Forex Technical Analysis 2012/18/06 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, GBP/JPY) Forecast FX


Forecast for June 18th, 2012


The EUR/USD currency pair continues forming the reversal pattern; the price has tested the critical level, but hasn’t been able to break the maximum in the area of 1.2680. At the moment one can consider selling Euro with the tight stop, the pair is still moving downwards. We recommend to increase the amount of short positions only after the price breaks the level of 1.2440. If Euro grows up higher than 1.2670, this scenario will be cancelled.


The GBP/USD currency pair is moving inside “triangle” pattern, one is advised to wait until the price breaks the pattern and then consider opening positions. One can try to sell the pair only after the price breaks the level of 1.5465. The target of the pattern is the area of 1.5310. If the pattern is broken upwards, we should not expect the pair to fall down. If Pound grows up higher than 1.5615, the price will continue moving upwards.


The USD/CHF currency pair continues moving inside the ascending channel. The price has got very close to the pattern’s lower border, we should expect it to rebound from the current levels. The target of the ascending pattern is the area of 0.9810. The test of the trend’s ascending line at the RSI is an additional signal to buy the pair. The Franc falls down lower than 0.94, this scenario will be cancelled.


Australian Dollar has broken “triangle” pattern upwards, however, the pair hasn’t started growing up. The price faced the resistance from the descending channel’s upper border, we should expect it to fall down from the current levels. The test of the trend’s descending line at the RSI at the daily chart is a signal to sell the pair. One can consider selling Australian Dollar aggressively from the current levels.


The daily chart of the GBP/JPY currency pair indicates that the price may start falling down towards the area of 117.20. The pair is testing the descending channel’s upper border and we should expect it to continue moving downwards from the current levels. At shorter time frames the price has broken “triangle” pattern downwards. The closest target of the pattern is the area of 120.60. One can consider selling the pair with the tight stop from the current levels.


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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