Forex Technical Analysis 2012/17/07 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, NZD/USD) Forecast FX

16.07.2012

Forecast for July 17th, 2012

EUR/USD

The EUR/USD currency pair continues moving according to the forecast, at the moment we should expect the price to be corrected into the area of 1.2350. One can consider buying Euro aggressively with the tight stop, and later – selling the pair near the level of 1.2350. The final target of the pattern is the area of 1.2080. If the price grows up higher than 1.2385, this scenario will be cancelled.



GBP/USD

The GBP/USD currency pair continues moving inside the descending channel. At the moment we should expect the price to continue growing up towards the area of 1.5620, where one can consider selling Pound with the tight stop. The final target of the pattern is the area of 1.5335. If the price grows up higher than 1.5650, this scenario will be cancelled. We recommend to increase the amount of short positions only after the price breaks the level of 1.5495.



USD/CHF

The USD/CHF currency pair continues moving inside the ascending pattern, at the moment we should expect the start of the correction. One can consider aggressive sales with the stop above 0.9885. The target of the correction is the area of 0.9695, where one can try to buy the pair with the tight stop. The final target of the ascending pattern is the area of 0.9915.



AUD/USD

Despite our expectations, the AUD/USD currency pair has grown up a bit. However, then the price faced the resistance from the descending channel’s upper border. One can consider selling the pair from the current levels with the tight stop above 1.0240. The target of the fall is the area of 1.0050. If the price grows up higher than 1.0275, this scenario will be cancelled. We recommend to increase the amount of short positions only after the price breaks the level of 1.0190.



NZD/USD

New Zealand Dollar continues moving according to the forecast, the price is forming “head & shoulders” reversal pattern at the daily chart. The pair is expected to test the level of 0.8015, where one can consider selling it with the tight stop and increase the amount of sales only after the price breaks the level of 0.7855. The closest target of the fall is the area 0.7615. If the price grows up higher than 0.8085, 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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