The bias towards the Euro is negative, but only in the near term. EUR/USD is expected to bounce off of the upper edge of the channel at 1.1250 and then head towards a cluster of supports between 1.1150 and 1.1115 dollars. The centrepiece of this demand area is the seven-month rising trend-line, which is reinforced by the March 24 low,
The emerging channel is the result of a reaction to the test of the lower bound of the corridor forming in the higher time frame. Accordingly, while there is likely to be a short-term sell-off from 1.1130 down to 1.11, there is a good chance that during this week the Euro will be able to appreciate to 1.1180-1.1190 francs. The
Expectations for the US Dollar against another Scandinavian currency are similarly bullish. Even though the Danish Krone is getting stronger at the moment, this upside correction will likely become a short-lived one. Indeed, the one-hour technical indicators are giving the signals to sell USD/DKK, while in the future they tend to turn more bullish on the matter. Here, a recovery
The USD/SEK cross is expected to move forward within the ascending triangle pattern. At the moment there are few downside risks that may potentially detail a strong appreciation of the Greenback at the expense of the Swedish currency. The current correction lower will likely end near the 8.30 marker, where it is going to meet the pattern's lower boundary, the
The overall bias towards USD/ZAR is bullish, as the currency pair has recently left the boundaries of the four-month bearish channel and entered a new upward-sloping corridor. Appreciation of the US Dollar, however, is likely to prove to be difficult, considering that the pair is currently trading right at the upper bound of the pattern and at the same time
Although the Aussie has been heavily sold off since the end of April, there is a good chance the bearish momentum is soon to give way for a rally, at least in the near term. The main reason to be bullish on AUD/JPY is the way the pair consolidates—it is forming an ascending triangle, which implies growing demand. Accordingly, if
The Sterling is expected to fail against the Greenback very soon, as this pair has just reached the pattern's upper edge. However, considering continuation nature of the of descending triangle, GBP/USD is likely to break out of it with an upward confirmation. Now activity of the bulls is not at the highest possible level, even though the 4H technical indicators
While AUD/CAD has been trading mainly sideways over the past few days and the trading range has been falling, it managed to create a symmetrical triangle pattern. This particular case implies a bearish outlook for the future, as triangles assume the previous downside trend of the pair will be continued at some point of time. Now we are watching the
After a failure to get a foothold above a critical resistance level of 1.15 dollars two weeks ago, the Euro is now trending lower. However, considering the pattern the pair is now forming, the bears are unlikely to remain in control for long. The falling wedge emerging in the four-hour chart of EUR/USD implies a rally, once the price closes
Although USD/DKK is slowly but surely approaching the upper bound of the bearish channel that is forming in the daily chart, there is a good chance the rate will remain bullish until the end of the next week. During the next few days the Greenback is to undergo a downward correction from 6.65, but the green trend-line should be enough
Even though within the triangle pattern the outlook for the Sterling against the Yen should be tilted to the downside, the market seems to be assuming the opposite. At the moment the pair is testing the pattern's upper edge at 159.23, which can theoretically trigger a short-term sell-off down to the 154.50 mark, namely the green uptrend. However, near-term technical
The Sterling seems to be strong enough in order to test the upper trend-line of the ascending channel with a relatively high level of confidence. According to the overwhelming majority of technical indicators, especially on longer-term time frames, the GBP/CAD cross will appreciate further and will violate the trend-line. The following resistance will then be placed at 1.8972 (weekly R2),
Considering the pattern emerging in the one-hour chart of USD/JPY and the fact that the price is trading above its long-term moving average, the outlook on the currency pair is moderately bullish. The US Dollar is expected to extend the recovery from the green trend-line up to the upper boundary of the channel at 109.80. Appreciation of the Greenback in
EUR/SEK formed the channel soon after a test of 9.16—a major demand area that was established a year ago and repeatedly confirmed thereafter. Right now, the currency pair is completing a bearish correction within the pattern, and thus it should soon rebound. The price is expected to bounce off of 9.3220 and rally through the May 16 high at
Another leg to the north is emerging in the 4H chart for the EUR/CHF currency pair. The key short-term resistance to meet is located ten pips below the round 1.11 mark. By succeeding here the 19-nation currency will be in a position to tackle the current high of this month at 1.1109 and the monthly R2 at 1.1122. A way
Outlook for the Aussie is bullish, although some downside risks are going to persist in the foreseeable future. AUD/JPY is expected to test the pattern's upper boundary, which is represented by the May 10 high at 80.693. By violating this reading, the pair will set eye on the second weekly resistance that lies at 81.4186, with the current May peak
There is a potential reversal looming in the four-hour chart of spot silver. The metal has recently failed to extend the rally from the April's low beyond 18 dollars, and the ensuing pattern, a descending triangle, implies a bearish outlook. The key support is at 16.90, represented by the lower boundary of the pattern reinforced by the monthly pivot point.
The general outlook on EUR/CAD is strongly bearish, as the currency pair has recently confirmed the 13-month trend-line broken in mid-April by bouncing off of resistance at 1.48. The downside risks are also increased by the fact that 71% of traders are already long the single currency.Regardless of the mixed technical indicators, the near-term bias towards the Euro is bearish
The single European currency is highly likely to continue tumbling against the strengthening Norwegian Krone. First of all, the pair has recently consolidated under a formidable cluster of support line, which held it under intense upside pressure over the first two weeks of May, between 9.2750 and 9.36. Now the focus is turning to the monthly S2 and the April
According to technical indicators on all major relevant time frames, the US Dollar is going to continue outperforming the South African Rand. It proclaims that there is an uplifted likelihood that the currency pair will breach the upper trend-line of the pattern. Moreover, 72% of the SWFX market positions are short on USD and it will support this currency even
While the near-term outlook is bullish, the longer-term risks are heavily skewed to the downside. At the moment, CAD/CHF is recovering from the lower edge of the ascending channel, and the currency pair is highly likely to re-test last year's December high at 0.7750. An additional argument in favour is a high portion of bears—they take up 72% of
Most of the studies show AUD/SGD is going to keep falling. For one, the pair has formed a high-quality descending channel, and the pattern implies that the price will bounce off of the resistance at 1.0018. At the same time, most of the technical indicators, especially in the four-hour chart, are giving ‘sell' signals. Accordingly, the exchange rate is expected
GBP/AUD is well-positioned for a rally, since the pair is currently trading right at the lower boundary of the ascending channel. The bullish outlook is reinforced by the facts that last week the price broken through the eight-month down-trend an that a majority of the technical studies is pointing north. Also, the distribution between the bulls (34%) and bears (66%)
The Pound is expected to complete another leg down by the end of next week when it hits the 1.4176 marker, currently backed by the weekly S2 along with the monthly S1 and green uptrend line. A recovery may start even earlier around current spot, which merges with the 200-period SMA at 1.4368. These bright projections, however, are not shared