Judging by the situation in the weekly time frame, EUR/SGD is currently trading in a symmetrical triangle. A test of the lower boundary of this pattern has recently triggered a recovery, which in turn appears to be developing within an ascending channel. Considering that at the moment the pair is trading right at the upper boundary of this corridor, the
A rally that was initiated in late May has managed to push the price through the relatively recently established falling resistance line, which implies that EUR/CAD will keep advancing north. At the moment, however, the upside is capped by the upper edge of the channel, while the dips are likely to be limited by the trend-line that has just been
The Aussie has been in channel up pattern against the Greenback since May 26 and has managed to rebound already two times. Last rebound was against the lower trend-line on Thursday and the pair moved a little upwards trough a cluster of various resistances and has a long way until the upper trend-line. The cross passed all SMAs and the
The US Dollar entered a rising wedge pattern against the Hong Kong Dollar on May 9 and since than it has two times topped and bottomed out. At the moment it is in a volatile movement to the lower trend-line, as it has topped on Tuesday, but still faces six supports on its way down. First of all, it is
As a result of EUR/GBP bumping into a descending resistance line that connects the peaks of the last 7+ years, the currency pair is now trading in a bearish channel. Considering that the exchange rate is also right at the upper bound of the pattern and that most of the daily and weekly technical indicators are giving ‘sell' signals,
We are short-term bullish on EUR/CAD, but the potential gains are limited. The currency pair is poised for a rally from the 200-hour SMA and the rising trend-line at 1.4580, but the rate is not seen as rising higher than a major resistance area circa 1.47. There the nine-week down-trend line is strengthened by the weekly R1 and June 2
The Swiss Franc has been in a channel down pattern since May 3 when it reached 1.4273. However, the pattern's upper trend-line was broken once again over the next day. At the moment the currency pair is in the middle of the ascending pattern and hovers in the direction of its upper trend-line at around 1.40. The pattern is also
The USD/RUB pair has entered a channel up pattern beginning with May 26 when it bottomed out at 65. The exchange rate has rebounded the second time from the pattern's upper trend-line and at the moment it is in the middle of the downward move. The pair could hit the lower pattern line at around 66.50, where the 100 and
Despite the low quality of the pattern, NZD/CAD is nevertheless trading in an up-trend after bottoming out at 0.86 in April. Considering that the pair has already reached the upper bound of the potential channel, the risks are considered to be skewed to the downside. The exchange rate is expected to bounce off of 0.8960 and fall towards a cluster
After the currency pair confirmed the upper bound of the ascending channel emerging in the four-hour chart, it entered a bearish correction and formed a downward-sloping corridor in the lower time frame. At the moment, however, USD/PLN is trading right at the support line of the newly established pattern, which implies a one to two-day rally of 250pips towards the
The Canadian Dollar is in a triangle pattern against the Japanese Yen, as the Loonie bounced off the pattern's upper trend-line yesterday at 85.33 and is moving downwards. At the moment it is located quite close to the first weekly support of 83.38. If the exchange rate falls below the weekly S1, then it will likely move to the next
The US Dollar is in a narrowing wedge pattern against the Canadian Dollar, as it bounced off the upper pattern line at 1.3127 and started moving downwards. At the moment it is stuck between a cluster of supports at the daily PP at 1.3082, 200-day SMA of 1.3076, 55-day SMA at 1.3054 and the weekly pivot point with the 100-day
Following the Apr 27-May 6 sell-off AUD/JPY entered a horizontal trend. This pattern now implies that the rallies will be contained by resistance at 80.50, while dips will be limited by support at 78.50. However, taking into account that a decline preceded formation of the pattern, the bears should eventually overpower bulls and force the price our of the rectangle
For the time being our outlook on gold is bullish. The price has recently broken a falling resistance line and established a high-quality ascending channel. Additionally, most of the near-term technical indicators are pointing upwards. Accordingly, we expect the rate to rebound from 1,215/1,214 and begin a downward correction only near the upper bound of the channel, namely near 1,221.50
While in the long run the CAD/CHF cross has just confirmed the triangle pattern, in the short-term it is trading to the upside. The pace of growth is expected to increase even more, after the present leg down is fully completed within 20 pips from the spot (0.7582). Down there, at 0.7558/49, the bears are going to encounter a considerable
Since the Pound has stagnated in terms of growth against the Euro over the past week, it has therefore formed a double bottom pattern. As a result, we see the upside pressure increasing in the nearest future and the outlook is positive precisely for the European single currency. However, technical studies are deeply mixed for the moment and give no
GBP/NZD has recently broken out of the falling wedge pattern, which implies an overall bullish outlook on the pair. The positive bias is also reinforced by the fact that the rate has formed an ascending channel and that a majority of the technical indicators, especially in the four-hour and daily charts, is pointing north. Nevertheless, we should note that the
Despite there being a well-defined bullish channel that formed after a test of the major support at 6.50, further appreciation of the US Dollar against the Danish Krone is questionable. Although we still have not seen a reaction, there is a potential seven-month down-trend and monthly PP lying between 6.6940 and 6.6860. Accordingly, also considering that the Greenback is oversold
The Australian Dollar's outlook against the Japanese Yen is strongly positive. Over the past four weeks the bears have failed three times to send the pair much below the 78.40 zone, meaning the upside pressure there is on the rise. While the intermediate resistance is now represented by the weekly R1 at 79.93, the most crucial test will take place
GBP/USD is on the verge of resuming its upward tendency, and the daily technical indicators suppose it may happen sooner than the current channel implies. Under the base scenario the Cable will fall down as low as 1.4545 before starting to build another leg to the north in the direction of the red boundary of the pattern at 1.4775. However,
The Australian Dollar has been recovering since last year's August, but now the outlook on AUD/CHF is heavily bearish. The currency pair has recently confirmed the upper bound of the four-year descending channel, and this implies a multi-quarter sell-off from 0.76 towards the lower trend-line of the pattern, which is currently at 0.58, but is likely to be tested much
Using the lower bound of the rising wedge in the daily chart CAD/CHF is currently trading in an ascending channel in the four-hour time frame. Accordingly, while we are bullish on the Loonie in the short term, the currency pair is highly likely to violate the green trend-line in the second half of June after bumping into an eight-year down-trend
The bearish channel silver is currently trading within is a correctional phase of the recovery from 13.70, which was started in January but took a break after touching 18 dollars in early May. The price of the metal should soon reach a major support area at 15.96/89, where demand is implied by the monthly S1 and a five-month up-trend. Here,
EUR/CAD continues to form a long-term triangle pattern, which dates back to March of this year. Current phase of the pair's development indicates to a recovery from lower upward-sloping boundary placed 1.4448 for the moment. The rally should prolong to 1.4768, by piercing through the 55/100-period moving average and the weekly pivot on the way up. At the same time,