While in the one-hour chart the Pound seems to be moving upwards versus the Aussie, the long-term outlook is fairly bearish in the four-chart for the same cross. Just before weekend, GBP/AUD managed to touch a resistance represented by 200-period SMA at 2.11, which is currently backed by the monthly PP. Following that, we saw a bounce back into the
USD/CAD is following two upward-sloping trend-lines so far; however, the long-term state of affairs will highly depend on the Fed interest rate decision on Wednesday. Positive outcome is expected to push the US currency above 1.3781, a resistance created by daily R1 and Monday high. The next step will be a spike in the direction of the pattern's upper edge
The bearish pattern we have spotted at the end of the previous week continues to develop. Since last Friday EUR/JPY has managed to confirm both trend-lines forming the channel. Consequently, we expect the price to top out at 133.50 and give way for a new bearish wave that could potentially extend down to 132 yen. Alternatively, if the indicators turn
In the short run the Kiwi is bearish, as it has just bounced off of resistance line, but in the longer-term perspective we consider the outlook to be positive. NZD/USD is expected to end the current downward correction near 0.67 and then resume the rally the pair started in mid-November. After surpassing the December 15 high the next potential target
The current down-leg is estimated to extend through recent lows soon. A rectangle formed by USD/PLN assumes that after a short pause a sell-off will continue. The key support is placed in the 3.94/3.9365 and consists of Dec 9 and Dec 3 lows. A drop below them is anticipated by technical indicators on all time frames at the moment. Another
The Sterling will most likely rebound against the Australian Dollar in the nearest future, as there are attempts being made to violate the closest resistance area just below 2.10. This supply consists of daily and weekly pivot points, as well as the 55-hour SMA. Success here will imply an additional rally in the direction of 2.1220 where the pair peaked
CHF/SGD is trying to negate the losses of the last three months right now, and the latest rally has already offset a half of them. There are also plenty of reasons to believe that the rate will be able to extend the recovery further. First of all, the pair is currently trading between two parallel ascending trend-lines. Secondly, the Swiss
Despite the recent inability of EUR/NOK to push through resistance at 9.5950 the outlook on the currency pair is strongly bullish. The main argument is that the price has formed an ascending triangle after a run from 9.10. Additionally, the longer-term technical indicators are mostly pointing upwards, and the Euro is oversold—72% of open positions in SWFX market are short
The Euro has already lost almost two figures since the first days of December when the EUR/JPY cross reached the two-month high at 134.59. The toughest part of a sell-off is still ahead of the spot price. Firstly, the weekly S1 and monthly R1 will not be ignored, as they are immediately followed by the 200-period SMA at 132 and
Gold has been ticking down on Monday, meaning that near term outlook is going to remain quite bearish. On Friday the local high has been touched at 1,079, as the cross fell short of reaching the Dec 9 high at 1,085. Now the main obstacle is represented by the 200-hour SMA at 1,070. There is a possibility of a bounce
For the time being the outlook on EUR/JPY is bearish, while the main question is whether the pair will keep forming the channel or the trading range will narrow and the falling wedge will eventually emerge. One of the arguments in favour of the latter option is the fact that the price has recently failed to extend a correction to
We are receiving conflicting signals on CAD/CHF. From one side, the outlook is bearish, being that the exchange rate is beneath the long-term moving average and a majority of the four-hour and daily indicators is giving 'sell' signals.On the other hand, the currency pair is forming a falling wedge, which is a reversal pattern, and two thirds of open positions
EUR/SGD appears to be in a good position to rebound. The currency pair is approaching the lower boundary of the channel it has recently formed, which is also reinforced by the weekly PP. At the same time, most of the four-hour and daily technical indicators are pointing upwards. Moreover, the Euro is oversold in the SWFX market, where 71% of
While the Aussie has been depreciating against the Swiss Franc, it has been getting stronger versus its Canadian counterpart. Since mid-November this currency pair has appreciated by more than six figures, rising from 0.93 towards the parity. The magical level of 1.00 has not been touched yet, but we expect it to happen in the next two weeks. Before that,
AUD/CHF is developing in the middle of the range between the upper and the lower boundary of a bearish pattern, but the short term bias remains strongly bearish with respect to the Australian Dollar. The weekly S2 is likely to be approached in the foreseeable future, given that testing of the daily S1 (0.7122) seems to have been successful. Any
USD/TRY has been bullish since the beginning of December, but soon there is going to be a serious test of the current upward momentum. In order to confirm its intentions to move higher, the currency pair will have to breach a solid resistance area at 2.9370/40, created by the weekly R1 and November high. Soon thereafter the US Dollar will
After a massive 400-pip rally a week ago EUR/JPY entered a bearish channel. Accordingly, the latest recovery of the Euro from 132.70 should soon come to an end, namely at the upper boundary of the pattern at 133.85.However, as long as support at 132.70 remains intact, our outlook will be neutral, being that this demand level consists not only of
Our expectations with respect to the Yen are strongly bullish at the moment, after the Japanese currency pushed its exchange rate with the Buck below 122 in the past 24 hours of trading. As a result of the USD/JPY's bearish move, the double top pattern was confirmed and monthly PP, weekly S1 and 200-period SMA have all been violated. Now
A typical reversal double bottom pattern has emerged in the one-hour chart for the USD/PLN cross. It proclaims that an eventual surge is a likely outcome, after the pattern is confirmed. We expect this to happen in course of the next 24 hours. For the bulls, there are several resistances that have to be crossed, before the most important supply
The situation in NZD/CAD bears an uncanny resemblance to the one observed in AUD/CAD. Here, also, the overall outlook is bullish, while in the short run there is likely to be a correction. The decline is expected to end near the rising trend-line at 0.9040, whereas in the long run the price could be aiming for the March high, being
AUD/CAD has been bullish since the very beginning of November, and considering that the pair has already surpassed the March high, the recovery is expected to continue, and the target is this year's maximum at 1.0090. Additional argument in favour of the bullish outlook is sentiment: 72% of open positions are short. In the near term, however, we are likely
The Cable has been turbulent since Thursday when we observed the Sterling's value climbing higher amid news from the ECB. A short-lived correction started after GBP/USD met the 100-period SMA at 1.5145. However, the weekly S1 is now reviving the Pound's strength again. Judging from SWFX sentiment, the cross may continue appreciating, being that 54% of all positions are bullish.
The Dollar is expected to depreciate against the South African Rand in the next 48 hours, given that the cross has recently bounced off the upper boundary of a bullish pattern. The long term outlook, however, is keeping the positive bias. The nearest obstacle is represented by the 55-hour SMA at 14.5634. A decline under this moving average line will
The near-term outlook on GBP/CAD is strongly bullish. Not only does the majority of technical indicators point upwards, but the price is also right at the lower boundary of the ascending channel. Additionally, the Sterling is oversold against the Canadian Dollar: only 28% of open positions in the SWFX market are long. We expect the Pound to rebound from the