For the time being the Sterling is expected to keep outperforming the Canadian Dollar, as the pair has formed a high-quality bullish channel. The near term is even more promising, as GBP/CAD is trading just above the lower boundary of the pattern. Thus, the most likely scenario for the next few days is a rally from 1.9226 and to 1.9623,
Being unable to gain a foothold above 11.74, USD/ZAR began trading between two parallel bearish lines. This implies that the US Dollar is going to keep underperforming as long as the resistance trend-line is not breached. The base case scenario is a bounce off 11.4650 and a subsequent close beneath 11.4330. The next significant demand area will then be at
USD/TRY appears to have ended its downward correction at 2.44, as the pair is currently forming a bullish channel. If the momentum stays intact, the US Dollar should soon re-test key resistance represented by the mid-February high at 2.5150.However, a short-term bias is to the downside, as the price is poised for a decline from the upper boundary of the
During the last 20 business days EUR/CHF has formed a solid support line that is expected to remain intact. Accordingly, resistance at 1.08 is viewed as a short-term obstacle, which should be eventually overcome, even though it is reinforced by the monthly R1, as most of the technical indicators are pointing upwards. If this is the case, the next target
Although on the daily time-frame the market is evidently bearish, on the shorter time-frame buying on dips still seems to be an option, albeit with an above-average risk.For now AUD/SGD is expected to keep fluctuating within the boundaries of a rising wedge, and this implies that the exchange rate will likely recover from 1.0560 after falling from immediate resistance at
While the market has been largely bearish since the end of January, AUD/NZD is currently developing a rally thanks to a solid demand near 1.03. However, in the very near-term the outlook is negative, being that the pair has just confirmed the upper boundary of the bullish channel at 1.0470.The Aussie is likely to slide beneath the daily pivot point
Although resistance at 0.9520 appears to be strong, the outlook on USD/SEK is bullish. The demand for the US Dollar is growing, as evidenced by every new low appearing above the previous one. Accordingly, if the up-trend at 0.95 is not violated in the nearest future, which in turn will imply a sell-off down to 0.94 (weekly PP and 200-hour
The Euro/Aussie pair formed an ascending triangle pattern on a 4H chart back in December of the previous year. Still, despite being a pattern with both quality and magnitude levels above 70%, it has been recently confirmed do the south. In addition, it means that the Euro resumed its down-trend which prevailed before the triangle was formed three months ago.
At the moment, both medium and long-term expectations for the yellow metal are moderately negative. Taking into account technical indicators on all time-frames, they are currently sending bearish signals all across the board. Therefore, we should observe Gold trading downwards in the foreseeable future. On the other hand, in the near term we are likely to see some bullish development
As the bulls proved to be unable to sustain a rally beyond 2.08, GBP/NZD now appears to be trading in a bearish trend. However, in order to confirm the negative long-term outlook for the Pound, the mentioned resistance will have to stop the current rally from 2.0350 once again. If the down-trend together with the weekly R2 withstands the attack,
Since Feb 12, when EUR/SEK encountered tough resistance at 9.63 as a result of a strong rally, the pair has been consolidating between two converging trend-lines. This implies an upside break-out, and the daily and weekly technical indicators support this view. Once the price closes above the down-trend at 9.5534, the first objective will be the resistance level at 9.5798
The US Dollar/Swedish Krona currency cross formed a rising wedge pattern on a 4H chart, even though its boundaries are rather parallel, meaning that we are mainly dealing with a bullish channel. In addition, the trading range is decreasing on a very slight pace. Concerning the potential outlook, current location of important technical levels is speaking in favour of pair's
For a third consecutive day in a row, the USD/ZAR currency pair is still unable to bounce off the lower trend-line of the channel up pattern. The main resistance is currently provided by the 200-hour SMA, which is accompanied by the daily R1 today. At the same time, we assume the pair should consolidate above the weekly R1 at 11.74
The Australian Dollar is trending downwards against many of its counterparts, including the US Dollar. Given the current conditions, AUD/USD is in a good position to pierce through the 2007 low at 0.77 and descend to the lower boundary of the bearish channel at 0.74, even though the technical indicators are mixed.At the same time, 0.7927, where the monthly pivot
EUR/JPY is not willing to extend January's sell-off, being that the pair is trading within the boundaries of a bullish channel. However, there are signs the Euro has lost its upward momentum and may soon close beneath the up-trend at 135.00. First, in the recent past the rate has repeatedly failed to surpass the 200-period SMA, which must be breached
Initially, AUD/JPY appeared to be forming an ascending triangle, but a rising wedge now fits the chart better. Nevertheless, this does not change the outlook on the pair, as both patterns indicate weakening demand. In the nearest future the Aussie should violate the support trend-line at 92.80, which will pave the way to the Feb 17 low at 91.60. If
AUD/USD is moving closer to the top point between two lows of the double bottom pattern. At the moment, the pair has a chance to be pushed back to the downside, with an possibility to form a third low in the long-term. Pattern's resistance is currently reinforced by the daily R1, and the AUD/USD pair is just 15 below this
Since at least February 13, the Euro/Lira currency pair did not decline below the major level at 2.78. Along with that, the overall trading range has been narrowing since that time, thus leading to emergence of descending triangle pattern. For now, the mentioned support acts as the lower boundary of the pattern, while according to 1H technical indicators, the single
Starting from late January we observed a consolidation as a result of a sharp up-move that was initiated in mid-December. This has eventually led to formation of a symmetrical triangle Considering that the pattern implies continuation of the major trend and the market is distinctly bullish, the currency pair is expected to breach resistance at 3.69 despite its formidability (weekly and
NZD/CAD has been trading in a strong up-trend since December 2014, but there are signs the bulls are unable to push the currency pair much higher. Although the four-hour and weekly indicators are pointing north, the upside is likely to be limited by a dense resistance area between 0.9460 and 0.9480, created by the up-trend (since Dec 8), monthly R1,
Two days ago, the US Dollar tried to bounce off the lower trend-line of the current rising wedge pattern, but the currency was eventually stopped by the weekly pivot point. Following that, USD/JPY returned back toward pattern's support, but 100 and 200-period SMAs are expected to provide the pair with some strong bullish momentum in the foreseeable future. Therefore, the
After two consecutive weeks of hovering around 1.14 level along with narrowing trading range, the Euro/Dollar cross has formed a triangle pattern on 1H chart. Moreover, the pair is still trading inside two boundaries of the pattern, while the break-out is expected to take place very soon. Being that there were two attempts to cross the pattern's resistance, we assume
Considering the current conditions in the market, AUD/NZD appears to be in a good position to negate the losses incurred starting from late January. The selling pressure is weakening, as pointed out by contracting trading range and falling trading volumes. A breach of the resistance trend-line (currently at 1.0350) will confirm bullish intentions of the Aussie. The potential targets will
GBP/USD has recently violated a seven-month down-trend, which speaks in favour of a recovery. However, formation of a rising wedge indicates the upward trend is already losing steam. Resistance at 1.55, represented by the upper trend-line of the pattern and the 2014 Dec low, is expected to act as a ceiling and prevent further appreciation of the Sterling, thus forcing