Forex Technical Analysis 2012/31/07 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, NZD/USD) Forecast FX

30.07.2012

Forecast for July 31st, 2012

EUR/USD

The EUR/USD currency pair continues moving inside the descending channel, it has tested a very strong resistance level in the area of 1.24. At the moment we should expect the price to continue moving downwards, the target of the fall is the area of 1.1980. One can consider selling Euro aggressively from the current levels with the stop above 1.2340 and increase the amount of sales only after the price breaks the level of 1.2230. If the price grows up higher than 1.2410, this scenario will be cancelled.



GBP/USD

The GBP/USD currency par has also tested a strong level in the area of 1.5760. Currently the price is forming the descending pattern with the target in the area of 1.5425. One can consider selling Pound from the current levels with the tight stop above 1.5670. At the H1 chart we have “head & shoulders” reversal pattern forming with the closest target in the area of 1.5570. We recommend to increase the amount of sales only after the price breaks the level of 1.5665.



USD/CHF

The USD/CHF currency pair continues moving inside the ascending channel, the target of the growth is the area of 0.9990. We should expect the price to be corrected from the current levels towards the area of 0.9750, where one can consider buying Franc with the tight stop. The closest target of the growth is the area of 0.9920. If the price falls down lower than 0.97, this scenario will be cancelled. We recommend to increase the amount of purchases only after the price breaks the level of 0.9815.



AUD/USD

Australian Dollar continues moving upwards, the price faced the resistance from the channel’s upper border. The pair is expected to start falling down from the current levels, the closest target of the fall is the area of 1.0375. One can consider selling the pair with the tight stop. If the price continues moving upwards and grow up higher than 1.0570, this scenario will be cancelled.



NZD/USD

New Zealand Dollar has reached a new local maximum. The RSI indicator faced the resistance from the trend’s descending line. We should expect the pair to rebound from the current levels and start moving downwards. One can consider selling the pair aggressively with the tight stop above 0.8135. The closest target of the fall is the area of 0.8040.

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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