AUD/USD is moving closer to the top point between two lows of the double bottom pattern. At the moment, the pair has a chance to be pushed back to the downside, with an possibility to form a third low in the long-term. Pattern's resistance is currently reinforced by the daily R1, and the AUD/USD pair is just 15 below this
Since at least February 13, the Euro/Lira currency pair did not decline below the major level at 2.78. Along with that, the overall trading range has been narrowing since that time, thus leading to emergence of descending triangle pattern. For now, the mentioned support acts as the lower boundary of the pattern, while according to 1H technical indicators, the single
Starting from late January we observed a consolidation as a result of a sharp up-move that was initiated in mid-December. This has eventually led to formation of a symmetrical triangle Considering that the pattern implies continuation of the major trend and the market is distinctly bullish, the currency pair is expected to breach resistance at 3.69 despite its formidability (weekly and
NZD/CAD has been trading in a strong up-trend since December 2014, but there are signs the bulls are unable to push the currency pair much higher. Although the four-hour and weekly indicators are pointing north, the upside is likely to be limited by a dense resistance area between 0.9460 and 0.9480, created by the up-trend (since Dec 8), monthly R1,
Two days ago, the US Dollar tried to bounce off the lower trend-line of the current rising wedge pattern, but the currency was eventually stopped by the weekly pivot point. Following that, USD/JPY returned back toward pattern's support, but 100 and 200-period SMAs are expected to provide the pair with some strong bullish momentum in the foreseeable future. Therefore, the
After two consecutive weeks of hovering around 1.14 level along with narrowing trading range, the Euro/Dollar cross has formed a triangle pattern on 1H chart. Moreover, the pair is still trading inside two boundaries of the pattern, while the break-out is expected to take place very soon. Being that there were two attempts to cross the pattern's resistance, we assume
Considering the current conditions in the market, AUD/NZD appears to be in a good position to negate the losses incurred starting from late January. The selling pressure is weakening, as pointed out by contracting trading range and falling trading volumes. A breach of the resistance trend-line (currently at 1.0350) will confirm bullish intentions of the Aussie. The potential targets will
GBP/USD has recently violated a seven-month down-trend, which speaks in favour of a recovery. However, formation of a rising wedge indicates the upward trend is already losing steam. Resistance at 1.55, represented by the upper trend-line of the pattern and the 2014 Dec low, is expected to act as a ceiling and prevent further appreciation of the Sterling, thus forcing
On January 21, the Aussie/Loonie currency pair reached its monthly peak and then started losing value. Moreover, losses were changed by upside corrections from time to time. As a result, a descending triangle pattern on a 4H chart has been formed. Currently the cross is heading toward the point of eventual break-out, while the future outlook is still unclear. Market
The Euro has been trading gradually upwards since February 8; therefore, it created a bullish channel on one-hour time-frame. At the same time, it seems that the shared European currency has some issues in going beyond 1.5520 level, even though it is not reinforced by any of resistance levels and the closest one is located as far as at 1.5538
Although at first EUR/NOK seemed to be trading within the boundaries of a falling wedge and even broke out of the pattern to the upside on Feb 11, the recovery was not sustained. As a result, the currency pair now appears to be forming a bearish channel. The immediate support is at 8.54, represented by the Feb 11 low and
As evident from the chart, EUR/USD is currently consolidating in a bearish market. This fact significantly increases the chance of a break-out to the downside, which should occur in the nearest future, considering the proximity of the pair to the apex of the triangle. If the support up-trend is indeed broken, the Feb 9 low at 1.1269 is to be
The second currency pair with the New Zealand Dollar has formed a completely different pattern on a 4H chart. The GBP/NZD cross has been developing mostly sideways since last week of January; therefore, it created a rare double top figure. Right now the trading level is located just around the valley between two maximums. If this line, which has no
At the moment the single European currency is actively heading in the direction of pattern's upper trend-line. Nevertheless, taking into account negative slope of the pattern itself, a recovery of the Euro is unlikely to continue in the long-term. Moreover, some issues are being created by a tough resistance area ahead, created by the weekly S1 and daily pivot point
A failure to surpass 1,308 in the second half of January has eventually led to XAU/USD trading within the boundaries of a bearish channel. This fact implies negative bias with respect to the precious metal.Gold is expected to target 1,200 in the coming weeks, while staying beneath the resistance trend-line (currently at 1,240). However, the technical indicators do not confirm
At the moment the US Dollar is in a good position to start gaining ground. USD/JPY is currently facing a dense demand area at 118.30/00, created by a number of studies, including the support trend-line, monthly PP, 200-period SMA and Feb 9 low. The bullish outlook is also reinforced by the indicators. While we may see some weakness in the very
The AUD/SGD currency pair has been developing to the south during last four months, strictly respecting both boundaries of the bearish pattern. As a result, the quality and magnitude are staying above 80% for both at the moment. Therefore, we do not see any signs of breaching the trend-lines, at least in the short and medium-term. Supported by a demand
After reaching the upper trend line of the current bearish pattern in the evening on Friday, the Greenback/Zloty currency pair is still unable to bounce off this level. However, right now a strong support is provided by daily S1 at 3.6566, which stopped the US Dollar from declining earlier today. At the same time, we see the second attempt to
The bears have been in control of AUD/NZD since November of 2014. The pair formed a triple top and subsequently plunged 8.38% within the next two months. The long-term outlook with respect to the Aussie still remains negative. The rate is currently in the middle of the channel, following a test of the trend-line at 1.08, and it is headed
Although GBP/AUD is currently trading within the boundaries of a bullish channel, the downside risks are substantial. During the recent upswing the currency pair failed to reach the upper trend-line, meaning the upward momentum may be weakening. Consequently, a test of the lower trend-line at 1.9820 is critical. The base case scenario is a rebound from support toward 2.0389.
An ascending triangle usually indicates growing demand. However, the outlook for the Canadian Dollar is bearish, being that the pattern has been formed during a bearish market, namely at the end of the decline that has been observed since the beginning of January. Accordingly, CAD/JPY is expected to violate the up-trend at 95.23 and fall through the nearby weekly pivots.
During this week, the Euro/Kiwi currency pair has been hovering just above the pattern's lower boundary, while showing no major intentions to start growing. The only attempt took place on Thursday, but the common currency's advance was immediately stopped by 55-day SMA at 1.5443. At the same time, there are still high chances that the Euro will bounce off the
Taking into account a failure to advance above the upper trend-line, the Pound commenced a gradual decline against the Japanese Yen. At the moment, it seems that the British currency is having some issues close to the daily PP at 182.85, the level which is also supported by the 55-day SMA from above. Despite that, technical indicators on the shortest
After breaking out of the falling wedge to the upside EUR/CAD has formed a bullish channel, meaning the Euro intends to travel further north, also considering the technical studies. The currency pair has recently confirmed support at 1.42, and it is thus headed toward the resistance trend-line. However, there are a few significant obstacles in the way of a rally.