Forex Technical Analysis 2012/06/04 (EUR/USD, GBP/USD, USD/CHF, USD/CAD, AUD/USD) Forecast FX

05.04.2012

Forecast for April 6th, 2012

EUR/USD

The EUR/USD currency pair reached all the targets of the descending pattern. At the moment we should expect the price to be corrected into the area of 1.3195, where it may start growing up again. If Euro breaks the descending channel’s upper border, we can expect the price to test the area of 1.3315. Right now one can consider buying the pair with the tight stop. The test of the trend’s ascending line at the RSI is an additional signal for the correction. If the price breaks the level of 1.2985, the pair will start a new descending trend.


GBP/USD

After a slight correction Pound continued falling down. Judging by the price movement struсture, we should expect it to test the level of 1.5960, where one can consider selling the pair with the tight stop. The target of the fall is the area of 1.5690. We shouldn’t expect the price to make any significant descending movements from the current levels. At the H1 chart we can see the formation of reversal divergences.


USD/CHF

Franc also reached all the targets of the ascending pattern. Currently there is a possibility that the price may form “head & shoulders” reversal pattern at the H1 chart of the pair. The target of the pattern is the area of 0.9075. The test of the trend’s descending line at the RSI is an additional signal of the fall. We should expect the price to start falling down from the current levels. The closest target of the fall is the area of 0.9145.


USD/CAD

Canadian Dollar is moving according to our forecast. At the moment the price is testing the descending channel’s upper border, we should expect it to start moving downwards from the current levels. The target of the pattern is the area of 0.9870, one can consider selling the pair with the tight stop. If the price breaks the channel’s upper border, this case scenario will be cancelled.


AUD/USD

Australian Dollar continues falling down slowly, at the daily chart the RSI indicator is testing the trend’s ascending line. We should expect the pair to be corrected in an upward direction from the current levels. One can consider buying the pair when reversal patterns appear at shorter time frames. The closest target of the growth is the area of 1.0350. If the price continues falling down, the closest support level will be the area of 1.0110.


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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