Forex Technical Analysis 2012/09/01 (EUR/USD, USD/CHF, NZD/USD, AUD/USD, GOLD) Forecast FX

06.01.2012

Forecast for January 9th, 2012

EUR/USD

The EUR/USD currency pair continues falling down. At the moment the RSI indicator is testing the support line, we should expect it to rebound from the line and start moving upwards. The target of the growth is the trend’s descending line. One can consider buying the pair with the tight stop below local minimum.


USD/CHF

At the daily chart of the USD/CHF currency pair we have “triangle” pattern forming with the closest target in the area of 0.8650. At the RSI we can see the formation of “failure swing” reversal pattern with the target of the fall in the area of 0.9282. One can consider selling the pair with the tight stop.


NZD/USD

New Zealand Dollar has left the descending channel, we should expect the pair to grow with the target in the area of 0.8255. The test of the support level at the RSI is an additional signal to buy the pair. If the price tests the level of 0.7610, this case scenario will be cancelled.


AUD/USD

Australian Dollar continues moving downwards inside “triangle” pattern, thus indicating that the situation is a bit unstable. We may assume that the price is going to break the pattern upwards. The closest target of the growth is the area of 1.0820. If the price breaks the lower border and leaves the rising channel, this case scenario will be cancelled.



At the H4 chart the price continues forming the rising symmetrical pattern with the target in the area of 1.0574. Currently the pair is testing the area for purchases, one can consider opening long positions with the tight stop. If the price breaks the lower border and leaves the rising channel, this case scenario will be cancelled.


GOLD

Judging by the structure of the price movement at the weekly chart, we should expect the instrument to continue growing up during a long term period. Currently the price is testing the rising channel’s lower border. The test of the trend’s rising line at the RSI is an additional signal of the growth. One can consider buying Gold with the tight stop.



At the daily chart we should also expect the instrument to grow. One can consider buying Gold after the price breaks the trend’s descending line at the RSI. The target is the similar trend’s line at the price chart. The next target will be the resistance level in the area of 1755.



At the H4 chart the price has reached all the targets of the descending pattern. Currently there is a possibility that the price may form “head & shoulders” reversal pattern with the target in the area of 1750. At the moment we should expect the instrument to test the area 1557, where one can consider buying it.


Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

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