Forex Technical Analysis 2012/20/08 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, NZD/USD) Forecast FX

17.08.2012

Forecast for August 20th, 2012

EUR/USD

The EUR/USD currency pair continues moving inside the ascending channel. The price has got very close to the resistance level in the area of 1.24, it may breach the level and start growing up. The target of the growth is the area of 1.2535. One can consider buying Euro from the current levels. If the price falls down lower than 1.2240, this scenario will be cancelled. We recommend to increase the amount of long positions only after the price breaks the level of 1.2395.



GBP/USD

The GBP/USD currency pair is moving according to the forecast. The price is expected to start the correction towards the level of 1.5665, where one can consider buying Pound with the tight stop below 1.5635. We recommend to increase the amount of long positions after the price breaks the level of 1.5755. If the price falls down lower than 1.5580, this scenario will be cancelled.



USD/CHF

The USD/CHF currency pair is still moving inside the descending channel, the price may form “triangle” pattern. We should expect the pair to test the area of 0.9790, where one can consider selling Franc with the tight stop. The target of the fall is the area of 0.9590. If the price grows up higher than 0.9825, this scenario will be cancelled.



AUD/USD

Australian Dollar has reached all targets of the descending pattern. Currently the price is testing the ascending channel’s lower border in 1.0420 support area. We should expect the pair to rebound from the current levels and start moving upwards. One can consider buying the pair with the tight stop. The target of the growth is the area of 1.0685. If the price falls down lower than 1.0350, this scenario will be cancelled.



NZD/USD

New Zealand Dollar continues moving inside the ascending channel and may form “head & shoulders” reversal pattern. One can consider buying the pair aggressively with the tight stop below 0.8030. We recommend to increase the amount of long positions after the price breaks the level of 0.8125. the target of the growth is the area of 0.8185.

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.

Ask a question

Need any help? Click on the icon in the lower right corner of the page and get an answer to any your questions

Or enter your phone number in the form below and we will call you right away.

Call back
Ask a question