Extension of the Euro's recovery from 1.0870 is unlikely. Even though the four-hour and daily technical indicators are mostly pointing north, the currency pair has formed a double top, a pattern that suggests a heightened risk of a sell-off. Still, the bearish scenario will not be confirmed as long as support at 1.0969/64 remains intact. Once the neck-line is broken,
The near-term outlook is bullish. A case of a decent rebound implied by the fact that GBP/USD is testing the lower boundary of the ascending channel is hardened by the four-hour and daily technical indicators. The main near-term challenge is a cluster of resistances between 1.4670 and 1.4670, consisting of the weekly R2 and the April and March highs. There
First attempt to break out of the triangle pattern took place on April 21, but the bears have quite successfully returned gold back into the boundaries. The outlook is thereby remaining strongly positive, also given that the continuation triangle pattern implies growth in the future. Moreover, all technical studies but 4H CCI and Stochastic are giving signals to either buy
The US Dollar is at high risk of depreciation against the Swiss currency, provided that this currency pair is struggling to cope with bearish pressure near the lower boundary of the channel up pattern. In addition to that, the Greenback is heavily overbought in the SWFX market, as almost three fourths of all positions are long. If there is a
Euro's rally from 121.70 is about to come to an end. The main reason to be bearish on the pair is the major down-trend line near 128 yen. Resistance there is also strengthened by the weekly R2 and March high. At the same time a little closer to the spot price, there is the monthly pivot point at 126.14, which
The overall outlook on GBP/NZD is bullish, being that the currency pair has recently broken through the upper boundary of the falling wedge that had been previously formed in the daily chart. Considering shorter-term developments, namely the price approaching the apex of the rising wedge in the hourly chart, there is likely to be a sell-off from 2.1244/28 (up-trend, daily
The channel up pattern for the AUD/USD currency pair is managing to preserve a high quality and magnitude reading, even though the pair has been unable to touch any of two trend-lines over the past three weeks. The outlook will remain positive, as long as the exchange rate keeps hovering inside the channel, namely above the 0.7650 mark backed by
The Swiss Franc has been in a recovery mode against the Singapore Dollar; however, this trend may soon come to a logical end. There is a cluster of resistances placed ahead of the spot price between 1.3928 and 1.3946. There the bulls are going to encounter the weekly pivot point and 200-hour SMA that are not among the easiest technical
GBP/CAD formed a double bottom—a pattern that portends a rally. An emerging falling wedge and the 'buy' signals in the four-hour time-frame add weight to this scenario. However, there are many counter-arguments as well. First of all, the angle between the converging trend-lines that form the falling wedge is very acute, implying that this might still be a descending channel,
A sell-off that began in the first half of April is unlikely to extend any further. Despite the fact that since the beginning of this year EUR/AUD has been trading in a down-trend, the pair has just met a 45-month up-trend, which resulted in an ascending triangle, a pattern that usually indicates growing demand. As a result, our base-case scenario
There are no supports left until 0.97 to provide any boost to the bulls in the days to come. The closest pivot area, namely the weekly and monthly S1s, are located already below the lower edge of the channel. At the same time, it is the first and foremost guarantee that the Aussie will avoid an easy failure here. Although
USD/CAD continues to recover for a fourth consecutive day this Monday, but the overall pip-measured gain has been limited so far. This is because the long-term expectations remain tilted to the downside due to strong boundaries of the channel down pattern. With 4H and daily technical indicators being bearish, the pair is forecasted to fail at 1.2840 or even below
USD/NOK has recently rebounded from the lower boundary of the channel it has been trading within since it left the boundaries of the rising wedge at the beginning of February. Nevertheless, the near-term outlook on the pair is bearish, being that there is a falling resistance line at 8.27 preventing further advancement. At the same time, the daily and weekly
EUR/CAD has been bearish since it broke through a one-year up-trend in mid-April. However, there is a high chance of a retracement back to resistance circa 1.47 before another sell-off, being that the currency pair is trading within the boundaries of a falling wedge, a pattern that implies weakening supply and strengthening demand. If the price manages to close above
CAD/CHF has been bullish since the beginning of April, but now there are strong arguments against further appreciation of the Canadian Dollar. There are many technical indicators that are pointing north, but the currency pair is approaching the upper boundary of the channel emerging in the daily chart. Moreover, the price is forming a rising wedge—a pattern that portends a
The Euro is very well positioned for losses over the next month. In the beginning of April the pair has bounced off the pattern's upper boundary, while subsequently crossing the monthly pivot point and all major moving average lines. Now the nearest support is represented by the March low, as well as monthly and weekly S1 lines at 1.4452/1.4398. Next
The Cable is receiving demand in face of the 100-hour SMA, which is placed around the weekly R1 at 1.4342. Both of them are provided with extra help from the daily PP and 55-hour SMA, and this is the major headache for GBP/USD's bears. As for more upside risks, the technicals are giving positive signals and the SWFX market sentiment
USD/JPY has just broken the neck-line of the double bottom pattern, which implies further appreciation of the US Dollar. The height of the pattern implies a rally towards the weekly R3 near 112 yen, but we may expect the recovery to extend up to the March 29 high just below the level of 114 yen. The immediate resistance is at
The main argument in favour of our bearish outlook on GBP/CAD is the fact that the currency pair broke the three-year trend-line to the downside in mid-February. Since then, the Sterling has been forming a descending channel, and we expect the currency to keep ceding ground relative to the Canadian Dollar. Pound's depreciation is also implied by the technical indicators
The winning streak of the Canadian Dollar in its pair with the Swiss Franc is expected to end near 0.79 where the pair will meet the upper bound of the pattern. From here, CAD/CHF should commence a correction lower, but the long-term forecast will remain bullish. Positive scenario is boosted by the technical indicators on all time frames, whether it
Thursday is volatile for the single European currency amid busy fundamental front. Despite that, there is a proper chance the EUR/SGD pair will commence a strong recovery soon after it had touched the lowest level in six weeks at 1.5173. We would allow for a short term pick up in the direction of the 200-hour SMA at 1.5294, which is
GBP/AUD keeps forming the pattern we looked at late last week. However, the currency pair did not rebound from 1.83 as expected—it failed to gain a foothold above 1.8520, and the price is now sliding back towards the lower boundary of the pattern. If support at 1.8250 fails to trigger strong buying, the current sell-off will most likely extend down
AUD/CAD has been trading within the boundaries of the bearish channel since it probed a four-month down-trend at the beginning of this week. Accordingly, our present outlook on the pair is negative, also considering the technical indicators. The near-term rallies should be capped by the red trend-line (currently at 0.9895), while the target is the lowed edge of the pattern
While in the 1H chart the EUR/PLN currency pair is trading inside the bullish channel, its long-term outlook remains unchangeably negative. As soon as the current leg up is completed, we are going to expect another wave of losses in the direction of 4.19. This is where the lower edge of the pattern is resting at the moment. Provided with