Gold is poised for more price gains, as the metal succeeded in confirming the descending triangle it traded in until early April. Along with crossing the pattern's upper edge, XAU/USD eroded the 200-period SMA and the monthly pivot point at 1,240 and 1,241, respectively. This fact is boosting the future outlook even more. Although short-term dips are not off the
While the long-term forecast for AUD/CAD is bearish, the likelihood of a bullish correction over the next 12 hours is quite high. This is agreed by the 1H technical indicators, as five of them a giving buy "signals" now. The pair will shortly encounter the weekly pivot along with the 100-hour SMA, as a spike above them will open doors
Our bias towards GBP/AUD is strongly bearish. For one, the pair is trading within the clear boundaries of the descending channel, and at the moment the rate is near the upper edge of the pattern. In addition, the technical indicators in the daily and weekly charts are mostly pointing south. As a result, we expect the Sterling to bounce off
The currency pair's prospects are currently unclear. On one hand, the price is forming a continuation pattern after experiencing a strong decline from 128 to 122.50 yen during the last five days, meaning the sell-off should soon resume. On the other hand, EUR/JPY has recently broken the falling resistance line, which in turn suggests a reversal. Accordingly, the key levels
GBP/AUD's outlook is mixed. On the one hand, there is a good chance the pair will end up climbing after confirming the reversal double bottom pattern. This idea is favoured by 4H technical studies and 53% of SWFX traders. On the other hand, bullish majority over the bears is unstable and the long-term signals are predominantly pointing to the South.
The upper trend-line of the bearish pattern is at risk of being penetrated in the hours to come. Even though technical indicators on all time frames are mixed, a moderate majority (54%) of SWFX traders thinks the Euro is going to recover against the Japanese Yen. However, even in case of the break-out the bears are going to meet the
EUR/TRY is currently closing in on the apex of the triangle the currency pair has been forming for the last eight months. Considering the before starting this consolidation pattern the Euro had been bullish and had already established a rising support trend-line that later became the lower boundary of the triangle, the bias towards the rate is strongly bullish. In
For the time being EUR/CHF is bearish. The currency pair has recently formed a downward-sloping channel, implying that the upside is limited by the falling resistance line at 1.0886/83, while the target is the lower boundary of the pattern at 1.0844/41. The latter area is also reinforced by the April 7 low and daily S2. Alternatively, should the price close
Both the short- and long-term outlooks on EUR/USD are bullish. Today the currency pair is expected to extend its current rally up to 1.1470/60, where we expect the Euro to start a downward correction. The downside, however, is limited, and not only by the lower boundary of the channel, but also by the rising support line that was established in
Technically USD/JPY was in a very good position to commence a depreciation. Rectangle pattern was violated after the Yen appreciated above the 110.64 mark against the Dollar, which is the monthly S1 that guarded the pattern lower horizontal trend-line. At the moment the pair is trying to erode the second monthly support at about 108.70. In any case, the outlook
Likelihood of more gains in the near-term is quite high, as the AUD/SGD currency pair has recently bounced off the lower edge of the pattern. However, considering the nature of the channel down, we remain bearish in the long run, unless this cross manages to breach the red boundary currently placed at 1.0256. The latter-mentioned case is not the base
The EUR/PLN currency pair remains oversold in the SWFX marketplace, because as many as 65% of all positions are short. This is moving odds in favour of a rebound, which seems to have already started. Yesterday the cross eliminated the monthly pivot point, thereby setting ground for a testing of the 200-period SMA at 4.30. Success here is not fully
For a very short moment the Aussie/Kiwi cross fell below the green trend-line of the triangle pattern it is currently trading in. Nevertheless, the bulls managed to revive and now the pair is dealing with the cluster of moving averages around 1.1115. A rally is not estimated, because the SMAs are immediately followed by the pattern upper boundary at 1.1139,
Since March 3 the two most popular commodity currencies have been fluctuating in the narrow range between 0.9866 and 1.0040. Given that because of this movement AUD/CAD created two peaks on March 9 and April 1, the pair's future outlook is pessimistic. Double tops are classical reversal patterns and they imply an ultimate renewal of the bearish trend. The first
The 200-hour SMA has not been letting the Kiwi to spike noticeably above it over the past three days. Lack of bullish strength is questioning any recovery prospects, also because the moving average line is reinforced by the weekly pivot point at 0.6848. Meanwhile, the 100-hour SMA has just crossed the 200-hour SMA to the downside, and this is going
Along with the wedge, which is a very long pattern going back to December 2015, the Cable is now probably forming a channel up due to developments of mid-March until today. For this purpose a drop below 1.4060 should be complicated, because it coincides with the March 16 and March 24 lows. Moreover, the monthly S1 offers another demand at
The Dollar carries clear downside risks in its pair with the Singapore Dollar. This particular cross is departing from the upper trend-line of the channel down pattern, while the most important moving average lines and the weekly pivot point are already behind the spot price of 1.35. Technical indicators on all three time frames are pointing down at the moment,
Right now the Sterling is probing the February low at 154.76 in its pair with the haven currency. Given that the high-quality triangle pattern was confirmed as expected on Friday, the outlook is now strongly bearish with respect to GBP. Initial testing of the mentioned historical level might prove difficult for the bears; however, ultimately it is massively exposed to
The ascending triangle pattern has not been completed yet, because the USD/DKK pair remains within its boundaries at the moment. Statistically and due to historical evidence, the one can anticipate a downward break out over the next 24 hours. However, for that to happen the US Dollar's bears should relatively successfully deal with two moving average lines (100/55-hour) that are
An ascending triangle that emerged in the 4H chart for the Cable implies that the break-out will happen to the downside. This is because of an earlier selloff of the Pound in February when it had lost more than eight figures to stop a drop at only the 1.3834 mark. Now GBP/USD is probing the 200-period SMA, which is giving
USD/SGD should shortly meet the upper boundary of the pattern at 1.3635 and from here we foresee a new wave of Greenback's selloff. A failure may, however, occur even earlier, because the most immediate resistance is the 200-hour SMA at 1.3592. Despite that, hourly and 4H technical studies suppose the pair will be able to rally until the red trend-line.
The Canadian Dollar has been declining against the Swiss Franc since the middle of the previous month within the borders of the descending channel. Furthermore, ever since the channel's upper border was confirmed on the 31st of March, the CAD/CHF has been rather rapidly moving towards the lower border, putting it to the test last Friday. Impetus received there was
The overall outlook for the GBP/USD pair is bullish, even though technical studies in the long-term are unable to confirm this. The pair formed a falling wedge pattern since the beginning of 2016, which mostly implies a breakout to the upside. However, because the wedge is broadening, there is still room for a decline, just as technical indicators suggest. The
In the short-term the US Dollar is capable of sliding down to the first weekly support line at 8.0384 that is the nearest demand level for its currency pair with the Swedish Krona. Although a temporary break is possible, we estimate more losses on the side of the Greenback, and our views are shared by 4H and daily technical indicators.