Forex Technical Analysis 2012/31/05 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, USD/CAD) Forecast FX

30.05.2012

Forecast for May 31st, 2012

EUR/USD

The EUR/USD currency pair continues moving according to our forecast inside the descending channel and currently is forming a symmetrical pattern. We should expect the price to fall down into the area of 1.2380. One can consider selling Euro from the current levels with the stop above 1.2520. If the price grows up higher than 1.2565, this scenario will be cancelled.



GBP/USD

The GBP/USD currency pair has reached all the targets of the descending pattern. At the moment one can consider aggressive sales with the tight stop. The closest target of the fall is the area of 1.5475. If Pound grows up higher than 1.5640, this scenario will be cancelled. We recommend to increase the amount of short positions only after the price breaks the level of 1.5540.



USD/CHF

The USD/CHF currency pair continues moving according to the forecast, the price has almost reached the targets of the reversal pattern. Currently one can consider buying Franc with the tight stop below 0.9605. The target of the growth is the area of 0.9690. If the pair falls down lower than 0.9585, this scenario will be cancelled. We recommend to increase the amount of long positions only after the price breaks the level of 0.9665.



AUD/USD

Australian Dollar has also reached its targets and at the moment continues moving inside the descending channel. One can consider selling the pair from the current levels with the stop above 0.9820. The target of the fall is the area of 0.9700. If the price grows up higher than 0.9895, we should expect the start of the correction.



USD/CAD

The movement structure of Canadian Dollar differs from the other currency pairs. The price is forming “head & shoulders” reversal pattern, the target of the fall is the area of 1.0060. One can consider aggressive sales from the current level with the stop above 1.0310 and increase the amount of short positions only after the price breaks the level of 1.02. The test of the trend’s descending line at the RSI is an additional signal of the fall.

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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