Forex Technical Analysis 2012/23/05 (EUR/USD, GBP/USD, USD/CHF, NZD/USD, AUD/USD) Forecast FX

22.05.2012

Forecast for May 23rd, 2012

EUR/USD

The EUR/USD currency pair, contrary to our expectations, has reached a new local maximum. Currently the price is moving inside the ascending channel and testing the lower border. We should expect the pair to start moving upwards from the current levels. One can consider buying Euro with the tight stop below 1.2725 and increase the amount of positions only after the price breaks the level of 1.28. The closest target of the growth is the area of 1.29. If the pair breaks the channel’s lower border, this scenario will be cancelled.



GBP/USD

The GBP/USD currency pair hasn’t fallen down much. Currently one can consider buying Pound aggressively with the tight stop near the level of 1.5750 Conservative traders are advised to wait until the price breaks the resistance level of 1.5845 and then try to buy the pair. The trend’s broken line at the RSI is an additional signal to buy the pair. Right now we can see that the RSI indicator has returned to the broken line, we should expect Pound to rebound upwards. If the pair falls down lower than 1.5730, this scenario will be cancelled.



USD/CHF

The USD/CHF currency pair is also moving inside the descending channel. Right now the price is near the channels’ upper border, we should expect it to rebound from the border and start falling down. The test of the trend’s descending line at the RSI is an additional signal of the fall. The target of the pattern is the area of 0.93, one can consider selling the pair with the tight stop above 0.9435. If Franc continues growing up and breaks the channel’s upper border, this scenario will be cancelled.



NZD/USD

New Zealand Dollar has reached a new local maximum. Currently the price is forming the ascending pattern at the H1 chart of the pair, the target of the growth is the area of 0.7710. One can consider buying the pair from the current levels, the stop must be placed below 0.7585. If the price breaks the ascending channel’s lower border, this scenario will be cancelled and the descending trend will continue.



AUD/USD

Australian Dollar has broken “triangle” pattern upwards. Currently the pair is moving inside the ascending channel, one can consider buying it near the level of 0.9865. The target of the ascending channel is the area of 0.9945. If the price falls down lower than 0.9850, this 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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