Forex Technical Analysis 2012/02/08 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, NZD/USD) Forecast FX

01.08.2012

Forecast for August 2nd, 2012

EUR/USD

The EUR/USD currency pair continues moving inside the descending channel, the price is still testing the area of 1.23. One can consider selling Euro from the current levels, the closest target of the fall is the area of 1.2220. The final target of the descending pattern is the area of 1.1980. If the price grows up higher than 1.24, this scenario will be cancelled. We recommend to increase the amount of short positions only after the price breaks the level of 1.2220.



GBP/USD

The GBP/USD currency pair is moving according to the forecast, the price has rebounded from the level of 1.5680. The closest target of the fall is the area of 1.5560. One can consider either holding short positions or opening new ones with the stop above 1.57. The final target of the descending pattern is the area of 1.5425. We recommend to increase the amount of short positions only after the price breaks the level of 1.5610.



USD/CHF

The USD/CHF currency pair is still moving inside the ascending channel, the price is testing the support level in the area of 0.9750. One can consider buying Franc from the current levels with the stop below 0.97 and increase the amount of long positions after the price breaks the level of 0.9825. The target of the growth is the area of 1.0015. If the price falls down lower than 0.9680, this scenario will be cancelled.



AUD/USD

Australian Dollar continues moving upwards, the price is still testing the ascending channel’s upper border. At the H4 chart we have “failure swing” reversal pattern forming, one can consider selling the pair with the tight stop. The closest target of the fall is the area of 1.0450, the next one will be the level of 1.0340. If the price grows up higher than 1.0550, this scenario will be cancelled.



NZD/USD

New Zealand Dollar has reached a new local maximum, however, the RSI indicator is still testing the resistance line. One can consider selling the pair from the current levels with the stop above 0.8150. The closest target of the fall is the area of 0.8040. The test of the trend’s descending line at the RSI at the daily chart is an additional signal to sell the pair. If the price grows up higher than 0.8170, 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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