Recovery of the Euro is a broad market phenomenon, and EUR/TRY is not an exception. The currency pair has been lately forming an upward channel, meaning we can expect even higher prices in the future. In the very near term we may expect an extension of a correction down to 2.9940, but in the longer run the bulls should overpower
EUR/CAD has recently broken out of the mentioned on Tuesday triangle to the upside and has already reached the target at 1.4350. Accordingly, even though the currency pair has formed a bullish channel and the technical indicators are mostly pointing upwards, there are significant downside risks we should take into account, and a close beneath 1.43 is likely to mean
AUD/SGD cross is still trading inside the boundaries of the high-quality and magnitude triangle pattern, even though the pattern's apex will be approached in the next seven days at latest. From the upside the Australian Dollar is contained by the 100-period SMA just below the pattern's resistance, as well as the monthly S2 some 30 pips above it. From another
The Aussie is being broadly supported by the 55-hour SMA at the moment, as AUD/CAD is still unable to violate this important demand for a third consecutive day. At the same time, the majority (64%)of SWFX market participants are bearish on the perspectives of this currency pair. Therefore, there is a possibility of a negative development. In case bears pierce
GBP/CAD has been in a clear up-trend since the very beginning of May, and the bullish momentum is likely to persist. Concerning the shorter-term perspective however, we expect a correction. The Sterling should be sold-off down to the lower edge of the channel and the monthly R1 at 1.99 before demand overpower supply. If the price does not bottom out
The outlook is strongly bullish on EUR/JPY, as the currency pair has just broken out of the pattern to the upside. Considering the height of the pattern, which is 750 pips, the price has the potential to rise up to 143 yen. But the Euro will have to overcome a number of tough resistances. The first barrier is around 137
EUR/AUD is required to consolidate below the monthly R1 in order to confirm the short-term bearish outlook. This support is reinforced both by 55 and 100-period SMAs, as well as the weekly PP around 1.4760. Development below all of them will encourage bears for further losses of the Euro, and the pair will be forecasted to reach the pattern's support
It seems that the Aussie is only getting ready to commence a recovery against its South Pacific counterpart, as the AUD/NZD pair is still trading in the vicinity of the lower boundary of the pattern. The cross is expected to receive substantial bullish impetus from the 200-hour SMA, which is currently placed at the 1.1186 mark. Thus, hourly indicators are
This is rather a potential channel than an actual pattern, but there still is likely to be an extension of losses during the next few weeks. The base case scenario is a decline down to the green support trend-line and a new rally from there. USD/SGD may bottom out a little higher, being that there are strong demand levels at
EUR/TRY offers a good opportunity to go short the Euro. The currency pair has recently formed a bearish channel and has supposedly completed an upward correction, which implies a sell-off from 1.2490 down to 2.85. Beneath this level the price should be aiming for 2.78, namely for the Apr low.In the meantime, we should note that the bulls keep resisting
There are several factors that are increasing the probability of a steeper decline of the Euro against the Japanese Yen in the long-term. Two weeks ago the 100-period SMA crossed the 200-period SMA to the downside, just before EUR/JPY bounced back from the upper edge of the pattern. Additionally, the exchange rate has recently consolidated below the 55-period SMA. The
GBP/AUD has been trading in the range between 2.10 and 2.1260 since Wednesday of the previous week. Therefore, boundaries of the double top pattern are remaining intact for the time being. Market sentiment suggests that the cross will be able to reach the 2.0994 mark, which is the valley between two tops. However, the long-term outlook is unclear at the
EUR/CAD is closing in on the apex of the symmetrical triangle, and this motivates us to prepare for a break-out. Considering that before the pattern the currency pair was bullish, our base case scenario is a close above the red line and a rally towards 1.4350 (1.41 + the height of the triangle). To realise this the Euro will have
Although we do not have many confirmations of the trend-lines, there is a good chance AUD/SGD will keep trending downwards. The upper boundary of the channel is currently reinforced by the long-term moving average, and this strengthens our negative bias. The Aussie is expected to aim for the lower trend-line at 0.99 while being capped by a dense supply area
After picking up more than 100 pips on July 15, the USD/CAD currency pair has been respecting the upper trend-line of the bullish pattern, thus registering moderate increase in value. Judging from the technical studies on the short and medium-term time frames, the US Dollar is going to continue appreciating versus its Canadian counterpart. The weekly indicators are in turn
It seems that the Euro is getting ready to resume declining against the Swedish Krona in the nearest future. The pair managed to rebound towards the upper trend-line of the pattern, but further gains are unlikely. At first the cross is required to consolidate below the long-term simple moving average line at 9.36. Following that, the bears will be expected
The outlook on AUD/NZD is bullish. The exchange rate is likely to rebound from 1.1147 and start forming a new up-leg. This scenario is reinforced by the weekly and monthly technical indicators. However, we must acknowledge that a rally beyond 1.14 will be difficult, since the Aussie will approach some prominent 2013 highs. In the meantime, a close beneath 1.1147
Despite EUR/NZD standing right at the multi-month up-trend (thick black line), it might be risky to go long just yet. The reason is the rising wedge, a pattern that suggests a reversal. The price opened sharply lower this week, and the bears could attempt to push the rate lower. A breach of 1.65 will be a strong sell signal, and
Recently there have emerged concerns that GBP/AUD might be forming a rising wedge rather than a bullish channel, but the latter remains the main version. Nevertheless, we expect a strong sell-off from the current levels, being that the pair has reached the apex of an intermediate wedge and at the same time has reached the red resistance trend-line. The price
CHF/JPY is estimated to receive a considerable bearish impetus soon, which is going to be provided by the 100-period SMA at 130.28. Moreover, the negative scenario is quite likely due to the pair's current location near the upper boundary of the pattern. Both 4H and daily technical studies see the pair lower in short and medium-term, respectively, while 71% of
After a short break during on June 9-10, the most traded currency pair resumed depreciating in value. At the moment the Euro is trading near the upper boundary of channel down pattern around the 1.09 mark. The exchange rate's current location raises risks of a steeper decline in the near-term. Moreover, the bearish idea is shared by 4H and daily
Considering the latest events the US Dollar is likely to weaken further against the South African Rand. USD/ZAR has recently topped out at 12.5834, and since then the pair has been trading between two falling parallel trend-lines. Right now the price is fluctuating at the upper line, meaning the risks are skewed to the down-side. The rate is expected to
There are plenty of convincing arguments to be bullish on the New Zealand Dollar right now. First, NZD/USD has just formed a double bottom, which implies a rally of 40-50 pips above 0.6550. The second reason is that the currency pair has recently reached the lower boundary of the bearish channel emerging in the four-hour chart.However, the technical indicators are
Even though the Kiwi has been somewhat attempting to rebound in its cross with the Loonie, this currency pair seems to have found a tough resistance in face of the long-term simple moving average line. Moreover, it is reinforced by the monthly pivot point at the moment, both located around the 0.8590 mark. It indicates that a revival may end