Although eventually AUD/SGD is likely to resume the sell-off started in September near 1.18, the currency pair has recently completed a triangle pattern that gives a reason to believe the current bullish correction is going to extend higher.A base case scenario is a break-out to the upside through the down-trend at 1.0950 with a target at 1.1120, where the weekly
The second JPY currency pair is also reflecting its strength versus the counterpart, this time the American dollar. At the same time, the overall trading range is rather small, namely around 200 pips. Moreover, it has a tendency to decrease, which led to emergence of the falling wedge pattern. However, during last couple of hours the Greenback showed some signs
The Australian dollar has been declining against the Japanese yen since the very beginning of this year. Moreover trading range and volumes are, in turn, rising. Therefore, the broadening falling wedge pattern has been created on a hourly chart for AUD/JPY currency pair.Recently the cross bounced from the upper trend-line and is heading downwards. Taking into account a strong supply
Despite a massive sell-off yesterday, there are signs EUR/NZD continues to respect the trend-lines forming the bearish channel. At the moment the currency pair seems to be well-supported at 1.48. Accordingly, the base case scenario is a rebound from the demand area.However, the rally should be capped by the cluster of resistances at 1.53, where the down-trend line merges with
As USD/JPY proved unable to sustain a rally beyond 121, the pair is currently trading within the boundaries of the bearish channel.However, the downward momentum needs to pass a serious test before it can continue pushing the price lower. The US Dollar is currently facing a formidable demand area near 116. Apart from being a falling support line, this is
The Euro has been slowly appreciating versus the Swedish krona since April 2013. In course of this period and until now, however, a lot of minor stops occurred, which is also proved by the current market situation. A sideways trend with the narrowing trading range let to emergence of the triangle pattern, which has been successfully confirmed to the upside
Following a decline of the Australian dollar which took place since September 2014, the currency started to rebound during the last week of December. As a result, since then the AUD/CAD pair gained more than 400 pips and managed to form the channel up pattern on an hourly chart. We assume this tendency to continue in both short and long-term.
While during the first part of December the US Dollar tended to outperform the Turkish Lira, since the very beginning of 2015 the opposite was true, and USD/TRY managed to form a high-quality bearish channel. Accordingly, we expect the sell-off to persist, at least until the lower boundary of the channel is reached. The currency pair should push through the
The Euro has been recently consolidating following a precipitous decline from 1.4650. As a result, EUR/CAD formed a symmetrical triangle, and the pair has already reached the apex of the pattern, meaning there should soon be a break-out. Considering the context of the market (explicitly bearish since mid-December) and the ‘sell' signals provided by the technical indicators, the price is
Following a short pause that the pair has made when hovering close to the upper trend-line of the bearish pattern, it is finally starting to move away from it. Moreover, just recently bears have managed to breach a support line represented by the weekly pivot point at 9.1173 and strengthened by a number of SMAs.Nevertheless, aggregate outlook for EUR/NOK cross
At the moment the EUR/SGD cross is developing in a very narrow-ranged falling wedge pattern, even though the quality and magnitude levels are very high. Pattern implies that the trading range is decreasing all the time, while now it does not exceed 130 pips. At the same time, trading volume on this pair has had an unusual tendency to increase
Given that EUR/USD is presently trading between two downward-sloping parallel trend-lines, the bias towards the pair is bearish. The negative outlook is also reinforced by the four-hour and daily technical indicators. The Euro is expected to push through the 2004 low at 1.1750 and head towards the lower boundary of the channel at 1.1640, where it merges with the
A failure to sustain a recovery after an encounter with the resistance at 1.10 resulted in emergence of a bearish channel. However, there is a significant risk of bulls taking control of the situation, which is represented by a 28-day up-trend. Accordingly, if the currency pair closes beneath the support at 1.0810, AUD/SGD will confirm its bearish intentions.Conversely, should there
Last time we have discussed the USD/JPY cross last week, and since then just a little has changed. The pair is still hovering inside the boundaries of the double top pattern, namely below any of two highs and above the valley between them. At the same time, the general trend tends to be rather negative for the US dollar. It
Even though initially it was assumed that the NZD/CAD currency pair made a successful attempt to bounce from the lower boundary of the rising wedge pattern in order to rise further, it began falling around 0.9320. This level is also considered as the January high, which pushed the pair back to trade downwards. At the moment technical indicators on all
Having found a solid support around 8.97 on Jan 8, EUR/NOK is currently negating some of the recent losses. Given that the pair has formed a bullish channel, the recovery is likely to persist. The Euro has just gained a foothold above 9.1433, meaning the next target is the Jan 12 high at 9.1887, though the price is expected to
There is an increasing chance of the recent recovery from 9.40 coming to an end, as implied by the emergence of a rising wedge. However, considering the bullish indicators on the four-hour chart, AUD/CAD still has some upward potential. The rally is thus likely to extend a bit further, to the Nov 21 high at 0.9850, before making a U-turn
It seems that by trading close to the lower boundary of the bearish channel since Tuesday of last week, the Pound/Yen currency pair is getting ready to jump in the foreseeable future, as it is gaining bullish momentum. Additional support is provided by a major demand zone just below the trend-line at 178 (monthly S2; weekly S1). Despite that, we
Since December 29 the Euro has been underperforming the Singaporean currency, which led to emergence of the present channel down pattern. At the same time, the pair has recently stabilised to trade sideways. As a result, it approached the upper-trend line of the pattern, even without moving considerably upwards. At the moment outlook for the pair is clouded. Technical indicators
Most of 2014 AUD/SGD has been trading between 1.1840 (Jul 1 high) and 1.11 (Jan 27 low). Nevertheless, in December the currency pair confirmed a breach of the support, heralding a change in the long-term outlook to negative.However, at the moment the Aussie is undergoing a bullish correction. The current rally should end near the mentioned 1.11, which is now
GBP/JPY proved to be unable to pass through a psychologically important mark at 190 during the first days of December, and since then the pair has been trending downwards. However, the near-tern outlook for the Pound is bullish—at the moment the currency is changing hand right next to the lower down-trend line forming the pattern, suggesting there is likely to
Though a channel down on the hourly chart seized to exist after the pair encountered some of the early December highs at 1.7780/60, the bias towards GBP/CAD is nonetheless negative. The indicators are currently mixed, but intactness of a longer-term bearish pattern has been recently confirmed by the presence of a strong resistance area at 1.8020 (down-trend, 200-period SMA). Consequently,
Even though the Kiwi/Greenback currency pair managed to confirm the triangle pattern by breaching its lower boundary back on January 2, on Monday it commenced a recovery and returned back to trade around 0.7820 today. At the moment signals for the future development of the cross are rather mixed. While technical indicators assume an increase of the Kiwi in the
Without reaching the upper boundary of the bearish channel, the USD/TRY currency pair began losing value again. It seems that a strong resistance was provided by the daily pivot point at 2.3069, where the pair resumed its trend to the south. Taking into account the bearish aggregate outlook for the pair, we do not think it will be able to