Forex Technical Analysis 2012/06/03 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, NZD/USD) Forecast FX

05.03.2012

Forecast for March 6th, 2012

EUR/USD

The EUR/USD currency pair continues moving inside the ascending channel. By now the price has got very close to the channel’s lower border, we should expect Euro to start growing up from the current levels. In the worst case scenario the pair may test the level of 1.3140, where one can consider buying the pair with the tight stop. The closest target of the growth is the area of 1.3450. After that, we can expect Euro to be corrected to the level of 1.3280 and then to grow up into the area of 1.3830. The test of the trend’s ascending line at the RSI is an additional signal to buy the pair. If the pair breaks the channel’s lower border and falls down lower than 1.3120, this case scenario will be cancelled.


GBP/USD

Although the GBP/USD currency pair was moving downwards at the beginning of the day, an overall movement is taking place inside the ascending channel. At the moment the price is testing the area for purchases, one can consider buying the pair with the tight stop below 1.5760. The target of the growth is the area of 1.60. If the pair falls lower than 1.5740, this case scenario will be cancelled.


USD/CHF

In case of the USD/CHF currency pair the structure of the price movement is quite similar to that of the EUR/USD one. We can see the formation of the descending pattern with the target at the level of 0.87, and currently the price is testing the descending channel’s upper border. One can consider selling the pair with the tight stop above 0.9185. If the price breaks the border and leaves the descending channel, this case scenario will be cancelled.


AUD/USD

Australian Dollar also continues falling down, currently the pair is moving near the level of 1.0680. Also here we have “upside down head & shoulders” pattern forming, which in this case is a continuation pattern. One can consider buying the pair with the tight stop near the level of 1.0620 and increase the amount of purchases only after the price breaks the level of 1.0850. The target of the growth is the area of 1.11. If the pair falls down lower than 1.0590, this case scenario will be cancelled.


NZD/USD

New Zealand Dollar is also moving downwards, however, an overall movement is taking place inside the ascending trend. At the moment we should expect the price to test the level of 0.8150, where one can consider buying the pair with the tight stop. The target of the growth is the area of 0.8540. If the price breaks the level of 0.81, this case scenario will be cancelled.


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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