Gold is setting eye on the November 18 low at 1,064 and bears are in a good position to push the price considerably downwards. A drop below the mentioned level will be more difficult to achieve, taking into consideration a dense demand at 1,062/61, which consists of weekly S1 and daily S3. Long-term bearish goal is located at 1,055, represented
The US Dollar appears to be in a good spot to initiate a rally. The base scenario is a rebound from the up-trend at 122.90 and a recovery towards a dense supply area between 125 and 126 yen, which consists of the monthly R3, upper trend-line of the channel and summer highs. However, we should also not rule out a
The overall outlook on USD/CHF is bullish, being that the currency pair has formed an upward-sloping channel. The in the short run, however, we expect a decline, since the price is close to the upper trend-line of the pattern. The rate should top out near 1.0255 and then fall. If this resistance is not enough to stop the present advancement,
The US Dollar has approached the upper edge of the horizontal channel it has been trading within since the beginning of this year. Accordingly, the bias is to the downside, and the price is expected to bounce off of 8.84 and then decline through the 200-day SMA until it meets strong demand at 8.10.Eventually, however, there should be a break-out
Another qualitative, long and broad pattern was created by the Pound/Aussie cross. A typical continuation pattern, namely a triangle, was confirmed yesterday. Now the outlook turns bearish for the UK currency and we will probably see a sell-off extending substantially to the south in the near term. GBP/AUD has just set a new November low below 2.11. Both weekly S2
A classical reverse pattern has been formed by the Dollar/Yen cross in the one-hour chart. We are already observing lower trading volume, meaning demand for the pair is diminishing. Pattern is a high-quality and magnitude one, thus we should expect the sell-off to commence in the nearest future. This scenario is forecasted by short and medium term technical indicators, as
Observing price development since mid-October, EUR/SGD might seem in a good position for an upward correction, but the bearish risks are in fact increased. The reason is the falling resistance line that connects Oct 2 and Nov 13 highs. Accordingly, there is a higher chance of a break-out through support at 1.5070/40 than a breach of 1.5230 and an ensuing
GBP/JPY is currently struggling to move past resistance at 188.40, represented by the September high. Still, the overall outlook remains bullish. The currency pair has formed a well-defined ascending channel, which implies that losses are to be limited by the trend-line at 186.20, while the risks are skewed to the upside. The positive bias is also confirmed by the daily
The Aussie has surged in the night between Wednesday and Thursday, while the AUD/USD cross has penetrated the upper edge of the falling wedge pattern. In general, all patterns of this kind imply an upward confirmation, but in our case this event happened much earlier than it could be anticipated. Despite all, now the outlook becomes more positive with respect
The descending triangle pattern formed by the EUR/SGD cross implies a downward breakout in the next few hours of trading. The apex of the pattern can be touched in the next 24 hours, but breakouts usually happen somewhat earlier. The pair has already tested the horizontal trend-line earlier today, and we think that further attempts will take place shortly. Nevertheless,
USD/CHF is in a strong up-trend at the moment that started last month after a test of the 200-day SMA. Today the price is expected to rebound from a strong demand level at 1.0150 and top out at 1.0237 after breaking trough the weekly R3. The fact that the bears hold a majority of positions (72%), increases the likelihood of
We hold a bearish bias with respect to EUR/TRY. The main reason is the falling resistance trend-line, the beginning of which may be traced back to mid-October. The price is expected to bounce off of 3.0667 and push through the early Nov low. This will pave the way for a decline down to the lower boundary of the pattern, namely
Dollar/Yen cross neared the monthly R2 yesterday. By crossing this mark at 123.52, the currency pair will reopen the last week's high at 123.60 for the bulls. However, these levels are unlikely to represent a major threat to USD/JPY's bullish trend. Long traders are watching the 125 mark, which coincides with the upper trend-line of the channel up pattern. Here
Positive SWFX market sentiment (72%) with respect to gold is being offset by extremely strong US Dollar, which is driving the precious metal considerably to the downside. We expect no change in the direction of the bullion at least until the next working week. After crossing weekly S1 and daily pivot point at 1,073 the bears are aiming at next
The outlook on USD/DKK is bullish, as the currency pair is in the process of forming an upward-sloping channel. Meanwhile, we should be wary of a strong supply zone overhead. The closest significant resistance is at 7.06, represented by the monthly R2, but it is followed by the April and March peaks at 7.10 and 7.13, respectively, both of which
GBP/AUD is now trading right at the apex of the symmetrical triangle. However, there is little certainty regarding the direction of a break-out, being that since summer the currency pair has been lacking a distinct trend. Still, considering that there is a bullish bias among the technical indicators and the spot price is above the long-term moving average, the risks
The Euro is also unlikely to recovery versus the Polish Zloty in the foreseeable future. This currency pair has just bounced off the upper boundary of the falling wedge pattern and bears are increasingly supported by many technical levels above the spot. Dense resistance area at 4.25-4.26 consists of weekly and monthly pivot points, 100 and 200-period SMAs. Moreover, 74%
The bears are currently targeting Nov 12 low at 1.4183, after they breached both weekly and daily S1 at 1.4215/07. Success here should imply a future decline down to Nov 10 low at 1.4163. The next demand to watch will be located at 1.4076, with support offered by the weekly S2. Meantime, the pattern's lower trend-line is located slightly below
After a strong Sep-Oct sell-off the Euro is showing signs of recovery. Right now EUR/NZD is forming an upward channel, and the pair seems capable of advancing higher. The immediate obstacle is 1.66, but the main challenge for the bullish momentum is waiting circa 1.67, represented by the rising resistance line, 200-period SMA and monthly PP. In the meantime, near-term
GBP/AUD is currently trading within the boundaries of a bullish channel, which means further appreciation of the Sterling. At the moment, however, the currency pair is undergoing a bearish correction, and the sell-off may extend down to 2.1350 before we see a new rally. Nevertheless, despite the outlook implied by the pattern and the technical indicators, recovery in the longer
Pattern created by the Aussie against the US Dollar implies a narrowing trading range. As soon a the pattern is completed, we can expect a jump in the value of the Australian Dollar. However, in the near term a drop is suggested to be the most appropriate scenario for this currency pair. After consolidating below 0.71, the it will target the
A high-quality channel down pattern was formed by the most traded FX cross. At the moment we expect the sell-off to strengthen, following a recent bounce off the upper trend-line. First strong support is offered by the weekly S1 at 1.0689, which has already been touched earlier Monday morning. Additional support is the weekly S2 at 1.0604, followed by the
Having established a major support area around 1.5250 (2011 and 2013 lows), GBP/CAD began forming a channel back in 2013. However, the outlook until the end of the next year's first quarter is bearish, as the currency pair has recently bounced off of the upper boundary of the pattern and started a downward correction. The decline is expected to extend
Looking at AUD/CHF, there are quite a few 'sell' signals. First, the currency pair is trading right at the upper edge of the bullish channel that is forming in the daily chart. Secondly, in the four-hour chart the price is forming a rising wedge that usually portends a reversal, and in this case a sell-off from 0.72. The bearish intentions