The situation continues to evolve in a predictable manner, as the market confirmed the support trend-line. The challenge for the bulls is now represented by the supply area near 1.5360, where the weekly R1 coincides with the monthly R2. If this obstacle is overcome, EUR/NZD will likely rise up to 1.58, where it is going to meet the upper boundary
The British Pound has been extraordinary upbeat in the last few weeks. As a result of that, the Cable created a bullish channel on the 4H chart. However, the pattern's resistance has just been approached. In case bulls fail to send the Sterling above 1.5820 in the next 24 hours, a probability of the bearish correction may increase considerably. A
Yesterday, the EUR/USD currency pair confirmed the triangle pattern, which has been emerging since May 5 on the hourly chart. Strongly supported by the 200-period SMA, bulls managed to push the single European currency considerably to the upside, and the pair has already appreciated by around 200 pips during the last 24 hours. Judging from technical indicators on all time
After demand at 1.00 stopped the bears who had been in control of the pair since the beginning of November, AUD/NZD started to climb upwards, and eventually the currency pair formed a bullish channel. For now the currency pair is consolidating, but the dips should be limited by the rising support line together with the weekly R1 at 1.0739. Once
The upward-sloping channel that is currently developing on the hourly chart may be deceiving. In fact, the currency pair is closing in on the resistance line at 4.11, which may well trigger a strong sell-off, and the weekly technical indicators are in favour of this scenario. The decline is expected to result in a breach of all the support levels
A recovery of the Canadian Dollar against the Japanese Yen has been taking place since the second week of April. Since then, an overall increase in the pair's value amounted to more than 500 pips, while the upward momentum is estimated to send the pair above 100 in the foreseeable future. When the weekly R1 at 100.06 is violated, bulls
It seems that NZD/CAD currency pair is successfully extending gains above the pattern's resistance line. At the same time, the pair will face a strong supply area in the near-term, represented by weekly S1 and 100-hour SMA. In case of consolidation above both of these levels, the New Zealand Dollar will most likely appreciate further and target the weekly pivot
The Yen seems to be losing ground across the board, and CAD/JPY is not an exception. The positive outlook is also reinforced by the fact that the pair has formed a well-defined channel, which implies a rally towards 101.74 during the next few days. Moreover, the four-hour and daily technical indicators are mostly pointing north. However, there are also plenty
The Euro has been consistently underperforming the Norwegian Krone lately. Accordingly, EUR/NOK has formed a bearish channel, and the bias therefore is negative, especially since the currency pair is now trading right beneath the resistance trend-line. However, we should note that the upside risks are increasing, being that the price remains unable to break support at 8.3252. Once the April
US Dollar's weakness is also reflected by the Cable, which has been in the up-trend in the past five weeks. The GBP/USD currency pair bottomed out below 1.46 on April 13, and since then it has covered more than ten figures, by creating the well-pronounced bullish channel. At the same time, the pair will face a strong supply zone in
The common European currency continues to outperform its peer from the United States for a third consecutive week. Alongside, the trading range of the pair has been widening since April 28, meaning that we are currently dealing with the broadening rising wedge. The Euro has just recently bounced off the lower boundary of the pattern, and is looking for growth
There is a bullish channel emerging on the hourly chart of EUR/JPY. Once the currency pair overcomes tough resistance at 134.40, the path towards the recent high at 135.70 will be more or less free. And while the near-term indicators do not support the bullish scenario, most of the daily studies are in fact pointing north.Meanwhile, the key support is
Although at the moment the Sterling is being sold off against the US Dollar, this is considered to be a downward correction. The bearish momentum is supposed to run out of steam around 2.1076, where the daily PP merges with an up-trend. The rally from there should then extend up to 2.16.On the other hand, if the trend-line at 2.1076
A rare triple bottom pattern emerged on the 4H chart of the EUR/NOK currency pair. Moreover, the pattern's boundaries have not been violated yet, meaning that the pair is trading both above all three valleys, but below the neck-line at 8.54. This week, it seems that the common currency is heading upwards, by trading around 8.4370 at the moment. Despite
Despite continuously testing the lower boundary of the triangle pattern on Monday, the AUD/USD currency pair is likely to rebound in the near-term, while additional stimulus should be provided by the daily S1 at 0.7876. The bullish case is supported by 71% of SWFX market participants and daily technical indicators. However, there are downside risks at present as well. Both
The outlook is bearish on USD/NOK, both in the short and long terms. Being that the currency pair has been trading between two parallel trend-lines since the beginning of April, the price is expected to move away from 7.56 towards 7.13, where it is supposed to meet the lower boundary of the channel. However, we may expect the bears to
While last week EUR/NZD seemed to be forming a rising wedge, a confirmation of the up-trend at 1.50 means there is still a good chance for the bullish channel to emerge. However, resistance at 1.52 is still intact, and most technical studies are bearish. Accordingly, if the supply area at 1.52 is overcome, the Euro should be aiming for 1.55,
Following a strong rally during the first three months of this year CAD/CHF has formed two distinct tops, being unable to advance beyond 0.7950. Accordingly, the focus is now on the neck-line at 0.76, a breach of which will likely entail a seven-figure decline, namely down to the January low at 0.69. Moreover, most technical indicators are currently pointing south,
EUR/USD continues to trade between two rising trend-lines, after using support at 1.05 as a springboard. However, there are signs that the bullish momentum has already been exhausted, and we should be wary of a break-out to the downside. The latest rally was supposed to reach the upper trend-line by extending to 1.15, but the advancement stopped earlier, near the
Since the last time we looked at the Cable, the currency pair confirmed the trend-line and then attacked the previous high (1.55). However, so far the Sterling is unsuccessful at updating this peak. Still, most of the technical indicators, especially on the four-hour and daily charts, are pointing upwards, and none of the major supports were broken, meaning the price
Being unable to climb above 1.05, EUR/CHF is now in the process of forming a bearish channel. Over the next few days the exchange rate should aim for 1.0260, while being capped by the upper boundary of the pattern, which is currently at 1.0370.In the longer-term perspective, when and if the currency pair approaches 1.0240, the upside risks will dominate
Having encountered strong buying interest near 90.30, AUD/JPY has been trading in an up-trend since the beginning of April. However, right now the currency pair is facing a formidable resistance level at 96.00, which is not letting the Australian Dollar to appreciate further. If this barrier is finally overcome, the next target will be 97.58, namely the upper edge of
The USD/DKK currency cross has created a very similar channel down pattern, compared with CAD/CHF pair. Moreover, the development stage inside pattern's boundaries looks quite similar as well. However, for the US Dollar to decline as low as pattern's support, it will have to breach a more important demand area at first, which is represented by the weekly S1 at
A sharp downward movement of the Canadian Dollar against the Swiss Franc, which took place during the past two trading days, is likely to be stopped by the pattern's resistance in the nearest future. Still, this currency pair will only reach the lower trend-line in case of a successful penetration of the daily S2 at 0.7518. After approaching the boundary,