Despite the upward-sloping channel consisting of only 50 candles and its width being fairly narrow, the trend-line forming it seems to be respected by the market. Accordingly, it is expected that AUD/SGD will rebound from the trend line at 1.1735, reinforced by the weekly PP, and target the weekly R1 and Jun 12 high at 1.1795. If there is still
Although since August of 2012 the market has been consistently bearish, in May of this year CAD/CHF managed to stabilise near 0.78 and commence a robust recovery. However, there are signs the upward tendency may not last long, such as the currency pair forming a rising wedge, namely a reversal pattern. Nevertheless, most of the daily and weekly technical indicators
After topping out at the end of January GBP/AUD was forced to enter a bearish channel. If this is true, the British Pound should respect the resistance at 1.8109, represented by the 200-day SMA and falling trend-line, and start moving en route to 1.7280—the lower boundary of the pattern.And while the daily and weekly technical indicators do not seem to
Rectangles are usually formed during a pause in the movement. In this particular case, the USD/SGD refused to move above 1.2793 and plunged to 1.2453. Since early April the pair has been trading in boundaries of the rectangle pattern, moving between two parallel trend lines, located at 1.2592 and 1.2453. This is a 137-pip range, hence, both quality and magnitude
The EUR/JPY pair has been trading in boundaries of the channel down pattern since April 2. The latest bearish impulse was received on June 9, as the pair touched the 200-period SMA and bounced back, trading now between daily R2 and weekly S3 just in a 85-pip range. The key support is located at 137.72, however, according to ‘sell' signals
Since the beginning of April the Great British Pound has been outperforming its New Zealand counterpart, which led to formation of the upward-sloping channel. Accordingly, the long-term outlook is positive. So is the short run, considering that GBP/NZD has just bounced off the lower trend-line at 1.9377, where we also have the weekly S3 and Jun 12 low.Presently, currency pair
As GBP/NZD has bottomed out near 1.81 at the end of May, the currency pair was able to commence a recovery, which later on developed into a bullish channel. However, right now the rate is facing the resistance represented by the upper trend-line of the pattern, weekly R1 and May 21 high, meaning in the nearest future the Sterling is
AUD/JPY bottomed out in the second half of May at 93 and since then it has been recovering. This rally now appears to be an upward-sloping channel.However, there is a notable difference in reliability of the upper and lower trend-lines. While there are no questions regarding the former, as it is being constantly respected by the market, there have been
While at first it seemed as if EUR/CHF was forming a bearish channel, later on it turned out to be a triangle. The currency pair is now ready to break out of the pattern, considering how close it is already to the apex. Taking into account that since May the market has been bearish, there is an increased likelihood of
Since the upward correction of the major down-move did not extend beyond the resistance at 0.84, the British Pound continues to outperform its European counterpart. However, it might not be the case in the short run, given that EUR/GBP is currently trading right in front of the lower boundary of the bearish channel, which in turn is reinforced by the
While looking at the past 20 days the U.S. Dollar may seem to be bullish, the overall outlook for now remains negative. The issue is that starting from the beginning of March the currency has been underperforming relative to the Russian Rouble and at the same time forming a bearish channel.Accordingly, even if the greenback appreciates, the gains are expected
It took more than a week for CAD/HKD to confirm that the recent exit from the 228-bar long ascending triangle was a false breakout. The pair dropped beneath the lower limit in the very beginning of summer but several days later it unexpectedly embarked upon the way back to the pattern's area. At the moment, the pair still is trading
Since late February, the U.S. Dollar has been tilted upwards against the Swedish Krone; this helped the pair to reach almost a one-year high of 6.7081 in mid-June. In fact, the recent high is located at the upper trend-line of the 448-bar long gradually converging bullish tunnel that was shaped during the pair's advance. A rise to the recent high
USD/RUB performed a three-month long decline ended late May that took the instrument to a four-month low of 34.0136. However, after attaining this low, the currency couple was unwilling to extend its losses and commenced a climb that has been developing inside a 100-bar long channel up pattern. Considering the SWFX sentiment, the pair is likely to trade lower in the
Having touched a three-year low of 0.7804 in mid-March, CAD/CHF started to recover losses and a month later the pair entered a bullish channel. Now the currency couple is headed upwards; however, SWFX players do not expect the trend to persist in the nearest future – almost two-thirds of them hold short positions. If this comes true, the pair is likely
Gold continued its bullish showing this week, as bullion benefitted from the ECB rate cut wave, while the greenback remains under the pressure ahead of the statistics from the world's largest economy. Traders still believe in bullish scenario and are buying the bullion versus the buck in 62% of the time. Moreover, they believe the pair will continue climbing higher,
After touching 1.4728 on May 30, the pair moved towards the upper trend line, meaning traders are still ready to continue benefit from pair's fluctuation between two trend lines. Nevertheless, ECB's decision to cut rates provoked a massive sell off of the single currency and the pair was not able to reach the upper trend line. At the moment of
Being unable to cross the resistance at 1.70, GBP/USD was forced to enter a downward trend. Nevertheless, there are certain signs telling the currency pair is about to breach the down-trend resistance line at 1.6828 and re-test the May 6 high, the main being formation of a reversal pattern—a falling wedge.On the other hand, the Pound will also have to
As EUR/SEK bottomed out at 8.75 early this year, it managed to commence a robust recovery. However, the Euro encountered a tough resistance level near 9.14, which for now is keeping the bulls at bay. As a result, there is an ascending triangle emerging, and this implies an eventual break-out to the upside.Still, the currency pair needs to confirm the
AUD/CAD decline started somewhere near a two-month low of 1.0011 reached late May and a few days later the pair embarked upon formation of the 118-bar long double top pattern. Several hours earlier, the pair started a retreat from the second peak of the formation. Surprisingly, the weakness was short-lived as the 50-hour SMA at 1.0214 managed to mollify selling pressure
EUR/CHF inability to settle above a seven-week high of 1.2238 led to a long-lasting drop that pushed the currency couple into a bearish corridor, inside which it has been fluctuating for the last 114 hours. The pair of two European currencies recently has started to demonstrate some resistance to the downside pressure. The instrument refused to retreat after a stab to
Following more than a one-month long decline, the New Zealand Dollar changed its tendency against its U.S. counterpart and as a result the pair managed to shape a 109-bar long channel up pattern. At the moment, the pair is on the rise, moving towards the upper trend-line after attaining the lower one several hours earlier. Meanwhile, traders on the SWFX are
After a dip to a six-month low of 10.2727, the U.S. Dollar started to appreciate against the South African Rand; however, about two weeks later, USD/ZAR suddenly halted its winning streak and entered a sharp downward-sloping tunnel. Market players on the SWFX expect the pair to continue its decline in the hours to come – more than 66% of them hold
After hitting the support at 1.0650 AUD/NZD received enough momentum in order to form an upward-sloping channel. Accordingly, the outlook is positive. However, there are considerable downside risks in the near term, since the exchange rate is fluctuating just beneath the upper trend-line and Jun 4 high. Consequently, it is more likely for the Aussie to back down to the