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,
The trading range of the Kiwi/Dollar has been narrowing since May 17 when this currency pair has commenced a first leg down in the direction of 0.67. Now the difference between the upper and lower trend-lines amounts to only 60 pips and it will continue decreasing. Under the base scenario we will see a fresh slump down to 0.67, namely
The Greenback's upward tendency has probably come to an end, provided that USD/JPY neared the pattern's upper boundary at 110.31. Guarded by the first monthly resistance, the cross may experience difficulties with breaching the pattern in order to extend the rally. However, if it happens, the cross will be anticipated to reach at least the weekly R1 by the end
Gold has been trading downwards in a narrow channel and the outlook remains negative for the time being. In the short-term we see the prices failing again, as soon as they approach the upper boundary at 1,233.76. Considering that the edge is backed by the weekly S1, daily R2 and 100-hour SMA, the likelihood of the fresh sell-off is quite
The Australian Dollar seems to be reversing its two-month long losing streak, as the double bottom pattern suggests the bulls have found ground to commence an upward breakout. The valley has its low at 0.9361 where the AUD/CAD pair stopped falling down on May 13. The crucial bearish test will happen in the 0.9513/19 area, where the weekly R1 is
While technical studies are partly suggesting that the Cable is overbought, we tend to agree that the correction is likely to take place in the foreseeable future. This is despite the bearish-biased SWFX market sentiment, which is adding to the idea of a continuous rebound of the Pound Sterling. The pattern's upper edge is located within 80 pips from the
GBP/AUD has been moving upwards in a tight trading range, therefore leaving a high risk of break outs in any direction. Now the outlook is maintaining bullish bias, as both trend-lines of the pattern remain intact. Moreover, a moderate prevalence of the SWFX bears (61%) over bulls (39%) may ultimately benefit the latter. However, technical indicators in both short and
The Sterling has been doing well against the New Zealand Dollar over the first two days of this week. It has already gained more than 2% after the 200-hour SMA boosted the exchange rate 24 hours ago. All May 24 daily resistances are violated, meaning weekly supply levels are left alone on the battleground. The nearest one is the weekly
Outlook for the Aussie against the Swiss Franc is bullish, since this currency pair has emerged with a rare triple bottom pattern in the 4H chart. The base scenario for this reversal pattern implies a spike of the exchange rate above the 0.7209 mark, namely the red horizontal trend-line, which has been holding AUD/CHF under pressure since early May. By
At the current moment the US Dollar is expected to bounce off the lower boundary of the channel up pattern, which should lead to an increase in value of this currency against the South African Rand by more than 4% over this week. By adding this percentage value, USD/ZAR will manage to reach the upper boundary of the channel at
At the moment EUR/SGD is bullish, as the currency pair is guided north by the trend-line that was established back in 2015, currently at 1.53. The upside, however, is limited, being that there is an upper boundary of an eight-year downward-sloping channel at the level of 1.5950 Singapore dollars that is supposed to prevent further appreciation of the single currency