For the third consecutive week the USD/DKK currency cross has been trading sideways, even though there no strong support lines at least down to 5.89 (weekly S2; monthly pivot point). At the same time, if the mentioned level is reached in the foreseeable future, the demand area is likely to be strong enough to push the US dollar back to
After reaching the lower trend-line, the currency pair spent some time on this line and gained enough bullish momentum to commence a recovery. At the moment the single currency has already crossed the daily pivot point and is hovering further to the north. Concerning the narrow range between two boundaries of the pattern, the pair is likely to reach the
Due to a formidable support at 0.8540 tested on Nov 7 the Australian is now able to pare some of the recent losses against its US peer. As a result, there is a bullish channel emerging, meaning the up-trend may remain intact in the coming days. The near-term rally is also implied by the proximity of AUD/USD to a tough
Starting from the very beginning of November USD/JPY has been forming an upward channel, meaning the outlook for now is bullish. At the moment the pair is moving away from the lower boundary of the pattern towards the upper trend-line at 118, which in turn is reinforced by the weekly R1 and 2007 Oct high. However, the US Dollar will
Despite moving mostly in the sideways trend, the USD/CAD cross is approaching the lower trend-line of the bullish pattern. The eventual testing of this support line is likely to happen tomorrow, but for now the pair has to breach a considerable obstacle, represented by weekly pivot point and two SMAs. Taking into account mixed signals from technical indicators in the
The US dollar is likely to gain value after an unsuccessful testing of the lower boundary for two times. It looks like the pair intended to breach the line to decline even sharper; however, bulls at pattern's support were strong enough to push the American currency to the north. Since then the currency pair crossed three daily resistances, and short-term
Since the bears were unable to force the Euro to dip under 1.4040, the bulls regained control of the market and started to push the price higher while keeping it between two parallel trend-lines.Right now EUR/CAD is in the middle of a bullish wave, which is struggling to cross the 200-hour SMA. Unless the weekly pivot point at 1.4130 gives
As the resistance at 1.46 proved to be impenetrable this November, the Euro came under strong selling pressure that resulted in formation of the bearish channel. Accordingly, the medium-term risks are to the downside, especially considering that the currency pair is currently trading near the upper edge of the pattern.On the other hand, EUR/AUD will have to emerge victorious over
NZD/USD seems to have formed a double bottom pattern on a daily chart, as the currency pair has proven to be unable to push through the support at 0.7680 on two distinct occasions after a precipitous Jul-Sep decline. However, in order to confirm a reversal the New Zealand Dollar is required to breach the neck-line at 0.8030, which is formed
After reaching the upper boundary of the pattern in the end of the previous week, the US dollar began losing value against its Polish peer. However, a decline stopped in the middle between two trend-lines and now the pair tends to move horizontally. However, taking into account the pattern itself, its' support is slowly being approached. This is unlikely to
The Australian dollar has approached the lower boundary of the rising wedge pattern, mostly reflecting strength of its Canadian counterpart. At the moment the pair is testing this trend-line. If it successfully surpasses this demand area, reinforced by 100 and 200-hour SMAs, then we can expect the Aussie to drop down to daily S3 at 0.9735 in the long-term. This
The US Dollar has been outperforming the Canadian peer already since July, when the pair traded around this year's lower levels and the down-trend ended. However, on 15th of September a rising wedge pattern started to form. At the beginning of month USD/CAD set this year's high at 1.1467, since then we have seen a short-term bearish correction. Yet
Gold reached the lowest level this year at 1,132.33 on 7th of November; however, at this level the pair received a bullish impetus, which pushed the metal higher, thereby forming a triangle pattern. At the moment the lower boundary is challenged by the bears, who are in minority (36.80%) in the SWFX market. Nonetheless, the technical studies have a completely different
The ascending triangle pattern has just been confirmed to the downside, and the likelihood of US dollar's decline increased substantially. Right now the pair is only facing the 200-period SMA, a successful breach of which may open the way down to weekly S1 at 11.062. This idea is supported by short-term technical studies and 60% of market participants. Meanwhile, the
The single currency is constantly losing value against the Kiwi since Thursday of the previous week. At the moment the pair is hovering near the lower boundary of the bearish channel at 1.5764. It seems that the pair has a lack of bullish momentum to initiate the recovery after testing the lower trend-line yesterday, even though the vast majority of
After a test of 1.18 the AUD/SGD cross gave up its bullish intentions and plunged towards the 1.10 level. This decline also marked the beginning of a bearish channel. Since early August, when the down-trend started, to now the pair has lost around 800 pips. However, at the moment the Aussie is hovering around the upper trend-line, after approaching minor low
NZD/USD reached the lowest level this year at 0.7662 on 7th of November. Since then the pair has recovered some of the losses by forming a broadening rising wedge pattern. At the beginning of the week the Kiwi reached the upper trend-line around the 0.79 level; although, since then the pair has slipped slightly. The technical studies are mixed at
Similar to the vast part of JPY-crosses, this currency pair is also gaining strong value due to several fundamental and technical factors. At the same time, the recent fast pace of GBP/JPY's rise slowed considerably and the pair has been trading sideways since November 3. At the moment it is nearing the lower boundary of the bullish channel at 180.96,
The HKD/JPY currency pair is trading in the boundaries of double top pattern since beginning of this month. After forming the second top, the Hong Kong dollar is losing value versus the Japanese yen. At the moment the pair is testing strength of the daily S1 support line at 14.81, which is reinforced by 55 and 100-hour SMAs from above.
The lowest level of the year was set at 134.15 on 16th of October. However, at this level the Euro received a bullish impetus that helped the pair to form a channel up pattern. The Euro/Yen cross is stabilising its positions above the 144 level and by doing that it is showing its determination to climb even higher. Moreover, that is
After reaching the lowest level this year at 1.5791, GBP/USD started appreciating and by doing that it also formed a 55-bar long bullish channel. Recently, the pair touched the upper trend-line and now it is likely to depreciate towards the daily and weekly PP at 1.5903/00. There are a few indications of the pair being oversold. The majority of the 1H
Despite being only 70-bar long, the channel formed by the USD/SGD pair is considered as rather qualitative. The cross has been trading inside the boundaries of the pattern since the very first day of its creation. Right now the US currency is getting ready to begin a recovery and move in the direction of the upper trend-line, which is located
The Euro has been depreciating versus Swiss franc since the beginning of October, but the present falling wedge pattern was formed only on the last day of that month. Since the pair refused to advance after reaching the lower boundary of the pattern, it is approaching the 1.20 important mark, which it is unlikely to be breached due to SNB's
After falling to the lowest level this year at 0.7767 on September, the pair managed to recover above the psychological level at 0.80. However, not for long, as EUR/GBP failed to stabilise its positions there and declined towards the 0.78 level. At the current trading levels the pair is on a period of consolidation and it is supported at the 0.78