Forex Technical Analysis 2012/03/07 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, USD/JPY) Forecast FX

02.07.2012

Forecast for July 3rd, 2012

EUR/USD

The EUR/USD currency pair continues moving inside the descending channel, the target of the fall is the area of 1.2090. At the moment at the daily chart the price is forming “head & shoulders” pattern, which, in this case, is a continuation pattern. One can consider selling the pair after the price breaks the level of 1.24, however, aggressive traders can try to sell Euro from the current levels. If the price grows up higher than 1.2750, this scenario will be cancelled. We recommend to increase the amount of short positions only after the price breaks the level of 1.25. The test of the resistance level at the RSI is an additional signal to sell Euro.



GBP/USD

The GBP/USD currency pair has grown up a bit, but it is still under pressure. The RSI indicator is testing the trend’s descending line, we should expect Pound to fall down from the current levels. The closest target of the fall is the area of 1.5575. If the price grows up higher than 1.5715, this scenario will be cancelled. One can consider aggressive sales from the current levels.



USD/CHF

The USD/CHF currency pair continues moving inside the ascending channel, after the correction the price has entered the area for purchases. There is a possibility that the pair may form “upside down head & shoulders” reversal pattern, we should expect the price to start growing up from the current levels. The stop should be placed below 0.9455. We recommend to increase the amount of purchases after the price breaks the level of 0.9680. If Franc falls down lower than 0.9410, this scenario will be cancelled. The target of the pattern is the area of 0.9880.



AUD/USD

Australian Dollar hasn’t fallen down, however, there is still a possibility that the price may move downwards. At the daily chart the RSI indicator is testing the trend’s descending line, we should expect the start of the descending movement from the current levels. At the H4 chart the price is also moving inside a very strong resistance area. One can consider selling the pair aggressively. If the price grows up higher than 1.0315, this scenario will be cancelled.



USD/JPY

The USD/JPY currency pair is moving inside the ascending channel, the target of the growth is the area of 81.50. Currently the price is testing the channel’s lower border, we should expect it to start moving upwards from the current levels. One can consider buying the pair with the tight stop below 79.10 and increase the amount of purchases after the price breaks the level of 80.05. If the price falls down lower than 78.80, 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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