After forming a double bottom and rallying from 1.94 up to 2.09 in two weeks, GBP/NZD is now consolidating. The pair has recently formed a symmetrical triangle, and the bullish momentum should soon return. Once the price closes above the falling resistance trend-line, currently at 2.06, the target will be set at the February high, though the Sterling may well
A prolonged slump of the Canadian Dollar versus the Japanese Yen led to emergence of a bearish pattern. Both quality and magnitude levels are above 70%, being that pattern's boundaries were violated only once in the end of December. Right now the Loonie is undergoing a period of recovery, and during last two weeks it gained more than 4%. However,
A decline of the American Dollar against the Norwegian Krona, which began on January 29, was stopped by a round level at 7.50. At the same time, the US currency failed to gain enough bullish momentum to rebound and is still trying to do so. As a result, a rectangle pattern appeared on the hourly chart. Moreover, right now it
EUR/SEK is currently forming a high-quality channel up pattern, meaning the overall outlook for the Euro is bullish. However, in the short run the selling pressure is likely to dominate the currency pair, as it is undergoing a downward correction. The change of control from bears to bulls is expected to occur once the rate falls down to 9.4570/9.4452, where
Although the bulls failed to push the price beyond 1.45 in January, there is an increasing possibility they will challenge the resistance once again in the near future. EUR/CAD is forming a reversal pattern, and a half of daily indicators is bullish, meaning the pair is likely to breach the upper trend-line. In this case a combination of the 200-hour
In addition to successful upside rebound from the lower trend-line of the bearish pattern, the Cable has just recently managed to cross a strong resistance line, which is represented by weekly and monthly pivot points around 1.52. These technical levels are getting ready to push the British Pound further to the north. The closest supply zone is represented exactly by
Following a sharp drop of the Euro/Dollar cross on January 22 amid the ECB's QE decision, the pair began narrowing its trading range. As a result, the triangle pattern emerged on the hourly chart. Moreover, last Friday the lower boundary of the pattern failed to provide enough support for the Euro in order to rebound towards 1.1480, and it was
USD/ZAR has been in a strong up-trend since the beginning of 2011, when the currency pair established a solid support in the vicinity of 6.50. And the US Dollar retains the potential to appreciate further against the Rand. The near-term is bullish as well, considering that at the moment the price is fluctuating just above the rising support line at
The demand for the Euro appears to be strengthening, as evidenced by an ascending triangle. For the time being the resistance at 135.26 holds the bulls at bay, but eventually they should overcome the supply and push EUR/JPY towards the Jan 20 high at 137.65.However, if the technical indicators turn out to be correct, and the Euro closes beneath the
Considering that USD/TRY has recently formed two distinct valleys, there is a high risk of a large rally due to emergence of a double bottom pattern. If the resistance at 3.69, represented by the Feb 4 high and 200-hour SMA, is broken, the US Dollar will be expected to rise through the nearby resistances up to 3.7730, namely the Jan
Canadian Dollar is developing in a confident up-trend since Friday of last week, as pattern's support used to be strong enough to give the pair the necessary impetus in order to gain value. However, in a short period of time the Loonie will face an important supply zone represented by the monthly PP, as well as 100-period SMA around 95.75.
Following a touch of the lower trend-line at 2.0363 on February 4, the Pound/Kiwi cross decided to rebound; however, pair's momentum was neglected by 55 and 100-hour SMAs. At the same time, the closest support for the cross is provided by another simple moving average, this time the 200-hour one. Even though hourly technical indicators are extremely bearish on pair's
Though the Euro tends to heavily underperform the New Zealand Dollar, as the currency lost almost 9% between Dec 10 and Jan 16, there is hope for the bulls in the form of the positively-sloped channel. If a cluster of supports around 1.54 (up-trend, monthly PP and long-term SMA) stays intact, there will be a high chance of
During the last four weeks USD/TRY has been trading in a pronounced up-trend, and the currency pair seems capable of extending the gains even further. In the very near future the US Dollar may well fall down to 2.42 in order to complete its downward correction; however, the overall outlook is nonetheless bullish. An assumption that the risks are skewed
On January 27 the US Dollar began leaving area around the upper trend-line of the bullish pattern and decided to go lower. Two days ago the bearish pressure intensified and the cross is already approaching monthly PP / weekly S1 around 1.3440. This support line, in turn, is also reinforced by 100-period SMA from the downside. At the moment a
Even though the overall trading range of the pair is only amounting to 600 pips, which is unusually low for EUR/NOK, it managed to form a double bottom pattern on Jan 30. Moreover, the single currency is still hovering inside its boundaries around the daily PP at 8.6374. According to technical indicators on a short-term time-frame, the cross is assumed
Given the fact that AUD/JPY is trading within the boundaries of the bearish channel, the Aussie is likely to keep depreciating against the Yen. At the moment the currency pair is trading in the vicinity of the resistance trend-line, which should guide the price through the nearby supports until it reaches the lower edge of the channel. While the near-term
The Euro has been underperforming the Polish Zloty since Dec 29, when the currency pair encountered a strong resistance level at 4.40. Considering that EUR/PLN has formed a channel down pattern during this time, the overall outlook toward the rate is bearish. However, in the short run we are likely to see an upward correction. The pair is currently facing
Since November the Hong Kong Dollar has been trading sideways against the Japanese yen. Being that trading range is currently limited between 14.92 and 15.64, the cross managed to form a high-quality and magnitude rectangle pattern on a 4H chart. At the moment any HKD's attempts to develop beyond the 15.30 mark are capped by the 200-period SMA. Moreover, additional resistance
Initially, the 55-hour SMA was succeeding in holding the single currency's bulls from pushing the pair further to the north. On the other hand, bullish impetus was provided by the daily pivot point and 100-hour SMA around 2.7515. As a result, the pair started gaining value on a strong pace. At the moment the daily R1 is already breached and
Due to a solid demand zone at 1.8346 (Jan 20 low) GBP/AUD is now exhibiting a distinct bullish momentum, and in the foreseeable future the Sterling is poised for even more gains. At the moment the currency pair is testing the lower up-trend, and if the support holds the present downward pressure, the rate will be in a good position
Although at the moment the Pound is recovering, the rally is highly unlikely to extend beyond 179.44. The upside potential is limited by the four-week down-trend line coupled with the weekly R1 and Jan 27 high. Additional significant supplies areas are situated around 180.28 (monthly PP and Jan 20 high) and around 180.95 (weekly R2, Jan 8 high and 200-period
Even though initially Gold has successfully managed to bounce from the lower trend-line of the bullish pattern on January 30, it failed to gain enough positive impetus in order to grow further. XAU/USD is currently limited by a supply area around 1,280 which is represented by the weekly pivot point and 55-period SMA. In case the bullion manages to cross
On January 21 the Kiwi/Loonie cross reached its highest level since July 2014 at 0.9453. However, this level is also a starting point of the current downward-sloping pattern. During last two weeks the pair lost around 400 pips and is currently hovering around the daily S2 at 0.9092. In the meantime, the NZD is approaching a lower boundary of the