Forex Technical Analysis 2012/30/03 (EUR/USD, GBP/USD, USD/CHF, NZD/USD, AUD/USD) Forecast FX

29.03.2012

Forecast for March 30th, 2012

EUR/USD

The EUR/USD currency pair is being corrected, currently the price is testing a strong support level, 1.3285, which is near the ascending channel’s lower border. One can consider buying Euro with the tight stop. The target of the growth is the area of 1.3510. The test of the trend’s ascending line at the RSI is an additional signal to buy the pair. The correction may be finished by 6 a.m. March 30th, and then the price may start growing up. At shorter time frames the pair has also reached all the targets of the descending correction. We recommend you to increase the amount of purchases only after the price breaks the level of 1.3320. If the pair breaks the channel’s lower border and falls down lower than 1.3220, this case scenario will be cancelled.


GBP/USD

Pound fell down, and it is not as we predicted. Currently the price is testing the ascending channel’s lower border, we should expect it to rebound and start moving upwards into the area of 1.6070. One can try to buy Pound with the tight stop from the level of 1.5855, and increase the amount of purchases only after the price break the level of 1.5940. If the pair falls down lower than 1.5810, this case scenario will be cancelled.


USD/CHF

Franc is also being corrected, the price is forming a descending pattern with the target in the area of 0.8860. One can consider selling the pair near the level of 0.9095 and increase the amount of short positions only after the price breaks the level of 0.9030. If Franc grows higher than 0.9135, this case scenario will be cancelled. Conservative traders are advised to start selling the pair after the price breaks the level of 0.9045.


NZD/USD

New Zealand Dollar continues moving inside a sideways trend. The upper border of this range is the level of 0.8280, the lower support level is the area of 0.8060. Currently the price is moving in the middle of this range. The test of the trend’s ascending line at the RSI is a signal to buy the pair, one can consider buying it with the tight stop. The closest target of the growth is the test of the resistance level in the area of 0.8280.


AUD/USD

Australian Dollar fell down a bit lower than we expected, however, right now we should expect the pair to be corrected upwards. The target of the growth is the area of 1.0465. The test of the trend’s ascending line at the RSI is an additional signal.


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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