The support at 100.80 did not let the bears to push the price lower by triggering a robust recovery, which is already more than 250 hours long. However, at the moment USD/JPY is trading right next to the upper trend-line of the channel, meaning there is a high possibility of a bearish correction. The dip is expected to pierce through
It seems GBP/AUD has finally escaped the boundaries implied by the symmetrical triangle. The currency pair has broken out to the downside and immediately has reached the first target at 1.80, represented by the Jun 4 low and daily S1. Accordingly, we may now expect a small retracement from this support back to the up-trend at 1.8020. However, subsequently the
Statistically, descending triangles are penetrated to the downside in 64% of the time. As always, the breakout is confirmed by a spike in volatility. Mario Draghi's decision to cut rates pushed the pair lower and keeping in mind the event will have a long-term impact on the Euro, a move below the lower trend line is widely anticipated. Additionally, aggregate
We simply cannot omit the ECB decision to trim interest rates, that provoked a massive sell-off of the single currency, leading to major movements to the downside in all Euro crosses. The EUR/GBP pair touched the upper trend line on June 4– a perfect timing to open a short position. Market sentiment is slightly bullish, as 55% of opened positions
A rally to a three-year high of 0.8395 laid the foundation for a 309-bar long triangle formed by AUD/CHF. At the moment, the currency pair is on the brink of confirming that a recent breakout was false. AUD/CHF reversed its trend shortly after a shot above the triangle's resistance and now is moving back to the pattern's area. Nevertheless, traders are
Despite the fact appreciation of the U.S. Dollar against its Singapore peer started early May, the pair embarked on formation of the bullish channel only closer to the end of the month. At the moment, the tunnel is circa 150-bar long and has average quality and magnitude. Speaking about future moves of the instrument, we have to note that the 50-hour
EUR/CHF followed a bearish trend in the second part of May and after a few days the pair entered a downward sloping corridor. The pair now is headed towards the daily S1 at 1.2198, a drop below which may push the next support zone – daily S2 at 1.2194 – to the fore. However, market participants are not so confident
A dip to a three-month low of 137.98 in the very end of May gave EUR/JPY an impulse for a climb. After a two-week rally the pair performed two consecutive jumps to a one-month high of 139.97; in other words, the instrument shaped a double top pattern. Now the pair is in the down-trend and is likely to extend losses in
In mid-February EUR/SEK revived its recovery and subsequently formed a bullish channel. Just recently the currency pair has confirmed the lower boundary of the channel and it is now headed towards the upper one at 9.25. However, at the moment the Euro is facing some difficulties in the face of the Apr 21 high standing next to the weekly R1
GBP/CAD is moving away from the resistance at 1.86, which proved to be impenetrable after stopping a three-quarter rally earlier this year. Accordingly, the Pound is expected to turn around ahead of the falling resistance line at 1.84 (also weekly R2 and 200-period SMA) and from there launch yet another attack on the support at 1.81, a breach of which
More than a one-month decline by EUR/NOK has become a part of the 106-bar long double bottom pattern. During the period of its weakness, the pair twice touched the mark of 8.0899, a six-month low. The second stab to this level provoked a jump that took EUR/NOK to the neck-line at 8.1781. For the last 20 hours, the pair has
A rise to a six-month high of 0.9464 early April was a starting point of the 223-bar long triangle pattern formed by AUD/USD. Since the beginning of the summer, the pair has been trapped not only by the triangle's trend-lines but also by its short-and long-term SMAs. Currently, USD/AUD is located slightly above the 50-bar SMA at 0.9261 that acts
After hitting more than a five-year high of 36.8760 in the very beginning of March, the U.S. Dollar lost its spree and started to depreciate against the Russian Ruble; the decline pushed the pair into a bearish channel. Now USD/RUB is sitting slightly below the 200-bar SMA but considering that about 66% of all orders on the SWFX are placed to
Since mid-May, CAD/JPY has unable to surpass the level of 94.07—the resistance of the 242-bar long ascending triangle pattern started in mid-May. At the moment, the pair's tendency suggests that the triangle's upper trend-line is likely to remain impenetrable. The instrument is trading slightly below the lower boundary and the proximity of the apex-it will be reached in a day-warns us
The USD/SGD currency pair touched this year's low at 1.2450 twice over the last several months. Since the latest retest, the pair has been moving to the north in attempt to hit strong resistance at 1.2597, represented by weekly R2 and April 25 high. A vast majority of technical indicators are pointing at pair's further appreciation, while 60% of traders
After refusing to move above 1.70-mark, the cable moved to the south and since then has been trading in boundaries of the falling wedge pattern. Market sentiment is not clearly marked, as 55% of opened positions are short. Meanwhile, aggregate technical indicators are mixed and do not give a clear indication of the pair's future performance. Nonetheless, more than 66%
As EUR/GBP failed to sustain a bullish momentum above the resistance at 0.84, the Euro was forced to give up all of its gains and to return to being bearish. For the negative bias to stay, the down-trend resistance line at 0.8139 is required to withstand the current buying pressure and send the pair down to 0.8056, where it could
Due to a tough support level at 1.0650, which AUD/NZD encountered on May 6, the currency pair was able to commence a recovery and subsequently form a bullish channel. Accordingly, the outlook on the Aussie is positive. However, there are substantial downside risks in the near term, being that the price has just touched the upper boundary of the pattern
A 181-bar long triangle pattern shaped by EUR/DKK originated close to a three-year high of 7.4690 reached early April. Since entering the pattern, the pair has been persistently attempting to exit the formation. One of these attempts we may see at the moment – eight hours earlier EUR/DKK jumped above the triangle's upper limit that was also supported by 50-bar
GBP/JPY was fluctuating near a five-year high of 174.94 during almost five months ended late April when the currency couple was trapped by two downward sloping lines. Now the pair is retreating from the upper limit of the 131-bar long channel down pattern but given that more than two thirds of traders on the SWFX hold a bullish view,
After a jump to the highest level since at least 2009, the greenback started to depreciate against the Turkish Lira. More than a four-month decline pushed the currency pair into a bearish corridor that now is over 310-bar long. However, the weakness is not likely to be eternal and we may see a proof of this soon. USD/TRY settled above the
EUR/JPY is nearing the neck-line at 139.37 of circa 300-bar long double bottom pattern the pair has been shaping since mid-May. A climb to this significant level was underpinned by the recent plunge to 137.96, a four-month low. At the moment, market players on the SWFX are not univocal in regards to whether we will see a breakout soon; the
Judging by the Cable's fluctuations in May, there is a bearish channel emerging on the hourly time-frame. Accordingly, the bias towards the currency pair is negative, but in the short term we are highly likely to see appreciation of the British Pound, as the currency has just bounced off the lower boundary of the pattern at 1.6674. Once GBP/USD overcomes
EUR/PLN was unable to cross the resistance at 4.2026 on May 18, and since then the Euro has been mostly moving lower and lower. As a result, there is a bearish channel on an hourly chart, implying that the rallies will not advance beyond 4.1590. Instead, the price is supposed to move further south. The immediate support is at 4.1345,