Forecast for April 27th, 2012
The EUR/USD currency pair continues moving inside “triangle” pattern, the price got very close to the pattern‘s upper border. If the price breaks the level of 1.33, the pattern will be formed in an upward direction and the closest target of the growth will be the area of 1.3550. Currently at the H1 chart the pair is forming the ascending pattern with the target in the area of 1.3315. One can consider buying Euro from the current levels. If the pair falls down lower than 1.3165, this scenario will be cancelled. The test of the trend’s ascending line at the Relative Strength Index is an additional signal to buy the pair.
The GBP/USD currency pair is moving according to the forecast, the price continued growing up and reached the area of 1.62. Currently the target of the growth is the area of 1.6265. One can consider buying Pound from the current levels with the tight stop below 1.6150. If the pair falls down lower than 1.6130, this scenario will be cancelled.
At the daily chart of the USD/CHF currency pair we can also see that the price has stuck inside “triangle” pattern, currently it is testing the pattern’s lower border. If the pair breaks the pattern downwards, we should expect the start of the descending trend. At the H1 chart the pair is forming the descending symmetrical pattern with the target in the area of 0.9005. Aggressive traders are advised to open short positions from the current levels with the tight stop above 0.9125.
Canadian Dollar has reached all the targets of the descending pattern. Judging by the daily chart, we can assume that the pair may fall down into the area of 0.9735. At the moment we should expect the price to be corrected to the level of 0.9865. Aggressive traders are advised to sell the pair from the level of 0.9840 with the tight stop.
Australian Dollar, just as we expected, started moving upwards, by now the price has already broken the descending channel’s upper border. We should expect the pair to be corrected into the area of 1.0315, where one can consider buying it with the tight stop. The target of the growth is the area of 1.0520. If the price falls down lower than 1.0290, this scenario will be cancelled.