Forex Technical Analysis 2012/17/04 (EUR/USD, GBP/USD, USD/CHF, USD/CAD, AUD/USD) Forecast FX

16.04.2012

Forecast for April 17th, 2012

EUR/USD

The EUR/USD currency pair made a strong descending movement and broke the level of 1.3030. At shorter time frames the price is forming a descending pattern with the target in the area of 1.2945, one can consider selling the pair aggressively with the tight stop. If the price grows up higher than 1.3050, this case scenario will be cancelled. We shouldn’t expect the pair to fall down much from the current levels. At the H4 chart the RSI indicator got very close to the support level, that’s why one can consider buying Euro right after the price breaks the level of 1.3050.


GBP/USD

The GBP/USD currency is not an exception, and American Dollar has also grown up a lot here. The pair got very close to the support level of 1.5805. The descending movement of the price was stopped by the trend’s ascending line at the RSI, we should expect Pound to rebound from the current levels in an upward direction. One can consider buying the pair aggressively with the tight stop. If the price breaks the level of 1.5805, we should expect the pair to continue falling down.


USD/CHF

Franc also reached a new local minimum. One can consider selling the USD/CHF currency pair after the price breaks the level of 0.9215. The closest target of the fall is the area of 0.9190. At shorter time frames the price broke the trend’s ascending line at the RSI, we should expect the pair to fall much lower into the area of 0.9165. The stop should be placed above 0.9245. If the price grows up higher than 0.9255, this case scenario will be cancelled.


USD/CAD

Canadian Dollar continues moving inside the sideways trend, right now it is at the level of 0.9990 and got very close to the resistance area of 1.0030. One can consider selling the pair with the tight stop from the current levels. After the price breaks the level of 0.9915, we should expect the pair to fall down into the area of 0.9780. If the pair grows up higher than 1.0060, this case scenario will be cancelled.


AUD/USD

In case of Australian Dollar the correction started, just as we expected. Currently the pair is moving in the area of 1.0350, the level of 1.0305 is a very strong support level. At the H4 chart there is a possibility that the price may form “head & shoulders” reversal pattern with the target in the area of 1.0675. At the moment the price is forming the right “shoulder”, aggressive traders can consider buying the pair from the current levels. The stop should be placed below 1.0290. We recommend to increase the amount of long positions only after the price breaks the level of 1.0450. The test of the trend’s ascending line at the RSI is an additional signal of the growth. If the price falls down lower than 1.0225, 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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