Gold prices are currently correcting lower inside a bullish channel in the one-hour chart. At the same time, any abrupt drops are likely to be avoided in the near-term, as long as XAU/USD keeps hovering above the 200-hour SMA, weekly pivot point and the green trend-line that are all placed around the 1,090 mark. Medium and long-term studies assume that
USD/PLN reversed some of the losses, after nearing the 100-hour SMA around 4.07 yesterday. Now the pair seems to be coming back towards the upper trend-line of the pattern for a second time this week. Judging from the signals given by 4H and daily technical indicators, the US Dollar should continue gaining value against the Polish Zloty over the next
The direction of the imminent break-out from the triangle is uncertain. However, we are inclined to believe that a rally is more likely than a decline, mainly due to the long-term moving average reinforcing the rising support line. If the price manages to gain a foothold above 1.4350, there will be a high chance of the price eventually retesting this
The outlook on AUD/JPY is bearish both in the short and long terms. The pair has recently confirmed the 200-hour SMA and the upper boundary of the channel at 81.76, and now the rate is moving towards the lower trend-line at 78.79. The negative bias is also confirmed by the technical indicators that are sending ‘sell' signals in the four-hour
By failing to recover in the middle of January, the AUD/CHF cross created a tricky situation by its own most recent development. It seems to be building a falling wedge pattern in the lower part of a bearish channel. It implies that the pair will eventually commence a bullish break-out from the former and will continue growing in the direction
EUR/TRY reached the upper edge of the bullish pattern, meaning now we are awaiting a downside correction. The first bearish target is placed around 3.3150, represented by daily and weekly pivot points, 55 and 100-hour SMAs. These supports are highly likely to try preventing any further selloff. In case they fail, there is another moving average line (200-hour SMA) to
While there is a high chance of a rally in the nearest future, the bias towards CAD/CHF is negative. The pair has established a well-defined channel, and right now it is approaching the lower boundary of the pattern, meaning there is likely to be a bullish reaction. However, the rally is to be stopped by 0.6980/70, where the monthly S1
The outlook on USD/ZAR is strongly bullish, as nearly all the studies are suggesting a rally. First of all, the overall trend is upward. Secondly, even though the pair has recently struggled with resistance at 16.93, the ascending triangle implies that demand is building up. Thirdly, the indicators in all three relevant time-frames are pointing north. Finally, the US Dollar
Outlook for the Kiwi against the Canadian Dollar is also quite positive for the moment. The pair was able to contain a correction by the pattern lower edge and, most importantly, by the 200-period SMA. Despite closing below the monthly pivot point for a short period of time earlier last week, the pair is now growing. Bullish expectations are reinforced
Since the medium-term expectation for the EUR/AUD cross is generally positive, we expect it to bounce off the pattern's lower trend-line in the nearest future. It should be supported by the 200-hour SMA at 1.5632 and 4H technical indicators. Alongside, a moderate majority (55%) of SWFX open positions are bullish with respect to the European single currency. A recovery should
Since the last week of December, the Cable has been trading within a narrow but at the same time solid channel. Being that the studies are either bearish or mixed and the Sterling is overbought (63% of positions are long), there are no reasons to expect a reversal but one—the price is at the 2010 low. However, the initial reaction
The British Pound is weakening across the board, giving the Euro a good opportunity to outperform it. The main reason to be bullish the common currency, however, is the fact that the pair has recently established an ascending channel, and at the moment it is near the lower boundary of the pattern. In addition, the four-hour indicators are giving ‘buy'
Long-term perspectives for the Greenback against the Swiss Franc are bullish. This cross formed a symmetrical triangle pattern in the 4H chart, but the overall tendency of the pair suggests it is going to breach the upper boundary quite soon. The apex should be reached by the first week of February, but break-outs usually take place somewhat earlier, and in
Despite lower opening levels of the first trading session this week, the Kiwi showed ability to grow in value and consolidated above the 55-hour SMA at 0.6452. It proclaims that the short-term perspectives are mostly bullish; however, we expect a correction when the pair touches the pattern's upper edge at 0.6490. This mark is strengthened by 100-hour SMA. Moreover, it
Judging by the pattern emerging in the daily chart of GBP/NZD, the British Pound is getting ready for a bullish break-out. It is unlikely to transpire in the nearest future, but there is a good possibility of GBP/NZD violating the upper boundary of the falling wedge next month. Considering that the indicators are mixed and the Sterling is overbought (72%
The Euro is in a good position to recover not only against the Turkish Lira, but also against the US Dollar. The currency is trading just at the lower boundary of the ascending channel and should therefore rebound from 1.0890. The rally will be challenged already at the level of 1.09 dollars by the weekly pivot point, but the price
EUR/TRY has recently broken through the supporting trend-line, but it has managed to preserve the upward momentum nevertheless. At the same time, a majority of the technical indicators are giving ‘buy' signals, and the Euro is heavily oversold—72% of open positions are short, which increases the chance of the pair extending the rally from 3.1668 (started on the last day
AUD/CAD managed to change hands below parity on the first day of this working week. Since then all gains have overcome a major cluster of resistances at 0.9943/66 and pushed the pair somewhat above the 1.00 mark. According to the weekly technical indicators, the Aussie is set to surge in course of the next trading week. The bulls are initially
The USD/TRY cross has good chances to commence a reliable rebound in the next few days, by sending the exchange rate in the direction of the red trend-line at 3.0834. Bullish expectations are strongly backed by hourly and daily technical indicators, with the former giving "buy" signals in five out of eight cases. Moreover, the upward risk is underpinned by
The channel emerging in the four-hour chart of EUR/AUD is still of low quality, but our attention was also drawn by the ascending triangle forming between the parallel trend-lines. Judging by the situation, there is likely to be a rally from 1.5570 up to the red trend-line, but after the test the bears should gain control of the pair and
While there is a high possibility of a sell-off in the near future, the overall outlook on USD/CAD is bullish. The pair has recently come into contact with the upper boundary of the channel it has been forming since the last week of December. Accordingly, we expect a decline down to 1.43 before another wave. There demand is implied by
Another cross with the Swiss Franc is set to revive in the next few days, unless it gets a confident bearish momentum from several resistances, which will prolong the selloff possibly beyond 0.68. First risks are coming from the monthly S1 and 55-period moving average at 0.7065. Inability to violate them a highly likely to bring the aforementioned bearish scenario
The Loonie is correcting down versus the Swiss currency for a second day in a row on Thursday, but future losses are expected to meet several important supports, which may send CAD/CHF back to the north. Among them, weekly S1 creates the first demand at 0.6946, followed by the weekly S2 and pattern's lower boundary around 0.6850. Judging from 1H
GBP/JPY has been in a strong down-trend for a while now (since December). However, even though still weak but there is a sign that there soon might be a reversal, being that the pair has formed a well-defined falling wedge. The chance of a rebound is also increased by the fact that the price is close to a major support