Forex Technical Analysis 2012/31/08 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, NZD/USD) Forecast FX

30.08.2012

Forecast for August 31st, 2012

EUR/USD

The EUR/USD currency pair continues moving inside the ascending trend, the price hasn’t been able to break the resistance level in the area of 1.2575. Right now Euro is very close to the channel’s lower border, we should expect it to rebound and start moving upwards. One can consider buying the pair with the tight stop. The target of the growth is the area of 1.2650. We recommend to increase the amount of long positions only after the price breaks the level of 1.2575. If the price falls down lower than 1.25, this scenario will be cancelled.



GBP/USD

The GBP/USD currency pair is moving inside the ascending channel, at the moment the price is testing the resistance level in the area of 1.5850. One can consider buying Pound with the tight stop. The target of the growth is the area of 1.5960. If the price falls down lower than 1.5790, this scenario will be cancelled.



USD/CHF

The USD/CHF currency pair continues moving according to the forecast, the target of the fall is the area of 0.9495. One can consider selling the pair aggressively from the current levels with the stop above 0.9615 and increase the amount of short positions after the price breaks the level of 0.9540. The test of the descending trendline at the RSI is an additional signal to sell Franc.



AUD/USD

Despite our expectations Australian Dollar is still moving downwards. The RSI indicator was supported by the ascending trendline. There is a strong support level in the area of 1.0310. One can consider buying the pair aggressively with the tight stop. If the price falls down lower than 1.0280, this scenario will be cancelled.



NZD/USD

New Zealand Dollar continues moving inside the ascending channel. Currently the price is testing the channel’s lower border, we should expect it to rebound and start growing up. One can still consider buying the pair with the tight stop. If the price falls down lower than 0.7970, this scenario will be cancelled. The test of the ascending trendline at the RSI is an additional signal to buy 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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