Forex Technical Analysis 2012/05/06 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, USD/RUR) Forecast FX

04.06.2012

Forecast for June 5th, 2012

EUR/USD

The EUR/USD currency pair continues moving according to the forecast, we expected it to start the correction from the current area. Currently the price is forming “upside down head & shoulders” reversal pattern with the target at the level of 1.2465. The target of the growth is the area of 1.2615. One can consider buying the pair with the stop below 1.2380. If Euro falls down lower than 1.2345, this scenario will be cancelled.



GBP/USD

The GBP/USD currency pair was supported in the area of 1.5300, we should expect it to rebound upwards and then start the correction. The closest target of the growth is the area of 1.5515. One can consider buying the pair aggressively with the tight stop below 1.5330 and increase the amount of long positions only after the price breaks the level of 1.5420. If the price falls down lower than 1.53, this scenario will be cancelled.



USD/CHF

The USD/CHF currency pair has reached the level of 0.9665 and at the moment the price is forming a reversal pattern. One can consider selling the pair with the tight stop above 0.9705 and increase the amount of short positions only after the price breaks the level of 0.9635. The target of the fall is the area of 0.9510. If the pair grows up higher than 0.9745, this scenario will be cancelled.



AUD/USD

Australian Dollar is being corrected upwards. The test of the trend’s ascending line at the RSI is a signal of the growth. The price is forming a reversal pattern, one can consider buying the pair from the current levels. The closest target of the growth is the area of 0.9885, the stop must be placed below 0.9615. We recommend to increase the amount of long positions only after the price breaks the level of 0.9750.



USD/RUR

The USD/RUR currency pair is moving according to the forecast. The price hasn’t moved higher than 34.50. At shorter time frames the pair is forming a reversal pattern. One can consider selling the pair with the tight stop above 34.10, the closest target of the fall is the area of 33.40. The target of the descending pattern at the weekly chart is the area of 27.

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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