There is potentially a bearish channel appearing on the hourly chart of XAU/USD. Right now the metal is gaining in value, but in order to confirm the pattern it must make a U-turn at 1,303.43, where the daily R3 merges with the down-trend. Though before that the bullion will have to climb over the long-term moving average and daily R1
Although the market has been distinctly bullish since the summer of 2012, after a test of the resistance at 1.77 (mid-March) EUR/SGD seems to be unable to regain its upward momentum. The price may rise some 150-200 pips in the short run, but as long as the exchange rate stays beneath 1.69 (200-period SMA and down-trend) the overall outlook will
GBP/USD has already retreated four figures after getting close to 1.72 and may give up even more ground, since there is a bearish channel emerging on the chart. Moreover, most of the four-hour and daily technical indicators are pointing South, suggesting the sell-off is not yet fully exhausted and a reversal is unlikely.The British Pound is inclined to slide from
Since there is little difference between the fluctuations of the U.S. Dollar and its Hong Kong counterpart (because of the peg), HKD/JPY has also recently has broken from the descending triangle to the upside. The currency pair is now in a good position to advance North, as it has just pulled back from 13.30 and confirmed 13.20 to be the
As the support at 1.9371 successfully fought off the bears on several occasions in June and July, in the end they gave in and allowed GBP/NZD to rally. Right now the currency pair is trading near the lower edge of the pattern at 1.9745, which is reinforced by the Aug 1 low. Accordingly, there is a high probability of the
Due to a fairly strong support at 2.81 EUR/TRY was able to commence a recovery after a precipitous decline observed during the second half of July. Considering that the currency pair has formed a bullish channel since then, it is likely that the Euro will bounce off the up-trend at 2.8620 in order to surpass the Aug 1 high and
At the very beginning of the previous month the resistance at 0.95 proved to be impenetrable, and AUD/USD was forced to decline. As a result, there is a bearish channel currently emerging. In order to confirm this the currency pair should push through the immediate support at 0.9276 (daily S1 ad Jul 31 low) and reach the edge of the
After a month of no trend USD/CAD has finally started to move in one direction, namely North. However, in the very short run there is likely to be a sell-off, since the currency pair is about to hit the upper trend-line of the pattern at 1.0960, which is reinforced by the daily R2 and Jun 5 high.Then we will expect
There is a small but potentially reliable bullish channel forming on the hourly chart of USD/PLN. But if the market continues to respect the two parallel rising trend-lines, the U.S. Dollar is likely to decline in the near-term, as it is currently trading just beneath the upper edge of the pattern.The pair is expected to start sliding either from the
Despite the frequent gaps there is a clear tendency emerging—narrowing of the trading range while the market is bullish. Accordingly, we may conclude that the upward momentum is weakening and there is an increasing chance of a reversal.However, as long as the up-trend at 35.50 is intact, the outlook should stay positive, just as suggested by the four-hour and daily
Though the market is distinctly bullish right now, the vertical distance between the recent lows is larger than the distance between the recent highs. Accordingly, there is a slight but nonetheless a possibility of AUD/CHF forming a rising wedge, a pattern that generally portends a reversal. But as long as the support at 0.8426 (weekly S1, 200-period SMA and up-trend)
As CAD/JPY was unable to sustain a rally above 96, it entered a consolidation phase, being supported by a strong demand around 94. According to the technical indicators, a break-out to the upside is more likely than a pronounced dip. If this is the case, we should expect a re-test of the July high at 96.23 once the currency pair
Since the very beginning of July, the single European currency has been in the down-trend against the Hong Kong Dollar and by the second part of the month the pair embarked upon formation of the channel down pattern. At the moment, the currency couple is sitting not far away from a one-year low of 10.3601 it reached a day earlier but
A three-day climb of USD/NOK performed inside a bullish channel pushed the pair to a six-month high of 6.2811 Jul 30. However, the instrument failed to settle at this high and is not likely to re-approach this peak any time soon since the pair has recently broken the lower trend-line of the 51-bar long formation. Consequently, we may observe
There are a few signs the sell-off that was started in mid-March from 1.56 may be already overstretched. Following an unsuccessful attempt of the currency pair to push through this year's low near 1.44, EUR/CAD broke the four-month down-trend to the upside, and there is a high possibility of a double bottom pattern emerging on the chart. A close above
Although at first it seemed that GBP/CAD is going to trade within the boundaries a bullish channel after hitting a rock bottom at 1.8216 (Jul 24 low), the trading range has been narrowing since then. Accordingly, there is a high possibility of a reversal pattern being formed, namely a rising wedge. This will be confirmed with the pair's failure to
The Australian Dollar has been appreciating against its American counterpart since the middle of May, however, the trend can change soon. At the moment of writing the pair was trading at 0.9365, just 4 pips above pattern's lower trend line. According to aggregate technical indicators, the pair has a potential to reach the support level of 0.9360 and, perhaps, even
Swiss Franc Index was one of the top losers over the last month, erasing 0.53%. The currency logged loses versus the Singapore Dollar as well, and it seems that the depreciation will continue in the foreseeable future. Traders do not believe in the strength of the Swiss currency, as they are selling it in 72% of the time, while attitude
Another Yen cross, CHF/JPY, also has been trading inside a symmetrical triangle pattern since the second part of July. This time the pair has more time to determine the direction of the looming breakout since the apex will be reached only on Jul 31. However, the pair is unremittingly trying to break the lower limit of the pattern that coupled
AUD/JPY entered a symmetrical triangle in the second part of July and now is on the verge of a breakout. Considering that the instrument has been sticking to the upper limit of the triangle for the last 15 hours as well as the fact that four traders out of five bet on appreciation of the pair in the hours to
July was the month of a notable weakness of the most popular currency couple that now is trading inside a gradually converging downward sloping channel. In fact, we examined a bearish tunnel shaped by EUR/USD a day earlier but today we will focus on a slightly different formation – falling wedge. EUR/USD has recently touched a one-year low of 1.3404 and
Almost a one-month long rise performed by USD/DKK helped the pair to form an 83-bar long rising wedge pattern started on Jul 24. Now the pair is trading near a 10-month high of 5.5632 and is likely to re-approach this peak in the foreseeable future given the overall upside trend and bullishness on the SWFX. Hence, in the hours to come,
EUR/SGD is currently undergoing a consolidation, following a major four-and-a-half bearish wave from 1.71. But the pattern the currency pair has recently formed has already reached its limit. Judging by the technical indicators, the bearish sentiments are likely to prevail. In this case we can expect a pull-back from 1.6659 and then a renewed sell-off down to the Jul 24
EUR/PLN has been trading within a symmetrical triangle since the beginning of May. However, one of the trend-lines forming the pattern should soon be breached, given that we are approaching the apex of the triangle. If there is a break-out to the upside, as believed by 42% of traders, the first target will be the Jul 18 high at 4.1643,