Forex Technical Analysis 2012/03/08 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, NZD/USD) Forecast FX

02.08.2012

Forecast for August 3rd, 2012

EUR/USD

The EUR/USD currency pair continues moving inside the descending channel, at the moment the price is forming the descending pattern at the H1 chart. The closest target of the fall is the area of 1.2170. One can consider selling Euro from the current levels with the stop above 1.2360 and increase the amount of short positions only after the price breaks the level of 1.2215. The test of the trend’s descending line at the RSI is an additional signal to sell Euro. If the price grows up higher than 1.24, it will be the first sign of a possible correction.



GBP/USD

The GBP/USD currency pair is moving according to the forecast, it has reached the target in the area of 1.5560. Currently the price is forming the descending pattern at the H1 chart, one can consider selling Pound near the level of 1.5590. The final target of the descending pattern is the area of 1.5485. If the price grows up higher than 1.5620, this scenario will be cancelled.



USD/CHF

The USD/CHF currency pair continues moving inside the ascending channel, the price is forming the ascending pattern at shorter time frames. One can consider buying Franc with the tight stop, the target of the growth is the area of 0.9880. We recommend to increase the amount of long positions only after the price breaks the level of 0.9830. If the price falls down lower than 0.9690, this scenario will be cancelled.



AUD/USD

Australian Dollar is moving according to the forecast, at the moment the price is forming the descending pattern at the H1 chart. The target of the fall is the area of 1.0420. One can consider selling the pair from the current levels. The test of the trend’s descending line at the RSI is an additional signal to sell the pair. If the price grows up higher than 1.0550, this scenario will be cancelled.



NZD/USD

New Zealand Dollar continues moving sideways. At the moment one can consider selling the pair aggressively with the tight stop above 0.8150 and increase the amount of short positions only after the price breaks the level of 0.8055. The target of the fall is the area of 0.8005. The test of the trend’s descending line at the RSI at the daily chart is a signal to sell the pair.

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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