The price of gold has recently found a solid support at 1,252.25, which happens to be the 38.2% Fibonacci retracement of the Jan 2—Jan 22 rally. This gives us a reason to suspect that the bearish correction has already been completed, and XAU/USD intends to breach the falling resistance line at 1,278.62 and thereby revive the bullish momentum. The first
EUR/TRY has been recovering since Jan 23 after encountering a solid support at 2.61, and it appears the currency pair is going to continue with the advancement north. The Euro is expected to rebound from the support trend-line at 2.7543 and subsequently reach the upper boundary of the bullish channel at 2.8116. This scenario is reinforced by the technical indicators
Last time the USD/SGD pair managed to reach the lower boundary of present long-term rising wedge pattern during the third week of January. Since then, a strong appreciation of the Dollar resumed and it has successfully grown up to the upper trend-line around 1.3520. Meanwhile, as two trend-lines of the figure look more like the parallel ones, trading range of
Even though the eventual break-out of the American Dollar from triangle has already took place to the south, the nearest future of the USD/SEK pair is still undecided. At the moment a very strong support for the cross is provided by a dense demand area around 8.27 (weekly and daily PP; 55-hour SMA). Moreover, this cluster of supports is followed by
Judging by the latest developments in USD/JPY, namely emergence of a descending triangle, the demand for the US Dollar is currently weakening. Accordingly, there is an increased chance of a break-out to the downside.If the support at 116 is violated, the bears will likely push the price six figures south, towards the demand area around 110, created by the monthly
Right now EUR/GBP is trading within the boundaries of the bullish channel, as the pair was unable to push through the demand area at 0.74 on Jan 25. However, a similar pattern emerged during the Jan 15-22 period, and subsequently there was a break-out to the down-side, suggesting this is also but an upward correction, and the bearish risks are
USD/TRY has recently resumed its recovery from 2.27 by forming a bullish channel on an hourly chart. Accordingly, once the currency pair touches the lower boundary of the pattern at 2.4323 as a result of a downward correction, the US Dollar will be expected to start a rally that will surpass the Jan 30 high and lead to a test
In the end of the third week of January the common currency has bottomed out around 1.48 in its pair with the Kiwi. Following that, the Euro began appreciating and has already erased almost all losses that occurred this month. As a result, EUR/NZD formed a channel up figure, the upper boundary of which is currently being tested. According to
Since our last report on this currency pair, the US Dollar managed to increase rather noticeably against the Canadian dollar and it inevitably led to emergence of the rising wedge pattern on an hourly chart. Last time the lower boundary of the figure was touched on January 28 around 1.2450 and the pair successfully managed to rise up to the
Although the Aussie is underperforming the Buck, the currency managed to stay within the boundaries of a bullish channel against the Kiwi unlike in the AUD/USD pair. Provided that the rising support at 1.0660 stays intact, AUD/NZD will be in a good position to advance beyond the Jan 28 high at 1.08 and reach the upper edge of the channel
Following a 20-day upward correction AUD/USD once again finds itself under strong downward pressure. The bears forced the pair to extend the decline from 0.94, where the Aussie traded five months ago. Given that the price has formed a downward-sloping channel and most of the technical indicators point south, the risks are heavily skewed to the down-side.However, in the near
In the end of the previous week, GBP/AUD confirmed the descending triangle pattern by crossing its upper boundary. As a result, a strong appreciation of the British currency followed that event. Right now the pair is already trading close to the 1.94 level. However, this mark is strengthened by the monthly R1 and weekly R2 from above and they are
Despite the fact that the Euro/Hong Kong Dollar currency pair reached the upper trend-line of the pattern, it is still unable to bounce back from it and commence a bearish correction. Along with that, all attempts to cross the resistance have been unsuccessful. At the moment outlook and possible scenario seem to be rather bearish for the long-term, as suggested
The Australian Dollar has been depreciating since last year's November, but there are signs the currency will no longer underperform the Japanese Yen. AUD/JPY is currently forming a falling wedge, a pattern that portends a reversal of a bearish trend. The case is hardened by the Aussie facing a dense demand area around 92.00, created by the Oct low, down-trend,
EUR/USD is poised to decline in the coming days. Although the technical indicators are mixed, there are two falling resistance trend-lines that are highly unlikely to let the bulls to take control of the pair. The immediate supply is supposed to be at 1.1333, where the upper edge of the patter merges with the weekly PP. If the Euro
Despite the fact that the Kiwi/Yen cross formed the same pattern as the previous currency pair, bearish sentiment on it for the medium-term seems to be more pronounced. For the time being as many as 74.05% of all SWFX market participants are holding short positions on the New Zealand Dollar, while assuming the Yen is going to appreciate. Moreover, daily
The pair has just approached the upper trend-line of bearish pattern, which is expected to be tested for several times before any major future development of the cross takes place. At the moment outlook for the European currency seems to be moderately bearish. At first, the pair is likely to do everything possible to stay inside the boundaries of the
The New Zealand Dollar has been continuously outperforming its Canadian counterpart since the beginning of 2009. The kiwi has already appreciated more than 48% during this time, and it looks ready to maintain this direction. NZD/CAD has recently rebounded from the formidable support at 0.88, and it is currently headed towards the upper boundary of the bullish channel at the
A sell-off from 187 encountered a strong demand level at 176, leading to emergence of two distinct bottoms. Accordingly, there is an increased probability of a pronounced rally, though GBP/JPY must first surpass the Jan 20 high, which is the neck-line of the pattern. If this is the case, the first target will be 182.40, where the monthly S1 level
USD/ZAR has recently proven there is a dense supply area between 11.75 and 11.80 the pair is currently unable to penetrate. As a result, the US Dollar has been in a down-trend since the mid-December, and the currency is likely to continue to weaken, given that the bearish channel has been formed. However, right now USD/ZAR is undergoing an upward
The current pattern was formed as a result of depreciation of the Kiwi against American dollar since the mid-January. This tendency is expected to continue in the foreseeable future, given the fact of US currency's broad strength in course of last couple of months across the board. Bearish sentiment on the New Zealand's currency is supported by technical indicators in
A decline of the Euro against Turkish lira has been already lasting since the very end of December 2014, where the present channel down pattern takes its start. However, after bottoming out just above 2.60 last Friday, the single currency began appreciating and at the moment the trading level is placed around daily R2 at 2.6931. This level is well-supported
The Euro has been following a downward trend since mid-December, when it failed to overcome the resistance at 1.64. However, the pair has formed a bearish channel only recently. EUR/SGD has just encountered the falling support line at 1.50, and at the moment it is undergoing a bullish correction. The immediate resistance is at 1.5186, represented by the daily R1
The bullish momentum of USD/PLN has been weakening following the Dec 16-29 rally, resulting in formation of a rising wedge pattern. Accordingly, there is an elevated risk of a reversal, and ultimately a violation of the lower trend-line can lead to a sell-off down to a major support at 3.35, though there are dense demand areas at 3.6873 (up-trend and