Even though the pair's appreciation rate decreased slightly, it is still constantly gaining value since the beginning of May, when this year's low was reached at the 5.3334 mark.At the moment the Greenback is underperforming the Danish krona after the pair hit the upper trend-line of the pattern at 6.0192. According to short-term technical indicators, the Buck will continue losing
Despite losing a considerable ground against US dollar, the Sterling entered a period of stabilization last week, thus forming a double bottom pattern. At the moment pair is recovering from the second low of the figure and nearing the resistance line, which will determine the pair's future development. We expect it to bounce back and trade downwards, as the resistance at
The GBP/CAD cross has been trading inside the bearish pattern since early November, after reaching a three month high at 1.8290.The currency pair is nearing the upper trend line of the pattern that is located just few pips away from the weekly PP at 1.7811. Most likely the Pound will reach the resistance line; however, a bullish break-out is not
The Euro has been loosing ground against the Hong Kong's Dollar already since the beginning of May; moreover, it entered a broadening falling wedge pattern on 16th of October. The formation of the falling wedge pattern could point on changes in the current trend, since this is a reversal pattern. The SWFX market participants have the same idea about the
The most popular currency pair is trading upwards for a third consecutive week, during which the shared currency managed to gain as many as 200 pips. At the same time, we tend to be rather pessimistic on pair's future development, taking into account the long-term negative trend of the cross and a number of significant resistances ahead. They are likely
The US currency is rapidly approaching the upper boundary of the bullish channel, as a successful bounce from the lower trend-line at 1.2978 gave bulls a considerable momentum in order to gain value. Since then the pair has covered a number of important resistances, including daily R1, R2 and R3. At the moment the only obstacle before the upper trend-line
It seems that depreciation of the Australian dollar versus its Canadian counterpart is likely to continue for a long period of time. Trading inside the falling wedge, Aussie is approaching the lower boundary of the pattern at the moment. However, there is a high chance that this support line, strengthened by weekly S1 at 0.9793, will be eventually breached to
The American dollar has just confirmed the ascending triangle pattern on an hourly chart versus the Japanese yen. The currency crossed the upper boundary and is now getting ready to gain further value and continue with its long-term bullish trend. The idea is shared by hourly and daily technical indicators, which give bullish signals at the moment. At the same
For the third consecutive week the USD/DKK currency cross has been trading sideways, even though there no strong support lines at least down to 5.89 (weekly S2; monthly pivot point). At the same time, if the mentioned level is reached in the foreseeable future, the demand area is likely to be strong enough to push the US dollar back to
After reaching the lower trend-line, the currency pair spent some time on this line and gained enough bullish momentum to commence a recovery. At the moment the single currency has already crossed the daily pivot point and is hovering further to the north. Concerning the narrow range between two boundaries of the pattern, the pair is likely to reach the
Due to a formidable support at 0.8540 tested on Nov 7 the Australian is now able to pare some of the recent losses against its US peer. As a result, there is a bullish channel emerging, meaning the up-trend may remain intact in the coming days. The near-term rally is also implied by the proximity of AUD/USD to a tough
Starting from the very beginning of November USD/JPY has been forming an upward channel, meaning the outlook for now is bullish. At the moment the pair is moving away from the lower boundary of the pattern towards the upper trend-line at 118, which in turn is reinforced by the weekly R1 and 2007 Oct high. However, the US Dollar will
Despite moving mostly in the sideways trend, the USD/CAD cross is approaching the lower trend-line of the bullish pattern. The eventual testing of this support line is likely to happen tomorrow, but for now the pair has to breach a considerable obstacle, represented by weekly pivot point and two SMAs. Taking into account mixed signals from technical indicators in the
The US dollar is likely to gain value after an unsuccessful testing of the lower boundary for two times. It looks like the pair intended to breach the line to decline even sharper; however, bulls at pattern's support were strong enough to push the American currency to the north. Since then the currency pair crossed three daily resistances, and short-term
Since the bears were unable to force the Euro to dip under 1.4040, the bulls regained control of the market and started to push the price higher while keeping it between two parallel trend-lines.Right now EUR/CAD is in the middle of a bullish wave, which is struggling to cross the 200-hour SMA. Unless the weekly pivot point at 1.4130 gives
As the resistance at 1.46 proved to be impenetrable this November, the Euro came under strong selling pressure that resulted in formation of the bearish channel. Accordingly, the medium-term risks are to the downside, especially considering that the currency pair is currently trading near the upper edge of the pattern.On the other hand, EUR/AUD will have to emerge victorious over
NZD/USD seems to have formed a double bottom pattern on a daily chart, as the currency pair has proven to be unable to push through the support at 0.7680 on two distinct occasions after a precipitous Jul-Sep decline. However, in order to confirm a reversal the New Zealand Dollar is required to breach the neck-line at 0.8030, which is formed
After reaching the upper boundary of the pattern in the end of the previous week, the US dollar began losing value against its Polish peer. However, a decline stopped in the middle between two trend-lines and now the pair tends to move horizontally. However, taking into account the pattern itself, its' support is slowly being approached. This is unlikely to
The Australian dollar has approached the lower boundary of the rising wedge pattern, mostly reflecting strength of its Canadian counterpart. At the moment the pair is testing this trend-line. If it successfully surpasses this demand area, reinforced by 100 and 200-hour SMAs, then we can expect the Aussie to drop down to daily S3 at 0.9735 in the long-term. This
The US Dollar has been outperforming the Canadian peer already since July, when the pair traded around this year's lower levels and the down-trend ended. However, on 15th of September a rising wedge pattern started to form. At the beginning of month USD/CAD set this year's high at 1.1467, since then we have seen a short-term bearish correction. Yet
Gold reached the lowest level this year at 1,132.33 on 7th of November; however, at this level the pair received a bullish impetus, which pushed the metal higher, thereby forming a triangle pattern. At the moment the lower boundary is challenged by the bears, who are in minority (36.80%) in the SWFX market. Nonetheless, the technical studies have a completely different
The ascending triangle pattern has just been confirmed to the downside, and the likelihood of US dollar's decline increased substantially. Right now the pair is only facing the 200-period SMA, a successful breach of which may open the way down to weekly S1 at 11.062. This idea is supported by short-term technical studies and 60% of market participants. Meanwhile, the
The single currency is constantly losing value against the Kiwi since Thursday of the previous week. At the moment the pair is hovering near the lower boundary of the bearish channel at 1.5764. It seems that the pair has a lack of bullish momentum to initiate the recovery after testing the lower trend-line yesterday, even though the vast majority of
After a test of 1.18 the AUD/SGD cross gave up its bullish intentions and plunged towards the 1.10 level. This decline also marked the beginning of a bearish channel. Since early August, when the down-trend started, to now the pair has lost around 800 pips. However, at the moment the Aussie is hovering around the upper trend-line, after approaching minor low