Despite AUD/CAD currently struggling to advance through the weekly PP and 200-period SMA, the outlook on the currency pair is bullish. The Aussie is expected to resume the rally from 0.93 and re-test 0.9585, a tough resistance level that withstood both October attacks. However, we might have to wait before the pair regains bullish momentum, considering that at the moment
The emerging bullish channel is a part of a consolidation phase following a massive June-August sell-off. However, so far we see no signs of a break-out to the downside, meaning we may safely assume that CAD/JPY will respect the rising trend-line, currently at the level of 90 yen, and extend recovery from 88.90. Intermediary supports are at 91.70 (monthly PP
This week the Aussie has already failed to cross the bunch of resistances at 0.7159/74. Despite that, we project the second attempt to take place in the nearest future, as suggested by three out of four SWFX market participants who are holding bullish positions. Once this supply area in breached, we will expect the rally to extend up to 0.7349/61
EUR/JPY is willing to resume growing, after touching the second bottom of the pattern at 131.85 yesterday. However, several tough resistances are still ahead of the spot price. They include the 100 and 200-hour simple moving averages and the weekly pivot point, while all of them are placed in the 132.65/81 range. A jump above will encourage bulls for additional
While the Aussie is bullish relatively to its Singapore counterpart, we hold a bearish bias towards AUD/JPY. The recently established channel implies that a sell-off from 87.60 will extend through the nearest supports, including the monthly PP and 200-period SMA at 86.00. Bulls are expected to temporarily gain control of the market somewhere near 85 yen, but the ensuing recovery
AUD/SGD is in a good spot for a rally. The currency pair has formed a bullish channel, and right now it is testing the lower boundary of the pattern, which is reinforced by the weekly pivot point and 200-hour SMA. Accordingly, we do not expect the daily pivots to be able to contain the rally—the price should rise up to
USD/JPY will approach the upper horizontal trend-line in the next few hours of trading. This level of 121.50 is also guarded by daily and weekly R1 from below, while daily R2 is placed at 121.60. We expect some bearish pressure to be created in this area, especially noting that 70% of SWFX market participants are bearish with respect to US
By crossing the monthly pivot point and 100-period SMA, the USD/CAD currency pair is putting itself at risk of a sell-off in the nearest future. The nearest support to meet is placed around 80 pips below the spot at 1.30 (weekly S1). However, even more important demand is located at 1.2831 (monthly S1), and a breach of this mark will
The bullish momentum we have been observing since mid-October is facing some difficulties at the moment. CAD/CHF has recently failed to reach the upper trend-line, and now it is struggling near the weekly R1 level. Even if this resistance is broken, the main obstacle for a long-term recovery will still be present, namely the June high at 0.7651, meaning the
GBP/AUD is about to test the lower boundary of the channel it has been forming since the first half of October. The base scenario is a rebound from 2.14, where we also have the monthly PP and 200-period SMA. The ensuing rally should pierce through the November 1 high and move towards the upper trend-line.Alternatively, in case demand at 2.14
Formally GBP/USD is trading inside the triangle pattern, because lower trend-line is trending upwards, while the upper edge has a slight downward slope. In fact the current pattern increasingly looks like a rectangle with boundaries between 1.55 and 1.5250. We expect this horizontal trading to continue in the foreseeable future, owing to mixed market signals. While 53% of SWFX traders
The Kiwi managed to escape a dense demand area at 0.6730/70, where the weekly pivot point and 100-hour SMA were among those levels that tried to prevent the current bearish trend. However, after crossing the daily S1 at 0.6719 the lead of bears is more pronounced. The weekly S1 and daily S3 are two next supports to be breached at
According to the technicals the outlook on USD/ZAR is bullish. The currency pair is currently trading near the lower boundary of the upward-sloping channel, and a majority of the indicators are pointing north. The price is therefore inclined to confirm support at 13.76 and re-test Oct 29 high at 13.9166. If this resistance is broken, the target will be at
GBP/CAD bottomed out in early October, and since then the currency pair has been developing a bullish channel. Accordingly, we hold a positive bias with respect to the Sterling, especially considering the near-term technical indicators. The rate is expected to rebound from 2.0190/50 and test a tough resistance level at 2.0320. In case of success the price will be in
GBP/JPY will shortly meet the rising wedge pattern's upper boundary at 187.17, which is guarded by the weekly R1 at the moment. A reversal of the trend is possible; however, neither technical indicators nor market participants support this idea for the moment. The former are bullish on 4H and daily time frames, while 68% of all open trades are long.
The most important phase of USD/SEK pair's development of the past three days seems to be over. Both 100-hour SMA and a new weekly pivot point have been violated on Monday. Now the closest support is represented by the daily S1 at 8.4971. Success here will expose the upward-sloping 200-hour SMA at 8.4755, which is followed by the pattern's lower
The Euro is currently appreciating relatively to the Polish Zloty, but the bullish momentum is waning. The currency pair is forming a rising wedge, meaning the risks are skewed to the downside. The green trend-line should eventually be broken, which in turn will trigger a strong sell-off. The first target will then be the monthly S1 at 4.2140, followed by
At the moment EUR/NZD is consolidating just above 1.6225, but eventually the currency pair is expected to erode the tough support level. This will pave the way towards 1.5819, namely the lower boundary of the bearish channel.However, the longer-term technical indicators are mostly pointing upwards, meaning we should not rule out a bullish break-out. If the price closes above 1.6450,
Although the technical indicators at the moment do not favour a bullish scenario, our outlook on USD/SGD is bullish. We expect a rebound from 1.3960, where the lower boundary of the emerging channel merges with the 200-hour SMA.In the meantime, it might prove difficult for the pair to overcome 1.4070, and not because of the Oct 29 high, but because
AUD/CHF approached a very strong support area in the range between 0.70 and 0.7020. There both 55 and 100-period SMAs are heading upwards, while getting help from the weekly pivot point at the same time. Additional demand is represented by the monthly R1 at 0.6989. All of them have to be tested in the nearest future, in order to successfully
Market participants expect the common European currency to appreciate versus the New Zealand Dollar in 65% of all cases. This suggestion implies a break out from the channel down pattern, inside which EUR/NZD has been trading since the middle of October. However, we tend to remain quite pessimistic with respect to the Euro's medium term perspectives. First of all, both
We hold a negative bias with respect to EUR/TRY, mainly because of the major resistance area between 3.45 and 3.49. Moreover, the currency pair has already formed a bearish channel. However, we should recognise some bullish potential in the short run—the price may rise up to 3.29/3.27, but further advancement is unlikely due to the monthly S1 and falling resistance
Two weeks ago GBP/AUD bottomed out near the August low, and since then the currency pair has been forming a bullish channel. One of the major resistances, namely the 200-period SMA, has already been broken, which strengthens the case for a further rally. In the near term, however, we are likely to see a downward correction, but the decline should
Bearish risks are rising in case of the Sterling. The GBP/USD cross has fallen below the monthly pivot point this week, which had kept bulls under pressure after the pair crossed the 200-period SMA, currently at 1.5338. Closest demand is offered by the weekly S1 at 1.5246, but we expect a downward tendency to prolong further. Other key levels for