After a sharp advance at the beginning of month the Euro started to slide towards 1.40 level; however, the bearish channel began to form on 25th of August. At the moment EUR/AUD is trading closer and closer to the major level at 1.40, which was approached on July 2013 for the last time. Nonetheless, the technical indicators are mostly mixed,
Although the market has been distinctly bearish since last year's summer, the support at 0.78 managed to initiate a strong recovery that possesses characteristics of a bullish channel. Accordingly, the base case scenario is continuation of a rally. This is also supported by a majority of the daily and weekly technical indicators. However, the price is closing in on the upper
USD/SGD proved to be unable to rally beyond 1.2528 on Aug 21, and the bears used this opportunity to take control of the market and subsequently forced the bulls to retreat. As a result, the pair has formed a channel down pattern, meaning that the Greenback is likely to continue losing value relative to its Singapore counterpart in the foreseeable
EUR/SGD topped out near 1.77 in March, and since then have been in a distinct down-trend. However, there are signs that the bulls are soon going to regain control of the market, being that the currency pair seems to have formed a falling wedge pattern that in turn implies a reversal. But this will be confirmed only in case the
EUR/USD started to form a Broadening Falling Wedge pattern on 13th of August, when the pair reached the 1.34 mark. According to the daily and weekly technical studies the decline will continue, as most of the indicators are bearish. The next target level is around the 1.31 mark, from where the pair should reverse some of the losses. Nonetheless, the
Due to a fairly strong support at 0.9239 AUD/USD managed to commence a recovery, after a retreat in the middle of August. Recently the pair touched the upper trend-line at 0.9375 and since then it has been trading around the monthly R1 at 0.9350. Although, the 1H technical indicators are pointing downwards, thus the currency pair might depreciate closer to
Today the Euro has eventually managed to breach the lower boundary of the descending triangle pattern. Statistics imply that 64% of all break-outs happen to the downside and we are inclined to believe it, especially taking into account the mentioned downside confirmation of the pattern. Despite the current trading level of 1.5725 (daily S1) inside the triangle boundaries, we assume
During the past couple of days, the CAD/HKD pair is trading strongly to the upside after forming the double bottom pattern. Recently the Loonie has risen above the top point between two valleys of the pattern and is hovering around the four-hour R1 level at 7.1382 at the moment. We expect the CAD/HKD currency pair to go further to the
Thanks to the support at 1.9600 GBP/NZD was able to start a recovery; although, for now it has been only a short term trend. The near term outlook appears to be bullish, as the price is currently hovering near the lower trend-line of the pattern. We could expect the pair to appreciate towards the major level at 2.0000, which was
The AUD/NZD currency cross has been on a up-trend since 15th of August, in this time period a Broadening Rising Wedge pattern formed. The minor high (previous high) was at 1.1189; however, at the moment the pair is moving closer to the up-trend's support line at 1.1133. The daily technical studies are suggesting that a appreciation is expected in the
The rather unusual situation has been created on an hourly chart for Dollar/Norwegian Krona cross. The triangle pattern, formed in the end of the previous week, has recently been confirmed to the downside; however, the pair managed to regain its strength and bounced back through the pattern and is currently trading above the upper trend-line at 6.1855. Taking into account
The Euro/Zloty currency cross has formed a channel up pattern, and the pair has already been slowly hovering in the direction of the lower trend-line at 4.1747 for a long time . We assume that in case the pair reaches the lower up-trend, the break-out to the downside is very possible. Market sentiment is bearish, being that 74% of all
After nearing the 0.95 level at the middle of July the pair gave up and plummeted towards 0.92 level, setting a low at 0.9239. With the recent fluctuation the Double Bottom pattern has formed and at the moment the pair is trading close to the neck-line at 0.9346. In the base scenario the neck-line should be breached to the
The Broadening Rising Wedge pattern started to form when USD/JPY breached the major level at 103. Since then it has reached the 104 level, with the minor high at 104.29 (it also is 7-month high). The technical readings are mixed, thus we cannot get any clear indications from them. Nevertheless, the pair is trading around the lower trend-line; therefore, we
The ascending triangle pattern on the four-hour chart of the Dollar/Turkish Lira currency pair has just been confirmed to the downside, as the price crossed the lower trend-line. At the moment it is hovering slightly above the monthly R1 level at 2.1678. We expect the U.S. Dollar to depreciate further; however, the currency will have to cross not only the
The Loonie/Japanese Yen cross has formed a 257-bar long bullish channel on an hourly chart. Concerning the well-above average level of quality and magnitude (69% and 100%, respectively), the pair is most likely going to continue forming the present pattern. Canadian Dollar has recently approached the lower trend-line of the channel at 94.62; however, it managed to bounce back above
EUR/NZD found a strong resistance around monthly R1 at 1.5896, while at the same time the pair is supported by the major level at 1.57. The currency pair has topped twice; however, it seems that the pair is peaking once again, indicating on a possible triple top pattern formation. Moreover, the pair failed to break the neck-line at 1.5718 to
USD/CAD was not able to reach the 1.10 mark, as it entered a consolidation phase slightly below the level. According to the technical studies, a break-out to the upside is more likely than a decline. If this happens then the pair should breach the major level at 1.10; however, we can see that the pair's bulls failed to do that
Despite the fact that the pair was able to breach the boundaries of the channel up pattern for several times, the NZD/USD currency pair still has a very high quality indicator (69%) and is trading between two trend-lines right now. The kiwi has recently breached a significant support level, represented by the monthly S1 level at 0.8366. Despite the high
The bullish channel on the hourly graph of the Greenback/Swedish krona cross has been formed in the beginning of the previous week and since then has covered only 86 bars. Currently U.S. Dollar is going down from the upper boundary, hovering around the daily S2 level at 6.9293. Taking into account high quality and magnitude levels, we predict the bullish
Due to a fairly strong support at the 94 level the pair was able to prolong its longer term advance that started on August 8th. Taking into account that CAD/JPY has formed a bullish channel, it is likely that the Loonie will receive a bearish impetus from the pattern's resistance. Nonetheless, the technical studies are mostly bullish increasing the possibility
Just recently a bullish channel has formed, as USD/CHF found a bullish momentum slightly above the monthly PP at 0.9018, after a period of consolidation. Today the pair opened near the upper boundary of the pattern; however, it was not able to hold its positions or to reach the resistance level and fell slightly lower. Nevertheless, the shorter term technicals
Given that EUR/NOK is currently forming a double top pattern, there is a high possibility of a strong sell-off once the currency pair passes the neck-line at 8.08. And although we did not see any considerable increases in volume after the price approached the peaks (around 8.57) and declined, which would serve as an evidence in favour of weakening demand,
The single currency has already lost more than 850 pips since the beginning of May, when the current falling wedge pattern was initiated. At the moment the EUR/SGD currency pair is hovering around the 1.6569 level, namely between the weekly S1 and S2 levels. As the current trend of the pair seems to be negative, we expect the pair to