GBP/CAD topped out at 1.8260 this month and now the pair is moving south. If none of the nearest supports manage to stop the decline, the pair will continue to form the bearish channel that is already more than 200 bars long. Since the Sterling is currently trading just below the upper boundary of the figure, the bias towards GBP/CAD
There is a great amount of bullish potential for USD/CAD if the support levels (100-bar SMA; daily S1) around 1.1225 holds, since the broadening rising wedge pattern has formed. The more reliable daily and weekly technical studies are bullish and that could help to keep the pair afloat. Moreover, an overwhelming majority (75%) of the market participants are long the
EUR/AUD reached a multiple month high at 1.4707 on 16th of October. However, the pair's bulls failed to push it higher, thus a decline followed. After a retreat below the 100 and 200-period SMAs the pair found a support and formed a descending triangle pattern. Currently, the Europe's shared currency is heading towards the pattern's support at 1.4368 and also nearing
After a distinctly bullish market (Aug 8-Oct 1) USD/JPY was undergoing a prolonged correction (Oct 6-15). But now, following a test of the support near 105, the currency pair is once again gaining upward momentum. The last two days the price has been flat, but another up-move should emerge once the US Dollar lands at 107.60. There it is going
The Australian Dollar appears to be a good candidate for a short position. Not only does the currency pair fluctuate in a bearish channel, at the moment it is also trading near the down-trend. Accordingly, AUD/CHF is expected to start moving away from the major resistance at 0.84.The immediate support is represented by the weekly pivot point, followed by a
Since XAU/USD approached 1,400 in March, the bears have been in control of the market—the price has declined beneath the 1,250 level. However, considering there has just been a successful test of the lower boundary of the emerging downward channel, in the near-term the gold should prove to be bullish. The rally is expected to reach 1,300 before making a
The Pound has been developing in a clear bearish trend after a touch of the upper trend-line at 1.6168, which used to be a strong resistance line for pair's bulls, as it is supported both by 200-period SMA and weekly R1 from above. It is worth pointing out that technical studies on all time-frames are sending aggregate signals to the
Even though the present currency pair has been hovering sideways for past couple of hours, it is constantly moving away from the upper boundary of the pattern. The present trading level is located just below a considerable resistance at 3.3415, represented by weekly R1 and 55-hour SMA, meaning that the pair's reversal is highly unlikely. Technical indicators on a short-term
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