Forex Technical Analysis 2011/05/09 (EUR/USD, GBP/USD, AUD/USD, AUD/JPY) Forecast FX

02.09.2011

Forecast for September 5th, 2011

EUR/USD

The EUR/USD currency pair has been corrected a bit, as we expected. One should wait until the price tests the channel’s upper border and then try to sell the pair with the tight stop. The target of the fall is the area of 1.4135. If the price breaks the channel’s upper border and leaves it, this case scenario will be cancelled.


GBP/USD

Pound is also expected to fall down. At the M30 chart of the pair we can see the formation of the descending pattern with the final target in the area of 1.6050. The price is testing the descending channel’s upper border, on can try to sell the GBP/USD currency pair with the tight stop. But if the price grows higher than 1.6265, this case scenario will be cancelled.


AUD/USD

Although Australian Dollar keeps moving upwards, we should expect it to start falling down soon. The trend’s rising line at the RSI has been broken, the target of the fall is the similar trend’s line at the price chart in the area of 1.0615. If the price reaches a new local maximum in the area of 1.0755, this case scenario will be cancelled.


AUD/JPY

At the daily chart of the AUD/JPY currency we can see the formation of the descending pattern with the final target in the area of 74.48. One can consider selling the pair with the tight stop. The price testing the trend’s descending line at the RSI is an additional signal to sell the pair. If the price breaks the rising channel and leaves it, this case 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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