Currently, there is a great opportunity for the EUR/CAD currency pair to rally, especially considering the pair's location near the lower trend-line of the bullish pattern. However, for the positive trend to be established, the common currency is required to escape the vicinity of many technical levels in the 1.38-1.39 area. Two most important resistances are the weekly PP and
Although on the hourly chart it may seem that the Euro is likely to keep underperforming, on the longer-term time-frame the picture is bullish. Accordingly, the downside potential of EUR/PLN is likely to be limited by the major up-trend at 4.1230, but a reversal may occur before a test of this level, namely in the vicinity of the recent low
Today's outlook on the Sterling is bullish. GBP/CAD is expected to bounce off the lower boundary of the channel and rise towards 1.94. There the rate should encounter strong resistance, implied by the upper trend-line and the weekly R2 level. The downside risks are represented by supply around 1.93, where the weekly R1 merges with the Jun 16 high, but
For a fifth consecutive day the US Dollar is trying to pierce through the major resistance area and commence an eventual rebound from the lower boundary of the bullish channel. The nearest supply is reinforced by the 100 and 55-period SMAs, as well as the weekly pivot point just below 1.35. An ability to consolidate above them will refocus attention
The Sterling/Dollar pair formed a rising wedge pattern during the past trading week. The pattern implies a narrowing trading range, making it difficult for the Pound to continue developing inside the boundaries of the wedge. The exchange rate is still located around the upper edge, even though there were attempts to lose value on June 16. However, the 55-hour SMA
EUR/GBP failed to overcome resistance at 0.7389, and since Jun 9 the currency pair has been in a down-trend. Now, as the long-run moving average is out of the way, the Euro could be aiming for 0.7056, namely for the May low. As for the current situation, the near-term risks are also heavily skewed to the downside, being that the
As NZD/USD was unable to rise past 0.7745, the currency pair is now forming a bearish channel. Accordingly, the overall outlook is negative. However, in the short run there is an increased possibility of a rally, considering that the exchange rate is fluctuating just above the lower boundary of the pattern. The potential gains should be limited by the falling
The Greenback came under intense bearish pressure in the beginning of June, when the USD/SEK pair neared the upper boundary of the channel down pattern. Since then the US Dollar has been constantly losing value and has just recently penetrated the monthly S1. This event increases the risk of bears pushing the pair even lower. Moreover, 55-period SMA has just
After touching the upper trend-line of the bullish pattern on June 10, the Euro/Kiwi cross decided to trade sideways. The tendency persists at the moment as well, meaning that the pair is inevitably going to approach the lower edge some time in the future. However, a decisive move to the south is not off the table; however, the pair should
USD/CAD is ready to break out of the pattern. However, the signals are conflicting. The pattern itself indicates that the demand is building up. On the other hand, for a few days before the ascending triangle the market was bearish, and the price is below the long-term SMA. At the same time, the technical studies are mixed.If the rate closes
The bias towards USD/PLN is negative. The currency pair has just approached the upper boundary of the recently formed bearish channel. The US Dollar should bounce off resistance at 3.72 and penetrate the nearest supports, including the monthly PP at 3.70, 200-period SMA at 3.6730 and Jun 10 low at 3.6475. A rebound will be expected at 3.61, where the
USD/TRY has recently touched a strong resistance level, and there is likely to be a further sell-off over the next couple of weeks, despite the daily indicators pointing upwards. Nonetheless, the overall outlook remain bullish, and the downside should be limited by the potential lower boundary of the bullish channel at 2.65 reinforced by the monthly PP. There the currency
This week the Kiwi has plummeted against the majority of its counterparts. The list of currency pairs included the Kiwi/Loonie, which dropped substantially, and therefore confirmed the descending triangle pattern. By crossing both weekly and monthly S1 support lines, there is a greater risk the New Zealand currency will continue falling in the medium and long-term against the Canadian Dollar.
The Euro has neared the lower boundary of the double top pattern, which is represented by the valley between two tops, Jun 8 low and weekly pivot point at 1.0440. Supported by the daily S3 nine pips lower, the EUR/CHF currency pair is expected to commence a recovery and develop in the direction of recent high around 1.0565. The bullish
Although USD/DKK is currently trading within the boundaries of a high-quality bearish channel, we should be wary of the fact that the US Dollar is currently undergoing a downward correction. This significantly increases the upside risks.Still, there is some downward potential left. The 38.2% Fibonacci retracement of the May 2014—Mar 2015 rally is at 6.44, and we might descend down
For the past two months the currency pair has been distinctly bullish, and there are good arguments in favour of the Euro appreciating further. The main reasons for a positive outlook are that the indicators are mostly pointing upwards, and there is a well-defined upward-sloping channel.However, EUR/NZD is facing a critical resistance area around 1.6278, represented by the upper edge
After hitting the present pattern's high at 97.33 in the middle of May, the AUD/JPY currency pair has been under intensive bearish pressure. Short traders managed to push the Aussie down for two times in May and June, which resulted in the emergence of the double top pattern. However, it seems that now the pair is getting a third chance
After an eight-day long development in the horizontal trend between 0.7267 and 0.7387, the Euro/Sterling pair managed to create a rare rectangle pattern, while its boundaries have been keeping the exchange rate under control so far. The base scenario is for the Euro's advance in the nearest future, as bulls are likely to get additional impetus from the weekly pivot
Judging by the latest developments in USD/NOK, the recent rebound of the US Dollar has already come to an end. The reason is a reversal pattern, though it is still yet to be confirmed, and we might need a catalyst in the form of the US-negative fundamental news to break through the tough neck-line at 0.71, and there is also
AUD/USD appears to have bottomed out at 0.76, and there is an increased possibility of a strong rally over the next several weeks. Once a cluster of resistances just above 0.78 is broken, the Aussie will be in a good position to surge towards May high, despite there being the 200-period SMA. A more conservative target would be the monthly
Following a long period of losses, the Euro is now rallying against the Japanese Yen. The 2015 low at 126, a starting point of the present pattern, has been touched in the middle of April. However, the correction is very likely in the nearest future, as the pair bounced back from the upper trend-line last week. In case monthly R1
The 19-nation currency has attempted to violate the triangle's boundaries for several times in the past twelve hours. However, EUR/JPY broadly remains in a tight range between two major technical levels, represented by the weekly PP and weekly R1 at 9.3436 and 9.3973, respectively. Only a move beyond one of these marks will eventually confirm the pattern. Judging from signals,
In general, XAU/USD is still in search of the trend: for the time being the price is flat. Meanwhile, on the four-hour chart the outlook is bearish, since the price is trading right at the upper boundary of the downward-sloping channel. Accordingly, the base case scenario is a decline from 1,180 through the June low and down to the March
USD/CAD has some good downside potential. The currency pair has recently closed beneath the neck-line of the double top pattern and confirmed 1.2367 as the new resistance area. Once the monthly PP at 1.23 is out of the way, the target will be 1.2223, where the Dollar is expected to meet the 200-period SMA.If the moving average is broken as