The outlook for the Kiwi against the Canadian Dollar remains subdued, after the currency pair fell on Wednesday after the RBNZ curbed interest rates, while the Bank of Canada stood on hold. The triangle pattern, where NZD/CAD has traded since February 23, has therefore been confirmed to the downside. On the side of the bears, 55-hour SMA has just crossed
The Swissie was falling against the Japanese Yen for quite some time and has just bounced back from the falling wedge's resistance line. The 55-period SMA crossed the 100-period one to the downside, indicating that bullish momentum might follow. If demand at the SMA intersection is sufficient, the breach of the resistance line is to push the exchange rate towards
The Cable trade was contained within the borders of a descending channel pattern for more than two months now. The outlook, however, is bullish, as the pair is supported by a strong cluster, represented by the 55 and 100-period SMAs, the weekly and the monthly PPs, just below the spot price. From here on we should see gains reach the
Even though USD/PLN does already have a quite sharp slope to the downside, we expect a selloff to strengthen in the foreseeable future. The vast majority of trading levels are acting as resistances for the pair at the moment. Among them, the 200-period SMA and monthly pivot point are guarding the upper edge of the channel from the upside, while
Gold is going to confront the weekly pivot point very shortly, where there exists an upside risk for the price. The main reason: the pivot point is backed by the 200-hour SMA at 1,248 and the daily S2. Failure to overcome this support will renew the bullish outlook somewhat earlier than expected. For that purpose, daily technical indicators are showing
As the Hong Kong Dollar is trading within a rectangle pattern, there is a high probability it will be confirmed to the downside by the end of this working week. Downward pressure will grow, as the HKD/JPY pair has been hovering below the 200-period SMA since early February and this moving average will shortly enter the territory of the pattern.
The Aussie will kick off a recovery versus the Swiss Franc in the nearest future. The cross is still placed in the lower part of the channel up pattern, but it seems that broadly nothing can prevent the pair from appreciating. The closest possible supply is placed within a couple of pips from the spot (0.7450) at 0.7460 represented by
There are good chances the bunch of technical levels between 0.9931 and 0.9977 will be capable of sending the Dollar/Franc currency pair strongly to the downside in the nearest future. Depressed estimates are fuelled by the fact the Greenback is now overbought in the SWFX market, as 71% of all open positions are long for now. The greatest bearish impetus
Since double bottoms are reversal patterns, the current rebound looks completely explainable and justified. The red horizontal trend-line seems to have already been breached and now the rally is being contained by the 200-hour SMA at 1.5266. A spike above it will open the weekly R1 (1.5357) for the EUR/SGD currency pair. However, we should be careful, as the
So far the GBP/JPY cross has not experienced major problems in building another leg down as a part of correction inside the channel up pattern. However, just shortly the Pound will encounter the weekly PP, which will have an opportunity to stop a slide in value and reverse the pair back to the North. In case of a failure here
Rectangles are typical continuation patterns, meaning there exists a high probability of a failure of the US Dollar against the Japanese Yen. Therefore, the pattern seems to only offer a transitory stabilization of the pair before another leg down and the Yen's appreciation. The key zone to watch now is located in between the 113.50 and 113.16 levels, where two
The Euro is at the early recovery stage against the New Zealand Dollar, after the currency pair has been falling down since the last day of February up until Friday. Gains are being foreseen by 1H technical indicators and we are sharing their optimism at the moment. The rally should prolong its winning streak to 1.63, before it nears the
There is an overall bullish outlook for the Euro's cross against the Canadian Dollar. Moreover, just now the pair is closing a leg down, which is likely to trigger another rally from 1.44. The green trend-line is the closest support at the moment, given that the 200-day SMA has been successfully tested last week. Moreover, positive forecasts are reinforced by
The Pound is moving in a similar direction versus the Japan's currency, as it is doing against the Greenback. In the foreseeable future we expect GBP/JPY to test the 200-period SMA at 164.79, but only in case the bulls are successful in dealing with the monthly pivot point at 162.21, which is the immediate resistance for this cross. Development to
The Cable will shortly approach the upper edge of the channel down pattern, meaning we are likely to observe some selling pressure near 1.43. One more bullish obstacle is represented by the 200-period SMA at 1.4267. According to the 4H technical indicators, the latter resistance is unlikely to contain the purchasing activity, while some weakness is estimated on daily and
Even within the channel down pattern, the Swiss currency is going up at the moment. The pair is somewhat stuck around the monthly PP at 114.75, which is reinforced by the weekly R1 from above. By eliminating this resistance, CHF/JPY will pave the way for a rally up to the 200-period SMA at 115.79, followed by the weekly R2 and
There is a dense supply zone building up near the spot price of 1.4739 for the EUR/CAD currency pair. Here we have the first daily resistance line at 1.4741 and weekly R2 not far away at 1.4793. Alongside, the 200-hour SMA is rapidly moving to the South and will shortly enter the area below 1.48. Only a spike above the
USD/DKK is well-positioned for a rally. Not only did the pair form an ascending channel, but it is also near the lower edge of the pattern, which implies a bullish outlook for the short term. The current target is therefore the red trend-line at 6.9250/00, where we have the weekly R2 and Jan 21 high. An even stronger resistance level
There is a distinct bearish channel emerging in the hourly chart of EUR/CHF. The pair has recently topped out at 1.12, and since then it has been trending lower. However, there is likely to be a small rally in the short run, as the price has just tested the lower bound of the pattern. The upside is to be limited
At the end of the last month USD/SGD has shortly returned back into the ascending triangle and market participants could hope the buoyant sentiment was there to stay. However, the bulls failed near 1.4115 and the pattern has eventually been confirmed. The pair has already lost 200 pips since the first moment of this month and future losses are likely
Within this triangle pattern, gold is expected to have another leg down to the 1,232 level in the nearest future, namely the red boundary. Here the buying activity should revive, supported by 200-hour SMA at 1,230 and 100-hour SMA at 1,234. In the end, this continuation pattern implies a confirmation to the upside, as the general development of the bullion
At a first glance AUD/NZD might offer a good opportunity to go long, but in fact this is not the case. Although the eight-month up-trend has been broken to the upside, further development of the rally is highly unlikely. The reason is the five-year down-trend resistance line that stands just above the January high, namely at 1.10. Accordingly, while the
We are still awaiting a bearish impetus from the monthly pivot point and 200-period SMA that are placed at 4.00/0122, respectively. Notwithstanding the fact that 4H, daily and weekly technical indicators are all pointing sideways, we see the bears succeeding in commencing another down-leg in the direction of the channel down's lower edge at 3.8126. Firstly, USD/PLN is required to
As the rising wedge pattern is emerging in the one-hour chart, it proclaims that the Canadian Dollar is at high risk of a failure in the foreseeable future. Even though the distance between two boundaries is gradually narrowing down, the apex is placed quite far away at the moment. Therefore, the southern boundary's confirmation may happen relatively soon. It is,