Although in the longer-term it may seem that the GBP/NZD currency pair is moving in a bearish trend, on the basis of the past month it has formed a clear channel up pattern that assumes more gains for the base currency. We observe a distinct consolidation above vital technical levels including the monthly pivot point and 200-period SMA, both placed
A triple bottom implies that the Sterling will shortly soar versus the Japanese Yen. The pair is trying to find basis for growth at the moment, namely a sustainable demand line. It seems that the Pound is required to consolidate above the daily pivot point and 100/55-hour SMAs at 155.20 in order to affirm bullish expectations. Meanwhile, the pattern's lowest
As the Australian Dollar has met the support line represented by the weekly S1 at 1.0127, the base scenario is now implying a recovery within the pattern's boundaries. The rally will be expected to stop near 1.03, where the pair will meet not only the pattern's resistance, but also the 200-hour SMA and weekly pivot point. By reaching them, the
EUR/GBP has recently broken out of the bearish channel to the upside and subsequently formed a new pattern—an ascending channel. The outlook on the currency pair for the next several days is therefore positive, and we expect the price to rebound from the lower rising trend-line and jump over the latest high. However, there are also plenty of arguments against
The pair's prospects are ambiguous. On the one side, CAD/JPY is currently trading in a bearish channel with a slight majority of technical studies implying weaker Canadian Dollar. On the other hand, there is a four-month support trend-line that may not let the price drop under 83 yen. If it does, however, we should soon see a test of the
This cross is also likely to face losses, but within the channel down the likelihood of such a move is much higher. EUR/NOK has already met the 200-period SMA, currently at 9.36, which is boosted by the last weekly resistance of the May 2-6 period. They both are followed by the pattern's upper boundary at 9.3820, meaning at least for
GBP/CAD is expected to face an increased pressure from the bearish side of the market. This currency pair has just reached the upper boundary of the channel up pattern, meaning the correction has become the base scenario. Key target level of the bears is 1.8320 where the Sterling is estimated to meet the lower edge of the channel. The SWFX
The emerging channel in the hourly chart is a new wave within the bearish channel that has been forming in the daily chart for the last 20 months. In line with this, our near-term outlook on the Aussie is strongly bearish, and during the next several weeks the exchange rate is expected to fall down to 74.50. As for the
EUR/SGD is currently trading within a well-defined channel, after the currency pair rebounded from the 13-month up-trend. The near-term bullish outlook is also supported by the fact that the price is right at the lower boundary of the pattern, meaning it should rally from 1.5550. However, there is a strong counter-argument against longer-term appreciation of the single currency, and this
One safe haven currency is expected to continue depreciating against another, and in this case the underperformer is likely to be the Swiss Franc. We are looking for some bullishness at the moment and in the days to come, as the CHF/JPY cross has approached the lower edge of the channel, meaning the purchases should start in order to safeguard
As soon as the USD/ZAR currency pair touches the upper trend-line of the pattern, we expect the bearish momentum to activate. However, upside risks remain, as the cross is trading inside a reversal falling wedge pattern. Moreover, seven out of ten SWFX open positions are short, meaning there is much more new room for fresh long trades to be opened.
Although last week there were risks of GBP/CAD breaking out of the channel after forming a double bottom, resistance at 1.85 did not let the Sterling to change the outlook on GBP/CAD and remained intact. Accordingly, we expect the rate to bounce off of the upper trend-line of the channel and then drop by some six figures during the next
The Euro has been strongly bullish since it bottomed out in April near 1.1220, and the chances are the single currency will keep moving higher. EUR/USD is trading next to the lower boundary of the emerging channel at the moment, which implies a rally from the current levels towards 1.16, where the rate is expected to meet the upper boundary
Gold is extending its winning streak, after it successfully confirmed a triangle. Considering the nature of this pattern, the bullion is now expected to continue building ground amid weaker US Dollar. The most immediate resistance is the 2015 peak at 1,307.06, while the next one is placed at about 1,318 (weekly R1). It is shortly followed by the monthly R1
This currency pair keeps treading water inside the area of multiple moving average lines that are joined by the weekly and monthly pivot points between 1.8306 and 1.8365. As soon as GBP/CAD escapes this zone, the Sterling will be in a good position for growth against the Canadian Dollar, with the ultimate bullish target placed at 1.8564. There the pair
AUD/NZD is well-positioned for a rally. For one, the currency pair has just breached a major five-year resistance trend-line. As if this were not enough, there is an ascending triangle emerging in the weekly chart, a pattern that indicates growing demand. Additionally, there are more technical indicators that are giving ‘buy' signals than there are studies that are bearish. Accordingly,
AUD/USD is well-positioned for a rally. Late last year the currency pair broke through a major falling resistance trend-line and then confirmed it in January, which implies a long-term bullish outlook. As for the shorter-term perspective, the rate is currently fluctuating right at the lower boundary of the emerging ascending channel, meaning there should soon be a rebound from 0.76.
EUR/CHF topped out near 1.1020 after April recovery, and now the exchange rate is forming a bearish channel. At the moment, the Euro is approaching the upper boundary of the emerging pattern, and we expect the price to bounce off of 1.1005 in the nearest future. The closest significant support is at 1.0985/79, formed by the weekly pivot point and
This is a rare case when the pattern's lower boundary merges with the major round level that is additionally acting as extra support for the pair. For the USD/NOK pair this level is located at 8.00, while being immediately followed by weekly and monthly S2s. Likelihood of new a leg up is high, as soon as these resistances are all
The fact that the Euro has managed to cross the simple moving average lines on 55-hour and 100-hour time frames is definitely going to support the bullish short-term scenario. However, as soon as the EUR/GBP pair tries to tackle the area between 0.7819 and 0.7831, the probability of a new wave of sell-off is going to increase dramatically. The 200-hour
USD/PLN is currently consolidating, after the pair bounced off of 3.71 at the very beginning of April. Before the US Dollar returns to appreciation, however, there is a chance the rate will fall some five-six figures. The currency pair is forming a descending triangle, a pattern that implies growing supply. We should therefore be ready for a breach of support
The Australian Dollar is poised for a rally against its Singapore counterpart. AUD/SGD has just confirmed the lower boundary of the channel, which implies a recovery towards the upper part of the pattern. The bullish outlook is also supported by the daily and weekly technical indicators. Accordingly, we expect a strong rebound from 1.0250/00 up to 1.07-1.08. A counter-argument against
CAD/CHF is treading water around the monthly R2. This resistance has not established itself as a major provider of supply to the market; therefore, an upper bounce off this mark (0.7706) seems very possible. By confirming the April 22 high at 0.7753, the pair will be in a good position to climb up to the third monthly resistance line at
On the basis of the 1H chart, the outlook for the Sterling against the Australian Dollar is bullish. The daily pivot point is in power to provide some local support to the British currency, while the 55-hour SMA is rapidly nearing the spot at 1.9039. Both are offering bid above the pattern's lower boundary and weekly R2, meaning a plunge