Since June the single currency has been traded at elevated levels against the New Zealand Dollar; however, the pair followed a distinct upside trend only in the very end of October. At the moment of writing, the pair was tilted upwards after a drop to the lower trend-line of the channel up pattern. Additional buying pressure was pertaining to the
Following a precipitous decline seen late January, AUD/CHF managed to stabilise and even commenced a recovery, which developed into an upward-sloping channel. Nevertheless, there are concerns whether the pair will be able to preserve the bullish impetus. Firstly, the daily and weekly technical indicators are suggesting depreciation of the Australian Dollar relative to the Franc. Secondly, at the moment the
As it turned out, a rally through the 200-period SMA proved to be unsustainable. Since then the Swiss Franc has been underperforming the Singapore Dollar, resulting in emergence of the bearish channel.However, in the near term CHF/SGD may rise, being that the currency pair is trading at the lower boundary of the pattern at 1.4051, which is reinforced by the
Judging by the last 100 days, it appears that USD/CHF has formed a bearish channel and is therefore likely to decline, especially considering that the currency pair is currently trading near the falling resistance line. Moreover, there are more ‘sell' signals on the weekly and monthly charts than there are ‘buy' signals. However, it is noteworthy that by connecting some
Since January 29, the U.S. Dollar performed a sharp rally against the Norwegian Krone; the advance has been developing within the limits of the 55-bar long tunnel that took the pair to a five-year high of 6.3041 during the last January's session. Despite a mild retreat after a rise to the recent peak, the pair is expected to gather momentum in
Having hit a two-month high of $1,279.62 per ounce on January 26, XAU/USD started to shape a descending triangle pattern. Currently the yellow metal is vacillating in the relatively narrow trading range, meaning that triangle apex is approaching. The overall picture looks bullish for the most traded precious metal as over 72% of market players hold long positions. However, to materialize
Shortly after the U.S. Dollar started to recover from a two-month low of 101.77 against the Japanese Yen, the pair embarked on formation of the channel down pattern that prevented the greenback from further rebound versus the Japan's national currency. Now the pair is trading below its 50-hour SMA at 102.45, albeit slightly and is likely to try to surpass
GBP/JPY attempted to penetrate the lower boundary of the 218-bar long descending triangle on January 31 but both attempts were unsuccessful and now the pair is still trading in the range bounded by the triangle trend-lines. Now the currency couple is sitting at the four-hour pivot point at 168.09 that lies slightly above the pattern's support at 167.98. Considering the
The single currency has been performing very well against the Aussie since late October, as during this period the pair soared more than 1700 pips. The most likely scenario is a move towards pattern's support or a 200-period SMA first, as market sentiment is strongly bearish (70%), while aggregate technical indicators on a 4H chart are sending ‘sell' signals.
The GBP/CAD currency couple will be highly volatile soon as the pair is approaching an apex point of the ascending triangle, which is 57-bar long. The outlook for the pair is strongly bearish even despite the fact technicals on a daily chart are sending ‘buy' signals. The first reason behind the bearish scenario is the fact recently bears made an
After topping out at 9.10 EUR/SEK started to trade in a down-trend and still seems to preserve the bearish momentum. However, the currency pair failed on several occasions to push through 8.75, thereby calling into question the ability of the Swedish Krona to continue outperforming the single European currency. Right now the exchange rate is probing the resistance between 8.87
Already starting from last year's November the U.S. Dollar has been gaining value relative to its Singapore counterpart. Recently, however, USD/SGD started falling. But, given that the support at 1.2740 withstands the bearish pressure, this will be only a downward correction without any implications for the general bullish trend. Accordingly, we will expect the greenback to appreciate until the price
This a good time to trade NZD/CAD as the pair has recently broken through the lower boundary of the rising wedge pattern formed in early January. The likelihood that the breakout is real is high given weakness of the pair after it failed to re-approach a six-year high of 0.9286. If the pair extends its slump and plunges beneath a
It seems worth examining the descending triangle pattern formed by EUR/GBP one more time as several pair's attempts to break out of the pattern in both directions proved to be unsuccessful. Now the pair is trading below the pattern's support line at 0.8241, albeit slightly, raising the question whether the breakout is real. Some factors like proximity of the apex
Having hit a five-month high, the Australian Dollar started to lose ground versus its U.S. counterpart and in mid-November the pair entered a channel down pattern. Being a subject to a heavy selling pressure, the currency couple plunged to a five-year low of 0.8664 several days ago and despite recovering and even to surpassing its 50-bar SMA, the pair is
A rally of EUR/CHF observed in the second part of December was followed by a sharp decline. Whilst falling, the pair has been locked in the corridor created by two downward sloping lines that have been restricting the pair's moves for 216 hours. At the moment, EUR/CHF is faltering above a one-month low of 1.2213, and may dive below this
A 104-bar long rising wedge was formed by NZD/CAD on January 2, and since then the pair has been appreciating steadily. While technical indicators are either neutral or sending ‘buy' signals, the fact the recent high was lower than the previous one is raising concerns the rally is running out of steam and soon pattern's support will be breached. At
The EUR/GBP currency pair has been moving in boundaries of a channel down pattern since the middle of December. Despite a recent bullish movement and an attempt to break the upper trend line, the outlook is still bearish. Market sentiment is not clearly marked, as the number of short and long positions in almost equal. Technical indicators, however, are suggesting
After touching the 200-period SMA early this year, EUR/CAD managed to regain its bullish momentum. Eventually, this has led to formation of the bullish channel on the four-hour chart.Accordingly, in the short run it is expected that the single European currency will first descend down to the lower up-trend line at 1.5069 (also the weekly pivot point) as a part
Although for some time the 200-period SMA was able to keep the exchange rate afloat, eventually the bears pushed through the support and started a sell-off that later on turned into a downward-sloping channel. This implies that AUD/CHF is highly unlikely to rise above the falling resistance line at 0.7865 in the nearest future. Instead, the Australian Dollar is expected
The most traded precious metal has been rebounding after a plunge under $1,200 per ounce in the very end of 2013 and since January 22 the bullion followed a pronounced upward trend that has been developing within limits of the wide channel up pattern. Recently, the yellow metal managed to attain a two-month high of 1,279.64 but it failed
A 837-pips wide channel up pattern was formed by USD/NOK on one-hour chart about 90 hours ago. The tunnel originated at a one-week low of 6.0856, while a recent stab of the pair to the corridor's upper limit allowed USD/NOK to approach a three-week high of 6.2183. Meanwhile, the currency couple may be willing to escalate even higher considering
NZD/USD started to shape a falling wedge in mid-January when it hit a three-month high of 0.8432. Since then the New Zealand Dollar has been gradually losing ground versus its U.S. counterpart; however, the pace of depreciation may even accelerate in future given that the pair dived below the lower boundary of pattern a few hours ago. Now NZD/USD represents
Since early January the U.S. Dollar has been rallying against its Canadian peer and on January 22 the pair embarked on a formation of an ascending triangle pattern. The upper boundary of the pattern that lies at the five-year high of 1.1175 failed to contain the advance of USD/CAD that recently has surpassed this formidable resistance, suggesting that that an