There are signs of the bullish channel emerging on the hourly chart of USD/NOK, as the currency pair bottomed out at 7.72. The US Dollar is expected to find support at 7.83 and continue to appreciate against the Krone. The immediate resistance level is at 7.8750, represented by the daily PP and 200-hour SMA, but the rally is likely to
GBP/AUD seems to have broken out of the recently formed triangle to the upside, and it subsequently formed an upward-sloping channel, meaning the outlook on the Pound is currently strongly bullish. The latest sell-off from 1.9450 should be terminated at 1.93, where the lower boundary of the pattern merges with the 200-hour SMA and daily S1. From here the exchange
The GBP/CAD currency pair reached its highest level since October 2008 in the end of February. This maximum mark, located at 1.9560, forced bears to return to the market and start strong sell-offs of the British Pound. This development led to eventual emergence of the channel down pattern on a four-hour chart. However, recently the pair neared the pattern's support
After bottoming out at 1.4567 on April 13, the Cable commenced a recovery, even though gains are still limited by a resistance at 1.5067. Therefore, GBP/USD has formed an ascending triangle pattern on an hourly chart, and is currently respecting two boundaries of it. In the short-term, this currency pair is expected to show slight weakness, judging from near-term technical
The outlook on USD/ZAR is strongly bullish, as the currency pair has recently pushed through a major resistance level at 12.1847. However, the boundaries of the channel are not yet reliable, as there are only a few confirmations of the lower trend-line. Still, the base case scenario is appreciation of the US Dollar up to the March high at 12.53,
Following major gains that USD/PLN currency pair accumulated in July-February, the Dollar experienced a considerable decline in price during the second half of the previous month. However, the pair's slump was capped by the monthly S1 around 3.68. After that, the pair began trading in a horizontal trend and eventually formed a triple top pattern. The short and medium-term outlook
Starting from April 14, the Euro/Krone currency pair has been forming a triangle pattern, where 8.48 is still acting as a major resistance line. Both lower and upper pattern's boundaries currently remain intact. However, judging from the current location of main technical levels, the pair is more likely to continue with downward movement. Substantial bearish pressure should be created by
The near-term bias towards the US Dollar is negative, considering that USD/PLN has recently formed a bearish channel, and the exchange rate is currently standing right next to the resistance trend-line. However, it merits mention that the technical indicators do not favour an immediate and prolonged decline, and the sellers seem to have trouble dealing with demand at 3.70. Once
For the past four weeks CHF/JPY has been fluctuating between 125.50 and 122.50, and right now the pair is attempting to exit this range through the upper boundary. If it succeeds, the next target will be the resistance trend-line at 126.54, which is currently reinforced by the daily R2 level. On the other hand, if the support trend-line at 124.43
In just seven-day time period at the end of March, the Aussie lost 570 pips against the Singapore Dollar. Support was found at 1.0250 and AUD/SGD pair resumed appreciating, eventually creating the broadening rising wedge pattern. However, at current stage the pair is undergoing a period of correction, which is likely to extend down to the pattern's lower boundary in
The current pattern with one of the highest quality and magnitude indicators was formed by one of the most traded currency pairs, namely EUR/USD. Following a period of stabilisation, the single currency started depreciating against the Greenback on April 6. Since then the cross covered more than 300 one-hour candles. At the moment it is expected that the pace of
Having found solid support between the price of 175 and 176 yen, the Sterling appears to be forming a bullish channel. In order to confirm the pattern, the currency pair must rebound from 177.70 (up-trend and daily PP) and subsequently rise beyond the Apr 8 high at 179.30.Conversely, if the bears overpower the buying pressure, the demand area to try
At the moment EUR/JPY is trading within the borders of a bullish channel, but the upside is expected to be limited by the major down-trend line at 129.50. The near-term outlook is positive, since the currency pair is well-supported at 127.80 (weekly PP, 200-hour SMA, and up-trend) and the hourly studies are pointing up. Meanwhile, the longer-term prospects are bearish,
By testing the lower trend-line of the pattern, the EUR/DKK currency pair has a good chance of confirming the bullish pattern and ending the period of growth that took place since January. In the meantime, the Euro has been losing ground against the Danish Krone in course of past three weeks. The bearish outlook for the pair will be confirmed,
Following a period of weakness during Thursday and Friday, CAD/CHF's bulls managed to gain sufficient momentum for reversal of the trend. Now, the currency pair is appreciating again and is expected to continue growing both in short and long-term. One-hour technical indicators suggest that this cross will approach the weekly R1 at 0.7874 in the near-term. However, later we may
AUD/NZD has been in a strong bearish trend since it has formed a triple top pattern near 1.13. The overall bias is therefore negative, and a surge to 1.03, namely to the upper boundary of the channel, is not going to invalidate the outlook. The base case scenario is a breach of the support cluster around parity, and continuation of
XAU/USD seems to be forming an ascending triangle that serves as evidence of demand building up. Moreover, most of the technical indicators are pointing north. Nevertheless, we consider the risks to be skewed to the downside, mainly because of the major resistance area between 1,207 and 1,210, which is created by the recent highs, daily R1, and a multi-month down-trend,
The Cable has recently formed a bullish channel, and at the moment it is attempting to exit the trading range the price has been fluctuating within since mid-March. Still, there is a significant chance the upper limit, namely resistance at 1.50, is not going to be broken, despite the pattern and the majority of ‘buy' signals on the four-hour chart.
Starting from the last week of January, the single currency has been under-performing the Australian Dollar. In addition to that, the pair has bounced back to the south in the beginning of the previous week, and the pace of Euro's decline has only strengthened. The pair is currently testing the monthly S1 at 1.3746, and it is likely to succeed
During past two days, AUD/SGD has been increasing in value, even though we have observed some weakness of the cross earlier in the morning on Friday. At the moment, Aussie is hovering around lower boundary of the bullish pattern, and there are mixed signals, whether the currency will manage to rebound both in short and long-term. One-hour and daily technical
While moving from the lower to the upper border of the falling wedge that is emerging on the daily chart EUR/SGD has managed to form a bullish channel. Still, the short-term risks are heavily skewed to the downside, since the pair has just confirmed a dense supply area, created by the up-trend, 200-hour SMA, and weekly PP. The Euro is
Although previously we held a bullish outlook on USD/NOK because of an upward-sloping channel on the daily chart, the lower boundary of the pattern has just been breached. This means there are likely to be even more losses in the future. The next target is support at 7.50. However, we should also not rule out a possibility of a pull-back
Driven by strong bullish momentum, the Loonie/Yen currency cross gained as many as 200 pips in just one trading day on Wednesday. As a result of that movement, the pair has easily approached the upper trend-line of the pattern, which is placed at 97.22. At the moment it seems that bulls are likely to make an attempt to breach this
Two days ago, the EUR/SGD currency pair neared the lower boundary of the channel down pattern that has been emerging on an hourly chart since March 26. Even though this level was not strengthened by any important technical line, the single currency managed to rebound and is currently heading upwards. Judging from 1H technical studies, the pair may show some