Forex Technical Analysis 2012/04/07 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, NZD/USD) Forecast FX

03.07.2012

Forecast for July 4th, 2012

EUR/USD

The EUR/USD currency pair continues moving according to our forecast, the market situation hasn’t changed much over the last 24 hours. There is still a possibility that Euro may continue falling down. However, if the price grows up higher than 1.2755, this scenario will be cancelled. At the daily chart the price is forming the descending pattern, the closest target of the fall is the area of 1.2540. One can consider selling Euro from the current levels with the stop above 1.2635.



GBP/USD

The GBP/USD currency pair is still moving inside a very narrow trading range. Right now the target of the fall is the area of 1.5575. One can consider selling the pair from the current levels with the tight stop above 1.5720. The test of the trend’s descending line at the RSI at the H4 chart is an additional signal to sell Pound. If the price grows up higher than 1.5750, this scenario will be cancelled.



USD/CHF

The USD/CHF currency pair is also moving according to the forecast. At shorter time frames the price is forming the ascending pattern with the target in the area of 0.9580. One can try to buy Franc from the current levels with the stop below 0.9505. The test of the trend’s ascending line at the RSI is an additional signal to buy the pair. It Franc falls down lower than 0.9420, this scenario will be cancelled.



AUD/USD

In case of Australian Dollar the RSI indicator is still testing the resistance area, we should expect it to rebound and start falling down from the current levels. One can consider selling the pair with the stop above 1.0295. The closest target of the fall is the area of 1.0190. If the price grows up higher than 1.03, this scenario will be cancelled.



NZD/USD

New Zealand Dollar has reached all the targets of the ascending pattern and right now it is expected to start moving downwards. The closest support level is the area of 0.7845. If the price breaks the support level, the pair will continue falling down towards the area of 0.7660. One can consider selling the pair from the current levels. If the price grows up higher than 0.8090, 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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