There is a near perfect bullish setup in the four-hour chart of USD/TRY. In addition to the falling wedge, the pair is currently testing a multi-year rising support line. Accordingly, our base scenario is a strong rally from 2.91 and potentially to the July high at 3.10. The first important intermediate resistance in this case will be near 2.97, where
The Euro is in a good position to advance against the Krona. In addition to the bullish outlook implied by the emerging ascending channel, most of the technical indicators are pointing north. Even more importantly, the pair has just rebounded from the lower bound of the bullish channel forming in the daily chart. Our near-term target is thus the August
The Australian Dollar is one more currency, which is affected by the appreciation of the Swiss Franc, as the AUD/CHF currency pair is in a broadening descending wedge pattern. The currency exchange rate is falling by following near the pattern's lower trend line around the level of 0.7350. In accordance with the pattern, there should soon come a period of
The Euro is depreciating against the Swiss Franc, as the Franc recently has been gaining strength against other major currencies. The currency exchange rate is in a falling wedge pattern, and it is testing the pattern's support line at 1.0838 once again. As the currency pair rebounds, it is set to struggle with a lot of resistance before reaching the
This is the seventh week gold consolidates within a triangle. In fact, the price is approaching the apex of the pattern, meaning we should prepare for a breakout. Considering that the triangle emerged after the Jun 2—Jul 5 up-move, the upside risks are greatly increased. A rally appears even more probable because of the technical indicators, where bullish signals dominate
Judging by the technicals, EUR/TRY is ready to lunge at 3.3450, namely the four-week trendline. One of the main reasons to be long the Euro against the Lira is that the currency pair has formed an ascending triangle, a pattern that indicates growing demand. The positive bias is further reinforced by hourly and four-hour studies and the fact that the
The Pound is in a downward aimed channel against the Canadian Dollar, as the currency exchange change recently reached the pattern's upper trend line at 1.6700. There are no support levels on the rates way to the pattern's support line at 1.6545, which is supported also by the weekly S1. The hypothesis of a fall of the pair is also
The US Dollar is in a descending channel down pattern against the South African Rand, as the currency exchange rate bounced off the pattern's upper trend line at 13.5348. Since then the currency rate moved lower to 13.2678, which is in accordance with the pattern. On its way down to the pattern's lower trend line at 12.9300, which is supported
USD/SEK is approaching the lower bound of the four-month bullish channel, which in itself is a strong 'buy' signal. Nevertheless, the pair has recently confirmed the 16-month resistance trend-line at 8.68, and the risks are thus heavily skewed to the downside. The negative bias is also confirmed by market sentiment, as the US Dollar is overbought—62% of positions are long.We
Despite CAD/CHF forming a bullish channel, a sell-off is a lot more likely than a rally. In addition to the fact that the pair is trading right at the upper boundary of the pattern, which implies a downward correction, the outlook is bearish because of the four-month falling resistance trend-line at 0.7560. Our base case scenario is a dip to
The common European currency recently confirmed an ascending channel pattern against the US Dollar, as the currency exchange rate is slowly rising next to the pattern's support line, in which it finds support. The pattern's lower trend line is also supported by the 55, 100 and 200-hour simple moving averages respectively at 1.1157, 1.1151 and 1.1137, and the newly formed
The US Dollar is depreciating against the Swiss Franc in a descending channel pattern, as the currency exchange rate recently bounced off the pattern's upper trend line at 0.9838. On its way down to the pattern's lower trend line at 0.9530 the pair is set to meet various support levels, as all of the weekly support lines and the first
For now there are few reasons to doubt current bearish momentum of CHF/JPY. The pair is trading in a well-defined descending channel, and a majority of indicators in daily and weekly timeframes are pointing south.At the moment, the main argument against being short is a demand area circa psychological 100 yen. If this support is broken, however, the pair will
Different studies give different outlooks on GBP/JPY. Judging by the pattern the currency pair is forming, the price is likely to rally towards 135.70 (monthly PP and 200-period SMA) and then towards 142.50 (monthly R1 and July 20 high) once resistance at 131.80 is breached.On the other hand, technical indicators and SWFX sentiment (62% of positions are long) suggest
Near-term outlook on EUR/NZD is strongly bullish. Appreciation of the Euro implied by the pattern is supported by an overwhelming majority of other studies. In addition to the technical indicators that in aggregate are pointing upwards, the single currency is heavily oversold (69% of positions are short), making an extension of the current rally even more probable. Immediate resistance is
The US Dollar is in a descending channel pattern against the Turkish Lira, as the currency exchange rate recently rebounded against the pattern's lower trend line at 2.9532 on August 10. As the pair surged on August 12, the rate encountered the 200-period SMA, which hindered the Greenback's appreciation against the Lira. On the way to the pattern's upper trend
A pair of two commodity currencies is trading in an ascending channel pattern, as the Aussie appreciates against the Kiwi. The currency exchange rate is in the middle of the pattern, as the rate bounced off the pattern's lower trend line at 1.0578 around midnight between August 10 and August 11. The currency pair is bouncing between the simple moving
The near-term outlook on EUR/SEK is bearish, as the currency pair has recently formed a well-defined descending channel following a failed attempt to revisit 2015 highs. After a small upward correction from 9.41 the pattern implies a sell-off from its upper boundary at 9.46.The decline, however, is expected to be limited by support at 9.36 because of the four-month uptrend
Judging by the situation in the daily chart, USD/JPY is currently in the middle of a new bearish wave within a descending channel. However, because of solid demand circa psychological 100 yen level, there is a good chance of a rally. This possibility is reinforced by the fact that the price is forming a double bottom, a pattern that implies
The Singapore Dollar is depreciating against the Japanese Yen in a channel down pattern, as the currency exchange rate has been struggling with the pattern's upper trend line for the past week. On its way down the pair is likely to find support at two levels, which are represented by the weekly S1 at 74.98 and weekly S2 at 74.31.
The Sterling is in a descending channel pattern against the Australian Dollar, as the currency exchange rate is about to confirm the pattern's support line for the third time. Due to the fact that the new pattern is only 110 pips wide, there are no other resistance or support levels between the two trend lines. However, the 55-hour SMA, which
The Australian Dollar is set to advance against its Singapore counterpart. AUD/SGD is currently trading near a solid demand area, which consists of the weekly R1, the lower bound of the emerging channel and the latest lows. Accordingly, we believe that during the next few days the rate will rise from 1.0340 to 1.0420. This bullish scenario is supported by
An overwhelming majority of technical studies suggests stronger Euro. Apart from an emerging bullish channel, the positive outlook is reinforced by the technical indicators for hourly and four-hour periods. Moreover, despite the recent 3% recovery of EUR/GBP from 0.8350, the single currency remains heavily oversold—71% of open positions are still short, meaning there is plenty of room for new buyers
The US Dollar is in the process of confirming a new descending broadening wedge pattern against the Swedish Krona. At the moment, the currency exchange rate is at the pattern's lower trend line at 8.49. Daily aggregate technical indicators forecast that the pair will remain unchanged during the day. However, the forecast shows that the Greenback will gain strength against