Although USD/SGD took a major hit after approaching the resistance at 1.2830 (Jan high), the support at 1.2680 was able to prevent a deeper decline. As a result, the pair formed a descending triangle and subsequently has broken it to the upside.Right now we expect USD/SGD to come back to the down-trend at 1.2740 and then resume the rally. However,
CAD/JPY is likely to preserve the current upward momentum, as the rally from 93 is not seen as correctional any more. The currency pair advanced well past the 61.8% Fibonacci retracement of Oct 9-16 sell-off and it is thus expected to keep moving further north. In the very near term we should be wary of a potential pull-back. The pair has
The USD/SEK currency pair has been developing in a rather mixed environment for a third consecutive week in a row, even though initially it made a successful bounce to the south from the upper trend-line of the pattern. The present trading level is located just below the weekly R1 resistance line at 7.2606, which can limit the pair from going
The British currency recently reached the lower boundary of the channel up and is now intending to gain value. It looks like that the lower trend-line used to be a very tough support line, as it is reinforced by the daily pivot point at 171.87. The pair is moving to the north already for some time, meaning that we can
There seems to be emerging a downward-sloping channel on the four-hour chart of GBP/USD. The Sterling has just confirmed the resistance at 1.62 (falling trend-line, 200-period SMA, weekly R1), and the current decline is thus likely to extend some 150 pips through the nearest pivot points (at 1.6031 and 1.5935). The negative outlook is also reinforced by the ubiquitously bearish
Several days after a test of the tough support at 1.38 and a subsequent strong rally, the rate of Euro's appreciation moderated, which allowed EUR/AUD to form a gently sloping channel between two reliable trend-lines.Being that the currency pair right now is at the lower boundary of the channel, the outlook is positive both in the short and long terms.
The Greenback has just bounced from the lower boundary of the channel up to continue trading in the bullish environment, as pattern's support together with 100-period SMA at 1.1215 used to be too tough support line for pair's bears. Even though in the short-term technical studies predict the USD/CAD currency pair to hover sideways, the long-term development of American currency
Australian Dollar formed a high-quality double top pattern, while the pair has a good chance to create a third top. Just recently, the currency bounced from pattern's support or the valley between two tops at 0.9830 and is constantly moving upwards. Short-term technical indicators suggest that the Aussie will continue gaining value against its Canadian counterpart in the nearest future. In
During the last five days the trading range of EUR/PLN has been narrowing, meaning the currency pair is presently forming a symmetrical triangle. However, since the Euro is already closing in on the apex of the figure, there should be an increase in volatility due to a break-out. Considering that most of the daily studies are pointing upwards and between
Although 41.15 represents a heavy resistance, the buying pressure is intensifying—every new test of this level results in a smaller sell-off. Accordingly, there is a strong argument in favour of a break-out to the upside, especially since the daily technical indicators are bullish. In this case the next target will be the weekly R2 at 41.64, but we can expect
The Aussie is still developing inside the boundaries of rectangle pattern, as the pair refused to attack a considerable support line, which is strengthened by 55 and 100-period SMAs and the weekly pivot point around 0.8760. Future of the pair will depend on its ability to cross this important level; however, it looks rather strong for the Australian currency. More
The British currency has been constantly moving down from upper trend-line of the pattern since the middle of Monday. It almost approached the support level, represented by 55-hour SMA and daily S1 at 1.8168, and it will be the last support level for the pair before it nears the lower boundary of the channel up. Short-term technical indicators send bearish
Since the pair fell to this year's lower levels around 1.06 at the beginning of July, the US Dollar has outperformed the Canadian counterpart rather heavily. More recently (at the middle of September) the pair started to form a channel up pattern. Currently, USD/CAD is sliding towards the lower trend-line that is located around 1.12 level. Nonetheless, to our mind the
While at first it seemed as if AUD/CHF was forming a bearish channel, later on it turned out to be a triangle pattern. The currency pair is now ready for the break-out since the triangle's apex has been reached. Taking into account that since September the market has been more or less bearish there is an increased likelihood of a
Right now, the USD/HKD currency pair is trading on the level of weekly pivot point at 7.7579. This level has been neither supporting nor capping the pair for last couple of trading days. Therefore, pair's further movements will depend on its ability to cross the next support or resistance level, represented by 55 or 100-period SMAs, respectively. The pair is
The single currency has just approached the lower boundary of the channel up for the second time in two days; however, the trend-line was strong enough to hold the pair's bears. Most likely, such strength of this support line is explained by technical levels, which reinforce the trend-line, namely the monthly R2 and weekly pivot point. Looking at technical indicators, they
When on 23rd of July the USD/SGD cross reached this year's low at 1.2366 the down-trend ended. Since then the pair has formed a 276-bar long bullish channel. At the moment, the pair is hovering around the uptrend's support line, that is located at 1.2763. It seems that USD/SGD is lacking a substantial support level that could keep the pattern in
At the first part of October, AUD/NZD failed to approach the 1.13 level. After many unsuccessful attempts to do so the pair started declining, thereby forming a falling wedge pattern. Currently, the currency pair is challenging the upper trend-line, thus increasing the possibility of a break-out to emerge. Moreover, the fact that the Aussie is holding above the 1.10 mark is
At the very end of September the currency pair broke the up-trend it has been forming since the first half of 2013 to the downside. Nevertheless, there are still good chances the bulls are going to remain in control, being that EUR/SEK seems to have bottomed out near the 200-day SMA and there is another major rising support line at
Canadian currency is nearing the upper trend-line of the pattern, meaning that the pair's development may experience some changes in the nearest future. Similar to EUR/AUD cross, the only barrier for CAD/HKD to reach this level is the 55-period SMA, located at 6.9192. Meanwhile, the upper boundary is supported by 100-period SMA and weekly pivot point around 6.9350-90. Technical studies
The currency pair is confidently approaching the lower boundary of the pattern. To reach this point, the single currency has to breach only the 55-hour SMA at 1.4587, while the boundary is located 35 pips lower. It, in turn, is reinforced by daily S1 support line and 100-hour SMA; therefore, the pair is not expected to cross this level with
The Euro/Yen currency cross has just crossed the lower trend-line is now expected to decline further. However, a fall through weekly S1 at 134.85 was not widely predicted by market, as the pair was constantly moving to the upside after bouncing from the lower boundary back on October 14. Since the important support line was violated, we can now expect
During last couple of hours, the USD/NOK currency pair has gained substantial value, as it managed to approach the upper boundary of the rising wedge pattern. At the same time, it happened after the pair was moving sideways for last 24 hours. Technical indicators send neutral signals on a short-term time-frame, meaning that the Greenback is supposed to make a pause
After a period of consolidation around the 0.94 level, that lasted from June to early September, AUD/USD started declining. Moreover, since the second part of September the pair has started to form a double bottom pattern. The pair has already reached the pattern's bottom twice, thus suggesting that it is ready for a rebound. Although, there still is a possibility of