There is a potential bearish channel emerging on the four-hour chart of XAU/USD. For the past 230 bars the gold has been generally depreciating, but at the same time it has been respecting two parallel falling trend-lines. This implies that the currency pair will not be able to advance beyond 1,315.80, which, apart from being the upper boundary of the
After a sharp appreciation ended early April, AUD/JPY took a break to trade near a record high of 96.14 during several weeks. However, the pair stopped swinging between small gains and losses early May when it commenced a clear bullish trend. At the moment, AUD/JPY is meandering near the upper limit of the tunnel and may even try to surpass this
Considering the Euro trend against the Japanese Yen, we may see some similarities with EUR/AUD pattern. The Euro again demonstrated its inability to gain value versus its overseas peer thus forming a 99-bar long channel down pattern. Now the currency couple is sitting close to a two-month low of 139.89. However, a future direction of the pair seems unclear-market participants are
A rise of the Australian Dollar against the Swiss Franc has been developing within the area restricted by two upward-tilted lines. The formation helped the pair to reach a multiple-month high of 0.8368; now the pair is trading exactly at this peak and given that the currency couple is likely to continue its climb at least until it attains the
The single European currency has been depreciating against the Australian Dollar since early May when the instrument hit a one-month high of 1.5019. The currency pair has been vacillating inside a bearish channel for 112 hours and now it is sitting at the lower limit of the formation that is located near a one-year low of 1.4582. In fact, a
Following a fairly quiet period that was seen during the second half of April, CAD/JPY finally started to move. At the moment the market is bullish and is likely to remain such, considering that there is an upward-sloping channel emerging on the chart. The pattern implies that the exchange rate will not fall below 93.10, but at the same time
GBP/AUD has been moving lower since January 24, however, after hitting 1.7740 on April 10 the pair bounced back and climbed more than 500 pips, erasing some of the earlier made losses. At the moment of writing the pair has been fighting for an important level around 1.80, also represented by the lower trend line. Aggregate technicals are not
There is a clear indication of the strong downtrend on USD/ZAR, as four consecutive fresh highs was each lower than the previous one. Moreover, just recently the pair has penetrated an important support level at 10.310, meaning bears are not ready to take a pause yet. Market sentiment is slightly bearish as well, while technicals are either neutral or sending
A rise to a three-year high of 0.87796 early May provoked a sharp depreciation of the New Zealand Dollar against its U.S. peer. The decline was a part of the 99-bar long double bottom pattern, inside which the pair is located at the moment. Now the instrument is unremittingly nearing the neck-line at 0.8638 that represents a formidable resistance level bolstered
Since late April, the U.S. Dollar has been tilted downwards against the Russian Ruble; this has led to a commencement of the channel down pattern on April 29. Now the pair is trading below the 50-hour SMA at 35.1563, albeit slightly but the distance may increase before long taking into account bearish market sentiment-almost two-thirds of traders on the SWFX
A few hours earlier, GBP/NZD exited a 218-bar triangle pattern that originated late April when the pair hit a six-week high of 1.9764. Notwithstanding the fact that the breakout has already happened, we have not witnessed a massive sell-off that usually follows a bearish exit from a triangle yet. In fact, an accelerating decline is not likely to take place
After touching a five-month low of 88.27, AUD/JPY reversed its trend and entered a bullish corridor that took it to a one-year high of 95.54 early April. At the moment, the pair is sitting slightly above the 200-bar SMA meandering at 95.37 and it is likely to prolong its winning streak in the hours to come given that almost 70%
Australia and Britain are both sending optimistic signs, pushing domestic currencies higher. Nevertheless, traders are betting for a continuous appreciation of the loonie, as GBP/USD has been moving lower since January 24. At the moment of writing the pair was struggling to go above or below the 200-period SMA. A move above it will clear the way for the upper
USD/SGD has been moving to the south since March 20, when the pair refused climbing above 1.28-mark and performed an impressive downside rally. Just recently, on April 25, the pair made an attempt to penetrate the upper trade line. Since than bulls have made 5 attempts to end a 220-bar long period of depreciation. Market sentiment is strongly bullish (63%),
After hitting the support at 1.2163 EUR/CHF was able to commence a recovery, which later on developed into an upward-sloping channel. At the moment, however, the downside risks prevail, being that the currency pair is facing a cluster of resistances, created by the weekly R1, up-trend line and May 2 high.Consequently, there is a high probability of a sell-off down
While the most recent fluctuations, as discussed earlier today, could be viewed as a bullish channel, the overall outlook on the hourly chart of GBP/NZD resembles a bearish channel. Accordingly, we would expect the currency pair to respect the falling resistance trend-line and then head through the nearest supports, such as the 200-hour SMA, weekly pivot point and May 6
At the moment EUR/CHF is attempting to break out of the symmetrical triangle it has been actively forming since the beginning of January. The currency pair is eroding the upper edge of the pattern 1.22, which consists of the down-trend line and monthly PP. If it succeeds, the rally will most likely extend at least until 1.2250. There, however, the
Since late April, the single European currency has been in the down-trend versus the New Zealand Dollar and now there are no indications that the pair is willing to halt its depreciation in the forthcoming days. This is supported by various factors such as the SWFX sentiment-almost 56% of traders hold short positions and disposition of the SMAs-the short-term SMA
A decline to a one-month low of 1.0650 early May provoked a sharp appreciation of the Australian Dollar against its New Zealand counterpart and helped the pair to form a double top pattern. Although the pair now is on its way towards the neck-line at 1.0769 since the instrument has already commenced a retreat from the second peak, market players
A rise by AUD/SGD has been developing inside two diverging upward sloping lines; in other words, within the boundaries of the broadening rising wedge. At the moment, the currency couple is vacillating above the 50-bar SMA at 1.1696, albeit slightly and given a moderately bearish sentiment on the SWFX-circa 60% of traders bet on depreciation of the pair-we may expect
GBP/NZD entered a bullish channel shortly after a two-week retreat from a six-week high of 1.9766. Now the pair is sitting at the lower limit of the 103-bar long formation as the 200-hour SMA at 1.9549 is blocking the upswing. In the hours to come, the instrument may attempt to breach this formidable resistance that is likely to initiate a
USD/SGD has recently failed to climb above 1.26 and since then has been bearish, which in turn has led to formation of the downward channel. But in order for the pattern to prove its worth, the falling resistance line, currently at 1.2492 together with the weekly S1, is required to stay intact and force the price to go further south.However,
This year's rally, which was initiated just above the level of 0.94, was stopped by the resistance at 1.0333. However, the currency pair did not change its direction after the encounter and continued to trade between this level and the support at 1.0135, implying that there may potentially emerge a rectangle pattern. If this is the case, eventually AUD/CAD is
USD/ZAR is continuing a 384-bar long falling wedge pattern that originated at the highest mark since at least 2009 of 11.3895. Being constantly under a heavy selling pressure, the currency pair has been losing its value and now it is sitting near a six-month low of 10.3091. In the foreseeable future, we are not likely to see any changes in