Since the beginning of this working week the Pound Sterling has already lost about 200 pips versus the Canadian Dollar. It is possible that the pace of the selloff with sharpen in the foreseeable future, as GBP/CAD managed to close below several major supports including the weekly pivot point and the 200-hour SMA, both located at 1.8278. According to the
Despite the failure of gold to surpass 1,284 in March, the price managed to stabilise near 1,208 dollars and is now recovering within a bullish channel. After the metal consolidates above a cluster of supports, we expect it to resume the rally and eventually reach the upper bound of the pattern, and there is enough room for new bulls
EUR/USD is set to advance higher. At the beginning of March, the currency pair successfully tested the major support trend-line and thus confirmed its bullish intentions. Moreover, there is now an ascending channel emerging in the four-hour chart.During the next several days, the price is expected to extend its latest recovery from the lower boundary of the pattern to the
Right now the Euro/Sterling exchange rate is trying to tackle the 200-period SMA at 0.7888. This support is assumed to be quite formidable, especially taking into account the demand it managed to create earlier in March. Back then the Euro was forced to resume adding value within the bullish channel. Given the negative distribution between the long and short positions
The Euro may relatively shortly produce a massive rebound against the Norwegian Krone, just as price reaches the lower edge of the channel down at 9.2074. At the same time, the bulls are also watching both daily and weekly S1 supports that might allow for an earlier spike upwards. The bullish case is boosted by the fact that the Euro
EUR/AUD is currently trading in what appears to be a descending channel, and this implies further depreciation of the Euro against the Aussie. This might be true in the near term, considering the 'sell' signals given by the hourly and four-hour technical indicators, but we are inclined to believe that the pair is not going to be able to push
Regardless of silver struggling to regain bullish momentum near the October 2015 high, our outlook on the metal is bullish. Demand is building up, and this is evidenced by the ascending triangle that formed following the rally in the first half of April. At the same time, the technical indicators are mostly pointing upwards, further increasing the upside risks. Once
The Dollar is capable of rallying up to the northern boundary of the pattern over the next three weeks, as it will be met near 2.92 along with the monthly R1. However, in the short-term the bulls must deal with the monthly pivot and 200-period SMA that are shaping the nearest resistance zone at 2.8684. Failure here would mean the
A rare triple bottom pattern emerged in the 1H chart for the EUR/NZD currency pair. It implies an ultimate confirmation to the upside. The base scenario assumes there will be a spike in the direction of 1.65 where the Euro will face the peak of the pattern. Intermediate supply will try to derail a recovery of the pair near 1.6466,
There are good reasons to be bullish on the New Zealand Dollar at the moment. The main argument in favour of stronger Kiwi is the fact that a month ago NZD/USD broke the 21-month resistance line to the upside, which implies a reversal. There is likely to be a sell-off in the near term, however, but it should prove to
bearish. Last month, the currency pair breached the 21-month trend-line, which paved the way for a test of the lowest level since October 2015, and the next prominent low is only at 1.2130, represented by the June 2015 minimum. At the same time, the upside is limited by a major down-trend that has been guiding the pair south since the
The currency pair's risks are skewed to the upside. EUR/PLN has recently broken through the three-and-a-half-month down-trend and has formed a bullish channel. The Euro is expected to rebound from a solid support area at 4.2970 and surpass this month's high at 4.3127—the target is the upper boundary of the pattern, which is likely to be tested at 4.3230. The
The Cable's trading range is gradually narrowing down. It has already led to an emergence of the falling wedge pattern. On the one hand, future risks can be skewed to the upside, which is implied by the pattern's nature. On the other hand, very few signals are indicating there is going to be a rally of the Pound. At first,
Although the US Dollar is making attempts to rebound and prevent a new leg down against the Norwegian Krone, we suspect this currency pair will not avoid a selloff. First of all, the spot is placed very close to the 200-hour SMA, which is followed by the weekly pivot point. They both are guarding the upper edge of the pattern.
The currency pair is currently undergoing a correction phase within the bullish channel after plunging 4.5 yen since the beginning of the month. Accordingly, the bears should eventually retake control of the pair, but for the time being there is a good chance the rate will rise, especially considering that the hourly and four-hour technical indicators are mostly pointing north.
The near-term outlook on GBP/AUD is strongly positive after the Sterling followed the bearish scenario described on Tuesday. Although the pair has formed a high-quality descending channel, right now the price is testing the lower boundary of the pattern. As if it were not enough, this trend-line is reinforced by the monthly S1 and 2015 low. As a result, we
Risks for the Greenback are skewed to the downside, owing to the fact this currency is estimated to confront a formidable resistance bunch. First of all, the weekly R2 and the monthly pivot point are placed close to each other between 1.3656 and 1.3660, respectively. On top of that, the 200-period SMA is sharply moving down. Its current level is
After a period of indecisive trading near the upper end of the pattern earlier today, the Euro has finally performed a break out to the upside. It could be suspected from the fact that triangles are continuation patterns, as they only reflect a transitory consolidation of prices before further development. The daily R2 is the nearest possible resistance at the
For the time being we are bullish on CAD/JPY. The currency pair is in a good position to rebound from 85 yen and pierce through the immediate resistances, represented by the weekly R1 and April 13 high, as the rate is currently fluctuating right next to the lower boundary of the ascending channel. Nevertheless, we do not see the price
There is a bearish channel emerging in the one-hour chart of USD/ZAR. However, we do not expect USD to underperform any longer. The reason is a dense demand are at 14.50, where the nine-week down-trend intersects the 11-month up-trend. Additionally, the pair is strongly oversold—three fourths of positions are short. Accordingly, the pair is more likely to exit the pattern
The American currency is well-positioned for deep losses against its northern counterpart in the nearest future, given that two major March lows (1.2856 and 1.2924) are already placed behind the spot. The key short-term support to watch is the monthly S1 at 1.2724, while technical indicators suggest the bears will succeed. In the mid-term USD/CAD should be ready to tackle
According to the current pace of growth of the Euro against the Swiss Franc, this currency pair will manage to reach the upper trend-line of the pattern by the end of this week. However, there are major resistances this pair will inevitably hit on its way up and they may cause a loss. One of them is the 200-hour SMA
The Aussie is in a good position to advance against its US counterpart, as AUD/USD has formed a well-defined channel. In addition, the pair is trading above the long-term SMA and above the three-month up-trend. Moreover, most of the four-hour and weekly technical studies are bullish. However, we are likely to see a bearish correction within the pattern before
Our short-term outlook on AUD/CAD is bearish. The currency pair is currently trading near the upper edge of the downward-sloping channel, which implies a decline from 0.9840, while the lower boundary and at the same time the target is 0.9750/40. As for the longer-term outlook, the bears are highly unlikely to be able to push the rate through demand at 0.97,