Positive outlook for the USD/SEK currency pair is currently supported both by technical indicators and market sentiment. The former are bullish on all time frames, meaning that they are waiting for the cross to rally in the next 24 hours. Alongside, 72% of SWFX market participants are holding long open positions on the Greenback versus the Swedish Krona. Therefore, the
While the British Pound appears to be on a firm footing against the US Dollar, the are signs the Euro is going outperform the Sterling. During this week EUR/GBP has been trending downwards, but at the same time the currency pair has been forming a falling wedge, a pattern that portends a reversal. Additional arguments in favour of a stronger
GBP/USD is in a good position to advance further, but the rally that was started at 1.5330 is likely to resume only tomorrow. Overall we are bullish on the Pound, but the currency pair must first complete the downward correction, and this implies a decline to 1.5550. The negative short-term bias is also indicated by the technical studies. Once the
The medium-term outlook for the Kiwi against the Greenback is quite mixed at the moment. The pair has been continuing to rebound last week, thus gradually approaching the upper trend-line of the channel down pattern. Bulls are additionally supported by positive market sentiment, which is favouring an appreciation of the Kiwi in 71% of all cases. Despite that, NZD/USD is
Gold is still trading inside the boundaries of the triangle pattern, even though it is nearing the apex of the pattern. The break-out will eventually happen in the next 24 hours, while technical indicators suggest the downward tendency will be in place in the near and medium-term. Therefore, risks of a bearish confirmation are increasing at the moment. XAU/USD is
Though there are some concerns regarding the strength of the bullish momentum, as previously the trends did not last for too long, the bias towards USD/CHF is nevertheless positive. The outlook is also reinforced by the technical studies. The exchange rate is expected to rebound from the support trend-line at 0.9415, break through the monthly R1 and May high and
AUD/USD has just gained a foothold above the 200-hour SMA; therefore the currency pair is likely to keep moving towards the key resistance level at 0.75. There the Aussie will meet the neck-line of the double bottom pattern, and if the price closes higher, this will pave a way for a 120-pip rally (to the monthly R2). However, the daily
EUR/TRY is examining the lower edge of the channel down pattern at the moment. However, a rebound of the Euro seems quite likely to take place in the foreseeable future. Additional support should be provided by the weekly S2 and monthly S1 just below the pattern's lower trend-line. The solid demand area tends to overshadow the strongly bearish technical indicators
USD/ZAR currency pair has successfully confirmed the triangle pattern, by making a break-out to the downside. The exchange rate is already trading around the weekly S1 at 12.3485. In case this level is violated, as suggested by the four-hour technical indicators, the next target level for bears will then become the weekly S2 at 12.21, followed by the previous month's
Despite the length of the pattern (800 candles), the boundaries of the pattern remain shaky, and we still need the market to confirm the trend-lines, especially the lower one. This is where the long-term moving average should come to the rescue and help demand at 1.1066 to send the exchange rate higher, towards the upper edge of the channel. The
NZD/USD remains in a strong downward trend, but there are emerging significant upside risks. The main threat to the short positions is represented by 0.6559, the lowest price since 2010. Nevertheless, the short-term outlook is still bearish, and we expect the New Zealand Dollar to keep depreciating for now, while the rallies are capped by the falling resistance trend-line.If the
The US Dollar was forced to return above the 55-period SMA and monthly R1 on Monday, after testing these levels last week. Therefore, the bearish correction is under a threat of being terminated in the nearest future, especially considering the strength of the next demand areas around 7.95, 7.88 and 7.83. As a result of that, daily and weekly technical
AUD/SGD cross is attempting to recover its deep losses that occurred in the past two weeks, when the value of the Australian Dollar fell from 1.04 down to 1.00 versus the Singapore Dollar. The main obstacle for bulls is currently represented by the weekly PP at 1.0077, which is strengthened by the daily PP, 55 and 100-hour SMAs from below.
Despite the fact that AUD/CAD is currently trading between the major demand and supply zones, there should soon be a break-out, as we are closing in on the apex of the triangle. Considering the nature of the pattern, the bears are more likely to overpower the bulls, and this will expose the 2013 low at 0.9176. In the meantime,
Although previously it seemed as if GBP/AUD has been trading within a bullish channel, now there are well-grounded concerns that we observe formation of a rising wedge. The trading range of the currency pair started to narrow, and instead of two parallel trend-lines the peaks and lows are connected by two converging lines, which implies an increasing chance of a
EUR/GBP has formed a double top, meaning the risks are skewed to the downside. The bearish outlook is also confirmed by the technical indicators. However, for the time being demand at 0.7160 is able to withstand the selling pressure, being that the neck-line is reinforced by the weekly pivot point. Still, if there is a close beneath this level, there
The Euro is still trading inside the boundaries of the channel down pattern against the British Pound, even though the exchange rate has somewhat rebounded in the past several weeks. Moreover, the EUR/GBP is currently approaching the upper trend-line of the pattern, which is still strengthened by this week's resistance, namely the weekly R2 at 0.7279. The short-term outlook is
AUD/JPY has just confirmed the broadening falling wedge pattern, as the resistance at 90.60 failed to stop bulls from pushing the Australian Dollar higher. The rate is now testing the weekly S1 at 91.36, and gains are expected to be solid in case of consolidation above this mark. The bullish outlook is also supported by the short and medium-term technical
The Euro looks weak against the Turkish Lira. During the next few weeks the price is expected to fall down to 2.8520, namely to the May low, before we see any meaningful demand. In the short run the base case scenario is that EUR/TRY will bounce off of the falling resistance line at 2.98 and head towards the monthly S1.
The outlook on USD/SEK is bullish, as the downward correction is about to come to an end. Apparently, the SWFX traders have a similar view, since 70% of positions are long. The currency pair is expected to turn around 8.3777 and rally. The initial target will then be a combination of several supports that join together to create a dense
After the EUR/AUD cross bounced off the 55 and 100-period SMAs last week, it has experienced a substantial climb in value and reached the 1.4965 mark (weekly R1) Wednesday. Nevertheless, the Euro is estimated to advance in the foreseeable future, unless the pair unexpectedly consolidates below the monthly R1 at 1.4755. The bulls are expected to target the monthly R2
Despite the fact the Kiwi is currently rebounding versus the US Dollar inside the boundaries of the channel down pattern, the pair is highly likely to be rejected by the weekly pivot point in the nearest future. This resistance is placed just below the pattern's upper edge at 0.6750, and the Kiwi has already attempted to test this mark yesterday
EUR/NZD appears to be forming a bearish channel, and if the currency pair finally closes beneath the long-term SMA, the bearish outlook will be confirmed. From below the potential losses are limited by the support trend-line, which is reinforced by the weekly pivot point. Another dense demand zone is supposed to be circa 1.6350 (Jul 1 low). In the meantime,
Even though the trend-lines drawn may not be equally important, there is a good chance the currency pair is forming a bullish channel. EUR/SEK is expected to rebound from the 9.37 and rise up to the upper edge of the pattern. However, we should note that there is a plethora of resistances overhead. The levels that pose the most threat