USD/PLN is set to decline from the current levels. The pair has just hit the upper edge of the descending channel, meaning we are likely to see a slide down to 3.89 during the next few days. There the Dollar should encounter the lower trend-line and the weekly S1, which will trigger buying and therefore a bullish correction.However, if this
EUR/SEK has recently confirmed formidable resistance at 9.45 (October high), but there is still a high chance the Euro will keep gaining ground. The currency pair is expected to stabilise near the lower boundary of the emerging channel at 9.43/9.42 and resume the rally. Once above 9.45, the next target will be the weekly R1 at 9.51, with potential
Risks are skewed to the downside for the Sterling against the Canadian Dollar. After peaking at 2.0928 in the middle of January, the pair decided to choose the losing trend of development. It penetrated all 55, 100 and 200-period moving averages without any difficulties and continued to depreciate quite heavily. Now the pair is playing with the round level of
NZD/JPY is considering the idea of breaching the closest possible support line, namely the 200-hour SMA at 77.94. It is shortly followed by the weekly pivot point and daily S2. The bearish success here will imply that the Feb 2 low is at risk. A double top pattern suggests the uplifted possibility of a downward confirmation, which will lead to
It is unlikely that we will see resumption of the recovery started in November of the previous year from 0.93. The currency pair has recently formed a descending triangle, which implies that supply is growing. And even though the weekly technical indicators are mostly bullish, the long-term moving average has already been broken to the down-side, adding to the arguments
At the moment, USD/TRY is making its way towards the 2.93-2.94 supply zone. There the currency pair is expected to turn around and start a new wave lower, being that this will complete the bullish correction within the emerging descending channel. The immediate support is at 2.90, represented by the weekly S2 level, but the in the long run there
Despite the fact that the Euro is willing to depreciate against the Japanese Yen within current bearish channel, there is a dense support area at 130.49/129.67 ready to limit any bearish attempts. The most difficult task for the bears is going to be penetration of both 200 and 55-period SMAs and the monthly pivot point below 130. However, in case
A correction scenario for the Aussie is highly likely in current market conditions, as its pair with the US Dollar has just touched the bullish channel's upper boundary. Somewhat heavier supply is also offered by daily R1 and weekly R2 at 0.7238 and 0.7270, respectively. In case they are unable to contain bullish pressure, then the pair will be in
EUR/CHF is in a good position to resume its journey further north, as an ascending triangle implies growing demand for the Euro. In the very short term the price is likely to move away from 1.1160, but the decline should be limited by the up-trend at 1.1115. Eventually, however, resistance at 1.1160 is expected to be broken. Such a scenario
There is a bullish pattern emerging in the hourly chart of EUR/SEK. However, we do not expect an immediate rally, being that the currency pair is currently trading right at the upper boundary of the pattern. Moreover, there is an additional formidable supply area nearby, namely 9.40, created by the January high, weekly R2, and daily R1. The near-term outlook
GBP/NZD keeps filling space between two boundaries of the current triangle pattern, where it has been hovering since early December 2015. Current move implies a down-leg to 2.18 where the cross is awaited to meet the green up-trend and the first weekly support level—weekly S1. Normally currency pairs are unable to perfectly reach apexes of triangles, meaning probability of an
The Sterling received support from the first daily demand line at 172.19, which was earlier reinforced by 100-hour SMA. Market expectations are improving, and even technical indicators provide us with an aggregate bullish signal for the next 24 hours. SWFX traders are also favouring an increase in the value of the Pound in 56% of all cases. A rise above
USD/PLN has recently broken out of the bullish channel, and the outlook is therefore strongly bearish, especially since the pair is forming a descending channel. Right now the price is fluctuating near the upper boundary of the pattern, meaning there is likely to be a decline in the near term as well. The current objective is the weekly S2 and
GBP/AUD is currently trading in a narrow but nonetheless well-defined channel. At the same time, hourly and four-hour indicators are pointing upwards, and the Jan 25 high was unable to stop the Pound from appreciating further, just like the 200-hour SMA that we left behind on Feb 2. We therefore see the Sterling having more upside potential. However, the recovery
USD/SGD is testing the 200-period SMA at 1.4250. This is the last vital support, which has to be eroded, before the pair ultimately reaches the pattern's lower boundary exactly 100 pips below the moving average. There we expect more bullish activity, with another demand provided by weekly S2 and monthly S1 near 1.4133/15. The successive bullish scenario will then have
The Australian currency continues to lose value against its Canadian peer, albeit at a somewhat slower pace than it had been initially anticipated. A decline is quite likely going to strengthen in the nearest future, given that many technical levels have already been surpassed, including both daily and weekly pivot points on Tuesday. Market sentiment gives no particular signal for
Although initially EUR/NOK appeared to form a falling wedge, the break-out to the upside was not confirmed. Nevertheless, even though the daily indicators are mostly bearish, there is a possibility of a rebound, being that 9.38 is a major demand level—here lies the trend-line that stretches back to May of 2015. At the same time, considering that in the weekly
At first it seemed as if USD/ZAR was forming a falling wedge. However, the bullish potential of the pattern was not realised, as the pair plunged through the lower boundary of the figure, giving a bearish channel a chance. Since the price has recently bounced off of the lower boundary of the emerging channel, USD/ZAR will probably rise in the
Outlook for the Dollar against the Turkish Lira is rapidly changing from moderately positive to strongly negative. Last week the pair has penetrated the rising wedge's lower boundary and, along with that, the 200-period SMA at 2.9776. Indeed, the pattern had implied a downward confirmation from the very beginning. Now the focus is turning to the next formidable support at
USD/CHF is developing another down-led from the pattern's upper boundary at the moment. It has already met both daily and weekly pivot points at 1.02, which are shifting the risks to the upside. They are immediately followed by 55 and 100-hour moving averages, meaning the probability of somewhat earlier than expected revival is on the rise. The market seems to
Since three weeks ago, when we last looked at GBP/AUD, the currency pair has once again confirmed the topicality of the channel. The Pound is now headed towards the lower boundary of the pattern and monthly S1 at 1.9750. However, the market appears to be already overcrowded with bears (73% of positions are short), and demand at this level should
The situation in the four-hour chart of AUD/CAD is ambivalent. From one side, the pair is forming a descending triangle, from another—a symmetrical one, and both patterns imply different scenarios. Thus, we focus on two key levels: on parity from above and on 0.9850 from below. In case the former is breached, the outlook will become bullish with the first
AUD/USD is above the long-term moving average and is trading within the boundaries of the bullish channel. However, the chances are that the latest recovery from 0.6920 (Jan 26 low) will be stopped by supply circa 0.7180. There the pair is to meet the trend-line that performed the role of the lower boundary of the triangle, which in turn has
Underpinned by the 200-period SMA at 1.55, the Euro is likely to form an uptrend for the next few days of next trading week. The pair is set to breach both 55/100-period SMAs quite soon, followed by daily and weekly R1 resistance lines at 1.5703/26. Success here will refocus traders' attention to the pattern's upper edge slightly above 1.60, which