Since the last time we took a look at AUD/CAD on Monday, the currency pair has not completed the bearish correction within the pattern but instead has risen back to the upper bound of the channel. Considering the strength of the resistance at 0.9660/50, which consists of the trend-line, monthly R1 and May high, the risks are skewed to the
EUR/SEK is in the last phase of the head and shoulders pattern—it is forming the third top at the moment. Previously, the pair peaked out near the 11-month down-trend at 9.40 and repeatedly found support around 9.30. Accordingly, a breach of the latter level will give us a reason to expect a sell-off down to 9.22, namely the June 7
The Australian Dollar is in a falling wedge pattern against the New Zealand Dollar, as the Aussie has been depreciating against the Kiwi since April. At the moment, the currency exchange rate is fluctuating below the 1.0500 level, and it is slowly moving to the pattern's upper trend line at 1.0519. However, on its way there it faces resistance from
As the New Zealand Dollar is in the middle of its sixth consecutive session of gains against the US Dollar, it confirms, that the pair is in a channel up pattern on the daily chart. At the moment, the pair has confirmed the pattern's upper trend line at 0.7152 for the second time, and, in accordance with the pattern, the
AUD/CHF has recently managed to recover from 0.7075 with the help of the May lows and the 11-month up-trend, and this has led to emergence of the ascending channel. However, we should note that in April the currency pair confirmed the upper bound of the major bearish channel that has been forming since the beginning of 2012. Accordingly, even though
Similarly to gold, silver is also currently forming a descending channel in the hourly chart, a pattern that implies a decline. The 200-hour SMA has already been breached, and if the support at 17.17/13 is broken as well, the price will likely return to the six-month up-trend line at 16.25 dollars. Meanwhile, the negative outlook is reinforced by the positioning
The Euro entered a channel down pattern against the Pound on June 16. At the moment, the currency exchange rate is moving downwards at 0.7679, which is in the middle of the pattern, and it is moving toward the weekly S3 at 0.7650. If the pair passes the weekly S3, it is set to move towards the patterns lower trend
The European currency is in a channel down patter, which it entered on May 4, against the Canadian Dollar. At the moment, the currency exchange rate is on its way down at 1.4477, as it bounced off the upper trend line at 1.4602 on Monday morning. In addition, the rate has passed the weekly pivot point at 1.4516 and the
Regardless of the pattern EUR/NZD is currently forming (either symmetrical or descending channel), the risks are considered to be skewed to the downside. Apart from the figure the sell-off is also implied by the technical indicators both in the four-hour and daily charts. In addition, 61% of positions presently open in the SWFX market are long, meaning there is plenty
After stopping 13 dollars short of the upper bound of the 11-month rising wedge, the price started forming a descending triangle, a pattern that portends a sell-off. The bearish outlook will be confirmed once the rate closes beneath the key support area between 1,278.50 and 1,276.50. The target will then be the lower bound of the wedge at 1,225.However, being
The Australian Dollar started a channel down pattern on April 11 against the Singapore Dollar. At the moment, the currency exchange rate has reached the upper trend line at 1.0033, and it started to bounce off it and thus confirmed the pattern. On its way down the rate first faces a cluster of resistances below at 0.9976 where the 55
The European currency is in a channel down pattern against the Singapore Dollar, and at the moment the rate has bounced off the upper trend line. However, it seems, that the rate bounced off the trend line early and without confirming it for a third confirmation. The currency exchange rate is at 1.5236, and it is approaching a cluster of
There are still only few confirmations, but USD/TRY is trading within a descending channel after the currency pair peaked out near 3.08 last year. The US Dollar has recently bounced off of the upper bound of the pattern, and we therefore expect the currency to depreciate throughout June and July. The rate should then meet the support trend-line at 2.79,
The bullish channel the pair is currently trading within is the result of NZD/CAD stabilising after the sell-off from 0.95 that started at the very beginning of the year. As it stands now, the New Zealand Dollar is likely to appreciate to 0.9450, where the rate should meet the two-year falling resistance line and begin a new major bearish wave.
The ascending channel has a correctional nature, being that AUD/CAD has been bearish since January, and it is currently well below the levels seen at the start of the year. Also, the sentiment in the SWFX market is slightly bullish (55% of positions are long), meaning we are unlikely to see a recovery towards the six-month down-trend. The channel should
An interesting pattern is forming on the Euro against the Swedish Krona pair, as the currency exchange rate has just confirmed and broken out of a triangle pattern, which indicates a change of the pair's trend. As the pair broke out the triangle pattern, it looks like it formed a channel up pattern. At the moment, the Euro is appreciating
The US Dollar started a channel up pattern on the four hour chart against the Swedish Krona on May 1. At the moment, the currency exchange rate is at the middle of the pattern around the level of 8.3500 and on its way up to the upper pattern's trend line at 8.5300. However, the pair faces three more resistances on
EUR/NOK has been bearish since the start of the year, but considering that a major descending resistance trend-line has just been broken (June 13), the price should now be driven by buyers. In addition, the fact that the single currency is oversold (71.5% of positions are short) also favours a stronger Euro. During the next couple of days the rate
Prospects of USD/SGD are currently mixed. From one side, the pair has formed a bearish channel, which implies the near-term rallies are to be contained by the red trend-line at 1.3520, while the target is the lower trend-line of the pattern at 1.3440. The negative outlook is reinforced by the technical indicators in all three relevant time frames and is
The US Dollar entered a channel down patter on the one hour chart against the Zloty on June 7. At the moment, the currency exchange rate has rebounded against the pattern's lower trend line at 3.9298, and it is moving north at 3.9466. On its way up, the pair is now facing the second weekly resistance at 3.9763 and the
On a four hour chart, the US Dollar entered a channel down pattern against the Singapore Dollar on May 24. The patterns trend lines have been confirmed two times. At the moment, the currency exchange rate has bounced off the upper trend line at 1.3552, and it is moving down at 1.3502. However, on the way down to the lower
After falling 300 pips since mid-May, the Euro still remains bearish relative to the Swiss Franc. The pair has recently broken through a major support line that has been guiding the price north for the last seven months, and this further reinforces the negative bias. However, while the near-term outlook is strongly bearish, we should note that EUR/CHF is closing
USD/ZAR is well-positioned for a few-day rally. The pair has been forming a bullish channel for the past two weeks, and now it is right at the lower bound of the pattern, meaning there is a high probability of a rebound from 15.20 and through the two-day falling resistance line at 15.27. The target is a cluster of resistances
The US Dollar is in a triangle pattern against the Turkish Lira. At the moment, the pair is trading at 2.9322, which is above and close to the pattern's lower trend line. As the currency exchange rate still has not broken out of the pattern, a break out of the pattern downwards is still possible. The rate is still struggling