Forex Technical Analysis 2012/11/04 (EUR/USD, DOLLAR INDEX, GBP/USD, USD/CHF, NZD/USD, AUD/USD) Forecast FX

10.04.2012

Forecast for April 11th, 2012

EUR/USD

The EUR/USD currency pair is moving according to the forecast. The price has reached the area of 1.3150 and right now it is moving downwards. We should expect the price to test the level of 1.3030, where one can consider buying Euro aggressively. The closest target of the growth in this case is the area of 1.32. Conservative traders are advised to start buying the pair after the price breaks the channel’s upper border. If Euro falls down lower than 1.30, this case scenario will be cancelled.


DOLLAR INDEX

The technical analysis of Dollar Index also indicates that Euro may rebound from the current levels. At the monthly chart the RSI indicator is testing the trend’s descending line, we should expect Index to start falling down from the current levels. At the weekly chart the price has already broken the trend’s ascending line at the RSI, we should expect the test of the similar line at the price chart. The closest target of the fall in this case is the area of 76.80. Thus, as Dollar Index is moving downwards, we should expect the American currency to fall down as well.




GBP/USD

After making a short ascending movement, Pound continued falling down. At the moment the pair is testing the support level in the area of 1.5825, we should expect it to rebound from the level and start moving upwards with the target in the area of 1.5925. If the price breaks this level, the next target of the growth will be the area of 1.5995. However, if the pair breaks the support level in the area of 1.5825, this case scenario will be cancelled.


USD/CHF

Franc has reached all the targets of “failure swing” reversal pattern. Currently the price is forming the descending symmetrical pattern with the target in the area of 0.9140. The pair is testing the descending channel’s upper border, one can consider selling it from the current levels with the tight stop. If the price grows higher than 0.9220, this case scenario will be cancelled.


NZD/USD

New Zealand Dollar continues moving inside the sideways trend, the structure of the movement looks much alike “triangle” pattern. At the daily chart of the pair the RSI indicator is still testing the trend’s ascending line, we should expect it to rebound from the current levels in an upward direction. One can consider buying the pair near the pattern’s lower border. After the price breaks the level of 0.8240, one can try to increase the amount of long positions. If the price breaks the pattern upwards, the target of the pattern will be the area of 0.8465.


AUD/USD

At the H1 chart of the AUD/USD currency pair the price is forming an ascending pattern. The target of the growth is the area of 1.0370. One can consider buying the pair from the current levels, the stop must be placed below 1.0245. If the price breaks the ascending channel’s lower border, 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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