It seems that currently the USD/SGD currency pair is glued to the lower trend-line of the bullish pattern, which increases the risk of a downward break-out. Despite the aggregate positive signal showed by hourly technical indicators, daily studies are pointing downwards at the moment, meaning that we should not exclude a possibility of the boundary being breached. In case this
The long-term outlook on gold is bearish. However, the question remains whether there is going to be an upward correction over the next several months or the sell-off is only going to accelerate. The first scenario will be confirmed if the price gains a solid foothold above the dotted line, which may be extended back to 2012 highs. In this
In the short run the precious metal is likely to depreciate, but the longer-term outlook is bullish. At the moment the gold is undergoing a downward correction, which is expected to come to an end circa 1,135. The price should then turn around and start forming a new up-leg within the channel, in which case the first main target will
The pattern itself might not be well-defined, but the support trend-line appears to be reliable, and right now this is the main reason to be bullish USD/TRY. Additional signals are provided by the technicals. The pair is expected to reach 3.09, namely the upper boundary pattern before it dips beneath 3.03, a breach of which will invalidate the bullish outlook.
GBP/CAD is projected to continue correcting lower in the foreseeable future, after the downside trend within boundaries of the bearish channel was resumed yesterday in the afternoon. The Sterling was sent lower by 100/200-hour SMAs at 2.0430, which in turn led to crossing of the 55-hour moving average later the same day. From the perspective of technical indicators and market
After crossing 55-hour SMA at 8.4140, we suggest the USD/SEK pair will experience no difficulties in penetrating the nearest resistance line represented by the daily R1 at 8.4379. At the same time, future bullish intentions may face more significant obstacles including the Sep 23 high at 8.4491 and another supply area above 8.4850. The latter is capable of reversing the
We hold a negative bias with respect to CAD/CHF. The currency pair continues to trade under the falling resistance line, and recently it has entered a bearish channel. Accordingly, we expect the current rally to be rejected by 0.7350, which should be followed by a decline to 0.7240, where the support line coincides with the Sep 24 low and weekly
The Euro is well-positioned to keep advancing. From below EUR/TRY is underpinned by 3.35, where the lower boundary of the pattern coincides with the weekly S1 and Sep 22 low. Additional supports are the 200-period SMA and Aug 31 low at 3.31 and 3.25 respectively. The main resistance is at 3.48, represented by this month's high and monthly R1. A
The Cable retreated by more than four figures this week, and the sell-off is highly likely to push the pair down to the pattern's lower boundary in the nearest future. However, two major support areas are still due to be breached. The first one is represented by monthly S1 and weekly S2 at 1.5180, while later bears will face an
From the perspective of technical indicators on short and medium term time frames, the Franc/Yen cross will keep trading within the boundaries of the falling wedge pattern. However, as this pattern implies a tightening trading range, it will become more difficult to avoid a break-out as the time goes on. Meanwhile, traders project losses for the Swiss currency in 66%
EUR/CAD appears to be bullish in all time frames. During the next few days the currency pair is expected to extend recovery up to 1.51 after it confirmed the green trend-line. The medium-term outlook is bullish due to the channel the Euro is currently forming. Finally, the long-term prospects are positive as well because of the six-month up-trend that is
The bears are unlikely to remain in control of EUR/PLN for long. Even though there is a downward-sloping channel emerging in the four-hour chart, we hold a bullish bias towards the Euro. The main reason is the pair's proximity to a major rising support line, which has been successful in underpinning the price since this year's April. An additional reason
On the contrary to USD/JPY, the Euro/Yen cross has violated the lower boundary of the ascending triangle pattern on Friday of the previous week. Since then the overall losses have been extended down to the 133.15 level, where bulls found some support yesterday. At the moment there is a slight rebound taking place in the market, while daily and weekly
USD/JPY is expected to breach upper boundary of triangle pattern on Sep 23. If successful, the pair will also violate the 200-hour SMA, currently at 120.24. According to the vast majority (60%) of SWFX traders, the US Dollar has positive perspectives versus the Japanese Yen. We tend to support their views and suggest that the Greenback is capable of rallying
CAD/JPY appears to be forming a symmetrical triangle in the four-hour chart. This speaks in favour of a bearish scenario, and the green trend-line is therefore likely to be eventually breached. In this case the Sep 8 low and weekly S2 are to become the next targets, followed by the monthly S1 at 87.81 and August low at 87.47. Alternatively,
Although earlier this month it seemed that CHF/JPY was forming a bullish channel, in the end it proved to be a correction after the Aug 21 - Sep 4 selloff. Accordingly, the outlook is once again bearish, and this will be confirmed with a breach of the support at 121 yen, where the weekly S2 coincides with the Sep 4
The apex of the present pattern can be reached by the end of next week; however, we suggest the break-out can happen sooner than anticipated. According to weekly technical indicators, the outlook is quite positive. On the contrary, 4H and daily studies are cautious in their projections, while SWFX sentiment is broadly neutral toward EUR/AUD. From the north the pair
The Cable managed to pierce through a number of crucial supports on Monday and Tuesday. As a result of that, GBP/USD is already testing the lower trend-line of the bullish pattern, and there is a risk that it will be breached in the nearest future. The only support is offered by daily S2 at 1.5432. On the other hand, weekly
We hold a bullish bias towards EUR/SGD. While the gains are likely to be limited by the rising resistance trend-line at 1.6025, the Euro is expected to rebound from a strong demand area circa 1.5750, which is created by the monthly PP, 200-period SMA and the lower boundary of the pattern. If 1.6025 does not trigger a bearish correction and
Until now EUR/NZD has been trading in a low-sloped bullish channel after a large spike on Aug 24. However, we expect breakout to the upside in the near future. The main reason is a dense cluster of supports between 1.75 and 1.73, consisting of the multi-month up-trend (since April), 200-period SMA and others. A close above 1.8030 will confirm the
Today the GBP/NZD currency pair picked up above moving averages on all time-frames, meaning that they are going to support bulls in the nearest future. We expect the Sterling to grow up the closest resistance at 2.4578 (weekly R1). A failure at this level may provoke sell-off back to the pattern's lower trend-line, which is in turn strengthened by the
It seems that the Franc/Yen cross is failing at the 55-hour SMA. Inability to violate this moving average should put at risk a recovery of the Swiss currency in the medium term. In case the pair returns back to the lower boundary of the pattern and eventually crosses this line, we will project the losses to be extended further, with
During the last 18 months AUD/SGD has been trading in a bearish channel, meaning the recent recovery is unlikely to extend much higher. While in the near term the Aussie could climb over the immediate resistance at 1.0133, represented by the monthly PP, the falling trend-line at 1.02 is expected to remain intact. Additional strong supply area is at 1.04,
USD/SEK appears to be forming a bearish channel. This implies that the US Dollar is capped by the down-trend at 8.2750 and that the currency will target the lower boundary of the pattern at 8.1434, where we also have August's low. Even if the price closes above the red trend-line the bearish outlook will still not be invalidated. First, there