Forex Technical Analysis 2012/01/08 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, NZD/USD) Forecast FX

31.07.2012

Forecast for August 1st, 2012

EUR/USD

The EUR/USD currency pair is moving according to our expectations, it has tested the area of 1.23. At the moment the price is expected to continue falling down. One can consider selling Euro with the tight stop above 1.2340 and increase the amount of sales after the price breaks the level of 1.2215. The closest target of the fall is the area of 1.2080. The target of the descending pattern is the area of 1.1980. If the price grows up higher than 1.2410, this scenario will be cancelled.



GBP/USD

The GBP/USD currency pair is also moving according to the forecast. At the H1 chart we have “head & shoulders” reversal pattern forming, right now the price is below the neckline. One can consider selling Pound from the current levels with the stop above 1.5735. The closest target of the fall is the area of 1.5565. The target of the reversal pattern is the level of 1.5425. If Pound grows up higher than 1.5770, this scenario will be cancelled.



USD/CHF

The USD/CHF currency pair is still moving inside the ascending channel, it has almost reached the level of 0.9750. One can consider buying the pair aggressively from the current levels with the stop below 0.9735 and increase the amount of purchases after the price breaks the level of 0.9825. The closest target of the growth is the area of 0.9940. The target of the ascending pattern is the level of 0.9990.



AUD/USD

Australian Dollar continues moving upwards. The RSI indicator faced the resistance, we should expect the pair to rebound from the current levels and start falling down. One can consider selling the pair aggressively with the stop above 1.0570. The closest target of the fall is the area of 1.0335.



NZD/USD

New Zealand Dollar continues moving inside the sideways trend. The RSI indicator is still testing the resistance line. One can consider selling the pair aggressively from the current levels. The closest target of the fall is the area of 0.8025. We recommend to increase the amount of short positions only after the price breaks the level of 0.8070. The stop should be placed above 0.8120.

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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