USD/SEK is currently struggling at 8.76, but eventually the bulls should be able to push through this resistance. The ascending triangle the pair is forming suggests that demand is building up, and a break-out to the upside is the likely resolution to the pattern, which developed after the Oct 15-Nov 6 advancement.We therefore expect the price to close above 8.76
Although the quality of the pattern is poor, there is a high chance of EUR/CHF developing the ascending channel further. First, the currency pair is facing a solid demand area around 1.0840, created by the weekly S1, monthly PP, up-trend, and 200-period SMA. Secondly, the single currency is oversold, being that 72% of open positions are short, and therefore there
Dollar/Yen cross is at risk of declining in the foreseeable future, after it has formed the rectangle pattern during November. It implies a reversal of the bullish trend, which was in place during the first week of this month. The bulls will inevitably meet a substantial supply after 123.50, which consists of weekly and monthly R2s, Nov 9 and Nov
The Canadian Dollar will most probably depreciate against the Swiss Franc in the next 24 hours, but overall outlook remains fairly bullish for this currency pair. Firstly, the cross is heavily oversold, as more than 73% of all open positions are short. In addition, 4H indicators are positive, while daily studies assume neither gains nor losses for CAD. In order
The situation with AUD/USD is ambiguous at the moment. From one side, the currency pair is forming a symmetrical triangle, which in this case is bearish because we are in a distinct down-trend (since mid-April of 2013), and the weekly and monthly technical indicators are mostly giving ‘sell' signals.On the other hand, the pair has just violated the falling resistance
The outlook on EUR/TRY is strongly bullish. The currency pair has just broken through a major resistance trend-line and formed an ascending channel. The losses are to be limited by the rising support at 3.10, and the target is 3.1479, where the weekly R1 merges with the upper boundary of the pattern.Alternatively, if demand at 3.10 proves insufficient to trigger
The downside risks in USD/DKK are rapidly increasing. This is implied by the pair trading between two ascending but converging trend-lines, namely within the rising wedge, which usually portends a sell-off. While we may expect a test of 7.10 in the near future, further advancement is highly unlikely because of the Apr high and weekly R2. We will then expect
There is one support line left to cross, before the AUD/SGD pair reaches the bullish pattern's lower edge at 1.0155. This demand is represented by the 55-period SMA at 1.0167. The future outlook is largely undecided for the time being. 4H indicators are favouring the Aussie's sell-off in the nearest future. They are backed by market sentiment, which is long
While in the four-chart the AUD/JPY currency pair is trading within the upward channel, here it formed a reversal double top pattern, which implies that the pair will fail eventually and will develop back to the south. Such a scenario is shared by 1H and 4H technical indicators, which foresee a breach of the Nov 24 low, namely the pattern's
USD/ZAR is currently trading within a narrow short-term channel, and there is still room for the US Dollar to advance. The pair is expected to reach the last week's high before exiting the pattern. Future direction is still uncertain, but the bias is to the upside, considering that we have just completed a correction to 13.89 after the 19 Oct—Nov
AUD/JPY is approaching the lower boundary of the recently formed channel, meaning the outlook on the pair is bullish both in the short and long terms. The price is expected to bottom out near 88.25/00 and start a recovery. The first resistance in this case will be the monthly R1 at 88.74, followed by a more important level at 89.13.
GBP/AUD's outlook is strongly bearish. The pair has recently confirmed the triangle pattern, by violating the 200-period SMA at the same time. The Sterling is therefore continuing with its downward trend it has had since September of this year, after touching this year's current high at 2.2406. The cross touched October low at 2.0791 on November 24, and this fact
The risks are biased to the downside for the Euro/Yen cross right now. Even though the pair is placed near the lower boundary of the pattern, both technical indicators and market sentiment suggest that it can prolong a decline beyond the trend-line. At first, 1H and 4H studies are pointing to the downside. As for SWFX market sentiment, 74% of
The precious metal is set to lose even move value in the nearest future. Considering that gold is right at the apex of the triangle that appeared after a strong sell-off, we expect the price to break the up-trend line at 1,072 and resume the decline. The first target will be a combination of the weekly S1 and monthly S2
The general outlook on EUR/AUD is bearish, as the currency pair has recently formed a descending channel. The target is the lowest since Jun 28 level, namely 1.4320. In the short run, however, the Euro retains potential to appreciate while undergoing an upward correction. During the next several days the price could rise 100-150 pips, but the gains are to
The Australian Dollar is set to surge in the nearest future, after it penetrated an important resistance in face of 200-period SMA at 0.7186. Along with that, both weekly and monthly pivot points were successfully crossed. Now the most important objective includes a breach of the Sep 18 high at 0.7280, followed by the Oct 12 high at 0.7383. SWFX
Albeit with a short delay, the 55-hour SMA pushed the USD/ZAR currency pair back into the 14.06-09 area, which puts it also above the 100-hour SMA for the moment. However, the risks are skewed to the downside, being that weekly and daily pivot points are going to continue putting significant bearish pressure on the American currency. After the 14.00 mark
The outlook on EUR/CAD is currently bearish. The currency pair has remained in a strong down-trend since the end of September, and it has formed a descending triangle, which implies that demand for the Euro is weakening. We expect the price to close beneath 1.4150/27 and then continue going lower. The initial support will be at 1.4040 (weekly S2), but
There are good reasons to believe that USD/JPY is bearish that and we should expect a strong sell-off. The currency pair has formed a double top pattern, and most of the four-hour and weekly technical indicators are pointing south. The decline will be confirmed once support at 122.20/08 is broken, and in this case the first target will be the
We expect the common European currency to succeed in crossing the monthly S1 at 130.58, which will pave the way down to the pattern's lower edge at 130.11. The latter is in turn guarded by the weekly S1 support line. Failure here would imply another sell-off into the 129.60 area (weekly S2), followed by the weekly S3/monthly S2 at 128.54/40.
Despite an attempt to grow from the lower boundary of the pattern, the Swiss Franc is still unable to leave the vicinity of 120.40 area. The main resistance is being created by 55-hour SMA, which kept this cross under intense pressure since Monday of the previous week. Therefore, our forecasts are quite pessimistic with respect to CHF/JPY. At first, technical
Although AUD/CAD has recently formed a descending triangle, which usually portends a sell-off, the pair resumed the rally from 0.9440, and it is now headed towards the Nov 20 high at 0.9668. If the latter resistance is broken as well, the next target could be 0.9750, namely the May high and weekly R1. On the other hand, violation of 0.96
EUR/TRY keeps trading within a well-defined descending channel we found last week, which implies that the overall outlook remains bearish. We expect a decline in the near term as well, considering that the currency pair is right at the upper boundary of the pattern. The gains are to be limited by the falling resistance line at 3.0350, while the target
Danish Krone has been weakening with the Euro due to its peg to the single currency, meaning USD/DKK's appreciation is justified. However, in the short term this pair is estimated to commence a downward correction, by tumbling down from 7.04. Target bearish level is 6.95, where weekly S1 is guarding the lower trend-line of the pattern. US Dollar also seems