USD/SEK failed to recover past 8.46/8.48 last month, and as a result, the exchange rate is forming a descending channel on its way towards the lowest since October level. However, before the final bearish wave to 8.0950 there is likely to be an upward correction from the lower boundary of the pattern that, together with the weekly S2 and monthly
Although the rate may rebound today from the Tuesday's low at 2.0470, our bias with respect to the British Pound will remain negative. The immediate resistance is at 2.0574/70, represented by the daily PP and weekly S1. Even if this supply zone is broken, the falling trend-line at 2.07 will be expected to halt further recovery and send the pair
The New Zealand Dollar is expected to keep appreciating against its US counterpart. The near-term losses are to be limited by the rising support line at 0.6750, which is reinforced by the weekly pivot point. If the price manages to close above December 22 high, the next target should be 0.69, where the October maximum coincides with the weekly R2
A reversal pattern formed by gold means that recent weakness is likely to come to an end soon. XAU/USD has been stagnating since the beginning of this month when the bullion touched the 1,047 mark. Now it is testing the 200-period moving average at 1,074.09. In case the upward consolidation takes place in, then we are going to switch our
EUR/NOK is currently building the third valley inside the triple top pattern, after the cross managed to bounce off the Dec 15 high at 9.60. After violating the 200-hour SMA, the outlook seems to be bearish for the common European currency. Nonetheless, an important support is still placed ahead of the spot, namely at 9.5077 (weekly pivot point). A success
There seem to be more arguments to be bullish the Euro rather than the Aussie. One of the main reasons is a triangle, namely a continuation pattern, that has emerged after a rally. An additional argument is that the currency pair has recently broken through the 200-period SMA, implying that the single currency is set for long-term appreciation. If the
AUD/SGD bounced off of resistance at 1.0350 earlier this month, and since then the currency pair has been in a down-trend. As long as the descending resistance line at 1.0185 is intact, the outlook will be bearish. We expect the price to fall down to the 1.0050/30 area, where the lower edge of the pattern is reinforced by the weekly
A successful correction is taking place in the four-hour chart for the Euro/Krona currency pair. Last week it bounced off the pattern's upper boundary around 9.38 and since then it has already lost around 14 figures. EUR/SEK managed to overcome several important demands including the monthly pivot point and 200-period SMA. On the bearish side, weekly technical indicators are giving
EUR/CHF has met the pattern's upper horizontal trend-line on Tuesday. However, at the moment this currency pair is remaining below this important mark of 1.0845. In case we observe a bounce back in the direction of 200-hour SMA (1.0811), then it is highly likely the cross will try to form a triple bottom pattern in the long run. However, current
After hitting a solid resistance level 1.40 the currency pair has entered a consolidation phase, but the lower boundary of the recently formed channel remains intact. Accordingly, our bias towards the US Dollar is positive, and there should soon be a rebound from the rising support line at 1.3916. Once and if the obstacle at 1.40 is out of the
The overall outlook on AUD/CAD is bullish. The currency pair is trading in a high-quality ascending channel and above the 200-period SMA. At the same time, the daily and weekly technical indicators are largely pointing upwards. Moreover, most of the open positions are short, meaning the Aussie is oversold and a substantial increase in supply is unlikely.However, in the near
Dollar/Franc is at risk of failing to rebound, considering a tough supply ahead of the spot price. One of the first major resistances is represented by the monthly S1 at 0.9975, followed by the parity level 1.00. On top of that, the 100-period moving average line has just recently penetrated the 200-period SMA, meaning the bias is skewed to the
After a correction, which is currently driving the USD/CAD pair to the downside, we expect to see another up-leg in the direction of 1.41 where the upper trend-line is placed for the moment. A recovery is also likely to commence earlier, possibly around the weekly pivot point at 1.3877, which is guarded by the daily S1 on Monday. In case
Although since October every new high has been below the previous one, there is a good possibility the bulls are soon going to regain control of the pair. After the May-September advance USD/SGD has formed a triangle, a continuation pattern, meaning the risks are skewed to the upside. If the price manages to close above the falling resistance line at
Following a strong rally from the well-established support at 9.15 EUR/NOK has entered a consolidation phase in the form of a rectangle. Eventually the pattern should be broken to the upside, but before confirming its bullish long-term intentions momentum of the currency pair will be tested by resistance at 9.64, where the monthly R3 joins forces with the September high.In
The exchange rate might fall some 20 pips more from the current level, but USD/SGD is soon expected to start a recovery. The immediate support is represented by the 200-hour SMA at 1.41, while the bullish outlook is ensured by the rising trend-line at 1.4075. From there the price will be in a good position to go after the upper
Even though the upper boundary has a slight upward slope, we tend to believe that AUD/USD is building the ascending triangle in the four-hour chart. The lower edge has a clear positive bias, meaning trading range will be expected to decrease over time. For the moment the Aussie is set to appreciate versus the Buck. However, a task to surge
The US currency is now ticking down against the Singapore Dollar, although a general outlook for this currency pair is positive. This forecast is reflected in the technical indicators, as 1H studies are pointing to the downside, while in the four-hour time-frame they are positive. Current depreciation is justified by the SWFX market sentiment, as more than 72% of all
Support at 0.7130 should soon no longer be able to underpin the rate. Taking into account that CAD/CHF is trading within a descending triangle and the technical indicators are mostly giving ‘sell' signals, our bias is negative. Moreover, a significant majority of the SWFX market participants, namely 73%, are bulls, implying that the Loonie is overbought. Beneath 0.7130 the pair
EUR/GBP is struggling to overcome resistance at 0.7280 at the moment, but the outlook is still bullish. The currency pair has recently formed an ascending triangle, meaning demand is gradually building up, and this should eventually result in a breach of the upper boundary of the pattern. If this is the case, the next target will be at 0.7360, represented
On Monday the Pound has successfully bounced back from the channel down pattern's upper edge at 1.5240. The current losing streak amounts to more than 300 points as of Thursday afternoon. We expect GBP/USD to touch the support at 1.4868/56 in the nearest future, namely monthly S1 and weekly S2. As they are holding the key to the pattern's lower
Yesterday AUD/SGD met a crucial resistance, which consists of several moving averages and the weekly PP at 1.0154/91. Moreover, today this area is reinforced by the daily PP. They all are guarding the pattern's upper boundary, meaning there will be attempts to prevent the Aussie from any further gains. A surge above 1.0191 will immediately expose the trend-line, which will
We hold a bullish outlook on AUD/CAD. The main reason is that the currency pair has formed a high-quality ascending channel, but the market is also net short—62% of traders are bears. The Australian Dollar is expected to rebound from the support trend-line at 0.9860 and extend the ensuing rally up to 1.01. Further advancement in under question because of
It is more likely than not that the Aussie is going to keep losing ground against its New Zealand counterpart. In addition to the pair trading within the downward-sloping channel, most of the technical indicators are pointing south. At the same time, we see that the Australian Dollar is heavily overbought—73% of open positions are long. The immediate ceiling is