correction, but the rally should soon be stopped, assumingly at 1.46, where it is going to meet
Considering that EUR/PLN has been recently trading between two converging bearish lines, there is a substantial chance the current trend will give place to a bullish one. Another reason to be long the Euro is a dense demand area between 4.09 and 4.10, created by the monthly S2, 2014 low, and support line. Accordingly, if the currency pair manages to
Despite the fact that the Euro/Pound currency pair has already been developing in a downtrend since the middle of January, the pace of cross's decline is most likely going to strengthen in the near-term.Recently, the Euro has rebounded slightly and neared the upper boundary of the bearish channel, which has a chance of sending the common currency back to the
A rare rectangle pattern was formed by AUD/CAD pair, as a result of it's horizontal trading since March 12. At first, it seems that the eventual break-out from this pattern can take place to the south as more than 54% of all SWFX traders are short on the Aussie. In addition, statistically 55% of all rectangles are confirmed in the
Although EUR/SGD is currently trading within the boundaries of an upward-sloping channel, the long-term perspective is deemed negative. While in the short run there is still some upside potential left, despite the strong resistance level at 1.4739, the market is distinctly bearish. The Euro has been in a strong down-trend since Feb 20, when it was eight cents more expensive.
The rate at which the US Dollar has been appreciating relative to the Danish Krone since the beginning of March has moderated, leading to formation of a bullish channel. At the moment the currency pair is trading in the lower part of the pattern, meaning the risks are skewed to the upside. Moreover, most of the technical indicators, especially on
USD/TRY cross has been also showing a strong positive development. This pair has been gaining value since the last week of January when the 200-period SMA at 2.31 managed to provide pair's bulls will strong impetus. However, at the moment the US Dollar is undergoing a period of correction against the Turkish Lira, meaning that we should see some bearish
Even though the long-term outlook for US/Singapore Dollar currency pair remains fairly positive, in the next upcoming hours the American currency is likely to under-perform its Asian peer. Just recently, the cross has bounced to the downside as the resistance was created by the up-trend around 1.3940. For now the pair has already breached the daily pivot point; however, some problems
The Australian Dollar is a sell at the moment. First, AUD/SGD has formed a well-defined bearish channel during the last 10 months. Second, the currency pair is trading next to the long-term trend-line at 1.07, reinforced by the weekly R1 and some of the recent highs. However, 73% of open positions are short, meaning the Aussie may be already oversold.Meanwhile,
At the moment CAD/JPY appears to be trading within the boundaries of a bearish channel. However, the slope of the trend-lines forming the pattern is still unreliable and may be subject to change in the future. The base case scenario is a rally from the current trading levels to 95.40/30, where the currency pair will meet the resistance trend-line and