During last two weeks, the Kiwi/Greenback currency pair has formed a high-quality and magnitude triangle pattern. However, today bears decided to take leadership in their hands and are currently trying to consolidate the exchange rate below the lower trend-line. The negative scenario is shared not only by 1H technical indicators, but also by a majority (74%) of market participants who
Since Mar 5 the single currency has been trading beneath 1.1037, and none of the attempts to breach this resistance succeeded. Accordingly, the exchange rate is now moving south, towards the parity. The interim ceiling is at 1.07, represented by the daily PP and the down-trend, while the short-term target is the lower boundary of the channel at 1.06, which
XAU/USD opened this week with large upside gap, but since Monday the bullion has been trading in a down-trend, as resistance at 1,223 proved to be impenetrable. Being that at the moment the price is fluctuating just beneath the formidable resistance area around 1,197, created by the daily and weekly PP together with the trend-line, the outlook is strongly bearish.
Similar to the previous currency pair, EUR/JPY has also formed the ascending triangle figure, following a failure to decline beyond 127 earlier in March of this year. At the same time, this pair is testing the lower upward-sloping boundary of the pattern at the moment, which is reinforced by the weekly S1 at 128.98. Judging from technical indicators on all
After bottoming out around 7.73 on March 26, the American Dollar commenced a gradual recovery against the Norwegian Krona. However, the trading range of the pair is narrowing, which eventually led to emergence of the ascending triangle pattern. The upper boundary of it is currently located just above the 8.12 mark, and the Greenback has been heading directly towards this
EUR/GBP prepares to launch an attack on a strong support level at 0.7220. This is the neck-line of the recently formed double top pattern, and it is reinforced by the monthly pivot. If the currency pair succeeds, the price may afterwards fall towards the Mar low near 0.70, though there is also the monthly S1 nearby at 0.7043 that can
Although from a fundamental perspective the Sterling appears to be fairly weak, the technicals are suggesting the time has come for the British Pound to outperform its peers. Specifically in the GBP/CAD pair, we see emergence of a double bottom pattern that implies a reversal of the recent sell-off. At the same time, we must note we are still rather
Since March 16 the Euro has been developing in a general uptrend against Hong Kong Dollar. In the meantime, trading range has been narrowing, meaning that we are dealing with the ascending triangle pattern. Currently the single currency is intended to receive a sustainable support from pattern's support and monthly pivot point at 8.39 and rebound, while this idea is
A recent attempt of the US Dollar to rebound versus the Danish Krona was stopped by the 6.92 mark, which is reinforced by weekly and daily R1 from above. As a result of that, USD/DKK has finally formed a channel down pattern and is now heading to the south. Being that 200-hour SMA and daily PP have already been eliminated,
Apparently, many of the US Dollar pairs are at a crossroad at the moment. Either they will form an ascending/descending triangle, or penetrate a trend-line and form a double top/bottom. USD/PLN is one of those pairs that rather belongs to the second group, as it has only few confirmations of support at 3.6936. However, resistance trend-line at 3.7347 still remains
While every recent rally ended around 1.10, every subsequent sell-off was smaller than the previous one. Judging by these latest developments, demand for the Euro is currently building up. However, there is also a possibility of a double top pattern emerging, if the up-trend at 1.08 does not withstand the selling pressure. Then we will be looking at 1.0737 as
Last week, the British Pound made an attempt to bounce back from the upper boundary of the bearish channel and fell below 1.96 this Monday. However, bulls have regained strength and GBP/NZD returned back to the pattern's resistance. Judging from technical indicators on a four-hour chart, the Sterling is likely to breach the trend-line and trade upwards in the near-term.
A decline of USD/CHF pair that lasted since March 17, was stopped by the major level at 0.95. Following that, the US Dollar started trading sideways against the Swiss Franc in the range up to 0.9750, which eventually led to emergence of the double bottom pattern. At the moment the pair is heading towards the top between two valleys, by
USD/SGD is currently taking a break from the eight-month up-move, and for the time being there are no convincing reasons to believe that there was a reversal of the major bullish trend at 1.3930. Accordingly, while selling on rallies at the upper boundary of the channel we should be wary of a potential break-out to the upside, which should eventually
In confirmation to the bullish outlook of the yesterday's report USD/SEK has formed a symmetrical triangle on the four-hour chart. There was an attempt to violate the support trend-line, but the break-out turned out to be fake, and the positive bias remains valid. Once the down-trend at 8.62 is overcome, the first target will be 8.66, followed by an even
Bears have been pushing the Euro/Kiwi currency pair to the south since the second week of December. However, the latest demand was found at 1.4130 where the cross met the pattern's support. Starting from that time around three weeks ago, the single currency is showing some signs of a recovery. At the moment it is trying to overcome the major
Even though the NZD/CAD currency pair has touched the lower trend-line of the bearish pattern on Friday and was considered to go lower, it is still trading at 200-hour SMA around 0.9480. However, this technical level is reinforced by weekly and daily pivot points from above, meaning that a return to bullish development seems unlikely, unless bulls get a strong
USD/SEK has been in a strong upward trend since the mid-March of 2014, but the bullish pattern started emerging only in the second half of the year, when the Dollar's appreciation rate accelerated. At the moment the currency pair is trading right at the lower boundary of the pattern, meaning the price is likely to rebound in the nearest future.
A failure to settle above 1.89 has led to formation of a bearish channel, and GBP/CAD is thus expected to move further south. Over the next few days the Sterling should cover the distance between the boundaries of the channel, namely fall from 1.8614 down to the region near 1.8450. However, we might see some bullish reaction at 1.8550 and
While around the New Year's time we observed extreme price volatility, since the Jan 22 the currency pair has been trading between two parallel trend-lines. This gives us a good reason to suspect that instead of following its generally tendency the Euro is going to undergo a bullish correction in the short run. Support is at 4.05, and it
The Euro/Aussie currency pair has been forming the present channel down pattern starting from the third week of December. Since then, the pair has covered 377 candles and lost about 1000 pips. Moreover, as the pair has just approached the upper boundary of the figure, there is a high probability of even steeper decline in the near-term. Pattern's resistance is
After losing value constantly since the beginning of this working week, it seems that the Australian Dollar has found strong demand around 0.95, both in face of pattern's support and daily S1. For now, a halfway towards the upper trend-line is already covered, and it is expected that the Aussie will continue hovering to the upside in the near and
Although AUD/NZD has been forming a falling wedge for a considerable amount of time (since the second half of 2014), the currency pair did not turn around, as implied by the pattern. Instead, the price closed beneath the lower trend-line, and it keeps moving south. However, right now there should a bullish correction. AUD/NZD has just met a dense demand
While the big picture is that EUR/SGD is forming a falling wedge, more locally we see the rate moving from the upper trend-line towards the lower one (1.43) within a bearish channel. Accordingly, the recent recovery from support at 1.4670 should not extend any further, the ceiling is at 1.48. Another prominent upward correction is now expected only at 1.4570,