In the night between May 13 and May 14, AUD/SGD reached its monthly high, where the starting point of the current bearish channel takes place. Since then, the cross has already lost around five figures. However, the Australian Dollar is currently trading sideways against its Singaporean counterpart. This fact, however, makes it inevitable for the pair to reach the upper
After hitting the upper edge of the broadening falling wedge pattern on Friday, the EUR/HKD currency pair is poised for further losses in the foreseeable future. Currently, the weekly PP attempts to hold bears from pushing the common European currency to the downside. Still, in case the pair succeeds in falling below the mentioned support line, the next target for
EUR/SGD entered the broadening falling wedge pattern in the beginning of this year, while a decline of the pair started a month before in December. At the moment the Euro is hovering around the 55-day SMA at 1.4741. A violation of this important support would imply further losses for the single currency. The medium-term target remains at 8-year low of
Similar to the previous currency pair, the EUR/PLN cross has created the channel up pattern, which is likely to become the broadening wedge in the future. Taking into account the longer-term time frame, the pair touched the upper boundary of the pattern already three days ago, when both weekly R1 and monthly R2 managed to energize bears for sell-offs in
The USD/SGD currency pair has been trading upwards since the beginning of the previous trading week, May 18. Alongside, the trading range is gradually widening, meaning that the present channel up pattern may become the broadening rising wedge in the foreseeable future, in case the trend persists. The pair is currently expected to head in the direction of the lower
The bullish run we have been observing for the past two days should come to an end. EUR/USD has just come into contact with resistance at 1.0975, which is created by the May 28 high and, more importantly, by the falling trend-line. Accordingly, the present risks are heavily skewed to the downside. The initial target is the May 27 low
EUR/CAD bottomed out on May 26, being unable to pierce through support at 1.3430, which has been proving its significance throughout May. As a result, the currency pair is now forming a bullish channel, and the technical indicators reinforce the positive bias. In the short term the exchange rate may fall, but the dip should be limited by 1.3570, where
After the Russian currency gained substantial value in the first three months of this year versus the American Dollar, this currency pair was eventually stopped by demand at 49. However, the Buck put little effort to rebound noticeably. As a result, USD/RUB created the double bottom pattern on the 4H chart. Now, however, the Dollar is in the up-trend, following
The US Dollar has been appreciating against the Danish Krone since May 15. At the moment, however, the pair is undergoing a period of correction, while moving in the direction of the lower edge of the bullish pattern. The pair is currently capped by the weekly R1 from above at 6.8594, which is going to put additional pressure on the
As mentioned in the previous report, GBP/USD has recently broken out of the bullish channel. However, the upward momentum may still be alive, being that the 200-period SMA remains intact, and the technical indicators are mixed. Regardless, the short-term bias is to the upside. The exchange rate is expected to rebound from 1.53, but the surge is unlikely to extend
NZD/USD is apparently forming a downward-sloping channel, meaning the general outlook is bearish. If the New Zealand Dollar starts to recover, which may well be the case since the Kiwi is now facing support at 0.7230 (weekly S1 and monthly S2), the rally should be stopped by the upper boundary of the pattern at 0.7350. The target is the lower
After EUR/CAD touched the pattern's support in the beginning of this week, it is currently growing in value. The trend-line, in turn, was reinforced by monthly PP, weekly S1 and 200-period SMA, and they altogether denied any bearish idea to send the single currency below 1.3450. Meanwhile, the present rebound is creating its own risks for the currency pair. The
A short-term downward movement of the Sterling against the Australian Dollar gave the bullish market participants time to prepare for further gains. As a result, on Tuesday the GBP/AUD currency pair commenced a recovery from the lower boundary of the upward channel pattern. In the near-term the British Pound will face an important support at the round level of 2.00,
The bears have recently proved their might by breaking through the major up-trend (connects Apr 14 and May 11 lows), which was reinforced by the long-term moving average. Accordingly, the bias towards AUD/USD is negative, at least until we descend down to the April low at 0.7534. However, there is an increased chance of a rally in the very short
EUR/CHF is a ‘sell' at the moment, being that the pair has formed a bearish channel. The upside is limited by a combination of the falling resistance line, May 25 high, and daily R1 at 1.0390, which may prove to be a good level for an entry. The immediate support level is at 1.0356, but the bears are unlikely to
Following a short-term correction in the middle of May, the single currency has been reviving its strength during the past six days. As a result, the EUR/PLN currency pair has almost approached the upper boundary of the bullish channel, which is placed just above the 4.15 major level. This mark, however, is reinforced by the weekly R1 from below, therefore
The Swiss Franc is currently testing the upper trend-line of the falling wedge pattern, while intending to violate this level and reverse losses that occurred in the May 15–May 26 period. The pattern's resistance is being guarded by the daily pivot point and 55-hour SMA around 1.4210. Moreover, in case the trend-line is successfully crossed, the CHF/SGD currency pair will
The bias towards EUR/SGD is bearish, being that the currency pair has recently proved to be unable to overcome resistance at 1.5150 (May high). While we may expect some rallies in the short run, they should be limited by the falling trend-line at 1.48. The immediate support is at 1.4680, represented by the May low. Once this level is breached,
Despite a seemingly strong upward momentum we had been observing since the beginning of April, GBP/USD has broken out of the channel to the downside. However, it is still too early to say that the bulls have completely lost control of the pair. The volume was relatively low during the sell-off, and the long-term SMA is still below the spot
After the USD/TRY pair approached lower boundary of the pattern on Thursday of the previous week, it is now developing to the north in the direction of the upper trend-line. The Buck has recently violated the 55-period SMA, confirming intentions for additional gains in the medium-term. In case the pair manages to penetrate the next major resistance at 2.64 (weekly
Despite trading in the up-trend during the past seven days, the US Dollar is likely to decline in the medium-term. The pair has just bounced back from the lower edge of the pattern, and is currently trading at the 8.4050 mark. Even though the majority of short and medium-term technical indicators are pointing to the upside, the space down to
After the rollercoaster experienced between October and February CAD/JPY is acting more reserved now. The currency pair is forming a bullish channel, but right now it is set to decline, since there should be a downward correction from the upper edge of the pattern before another up-leg. Consequently, resistance at the level of 100 yen for the time being should
Considering that USD/CHF has been trading in a well-defined bearish channel since early March, the bias is to the downside. The currency pair is supposed to stay beneath 0.9440, where resistance is implied by the falling line and the 200-period SMA. The first near-term target is the monthly S1 at 0.9142, followed by the May low at 0.9074. As soon
Despite a strong sell-off at the beginning of May that interrupted Sterling's recovery, GBP/CAD returned to trading between the boundaries of the bullish channel. Accordingly, the outlook is positive. The exchange rate is expected to rebound from 1.90 to 1.93 over the next few days. In the longer-term perspective, the currency pair may well rise up to 1.9560, where the