Forex Technical Analysis 2012/29/05 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, NZD/USD) Forecast FX

28.05.2012

Forecast for May 29th, 2012

EUR/USD

The EUR/USD currency pair is moving according to the forecast, it has rebounded from the area of 1.2520. Currently we should expect the price to test the level of 1.2665, where one can consider selling Euro. The target of the descending pattern is the area of 1.2455. In case the pair breaks the channel’s upper border and grows up higher than 1.27, we should expect it to be corrected into the area of 1.28 ‑ 1.29.



GBP/USD

The GBP/USD currency pair also continues moving inside the descending channel. Currently we should expect the price to test the area of 1.5760, where one can consider selling Pound with the tight stop. The closest target of the fall is the area 1.5565, the next one will be the level of 1.5495. If the price grows up higher than 1.5795, this scenario will be cancelled. We recommend to increase the amount of short positions only after the price breaks the level of 1.5670.



USD/CHF

The USD/CHF currency pair continues moving inside the ascending trend, the closest support level is the area of 0.9490. Conservative traders are advised to buy the pair near this level, which is very close to the channel’s lower border. The closest target of the growth is the area of 0.9665. If the pair falls down lower than 0.9455, this scenario will be cancelled.



AUD/USD

Australian Dollar continues moving inside the descending channel. By now the price has reached the resistance area, we should expect it to rebound and start moving downwards. The closest target of the fall will be the area of 0.9760. One can consider selling the pair near the level of 0.9895. If the price grows up higher than 0.9940, this scenario will be cancelled.



NZD/USD

New Zealand Dollar is moving inside the descending pattern with the target in the area of 0.74. Currently we should expect the price to grow up towards the channel’s upper border in the area of 0.7660, where one can consider selling the pair with the tight stop. If the price grows up higher than 0.7685, 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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