Forex Technical Analysis 2011/15/09 (EUR/USD, GBP/USD, NZD/USD, AUD/USD) Forecast FX

14.09.2011

Forecast for September 15th, 2011

EUR/USD

The EUR/USD currency pair keeps moving inside the descending channel. As we discussed earlier, the pair has reached all targets of the descending pattern. The RSI indicator was supported by the trend’s rising line, we should expect the indicator to rebound and start moving upwards. The closest target of the growth is the area of 1.40. The price breaking the descending channel downwards will cancel this scenario and will be a very strong signal to sell Euro.



We may assume that the rising symmetrical pattern with the target in the area of 1.5937 is being formed at the weekly chart of the EUR/USD currency pair. At the moment the price is testing the channel’s lower border, we should expect it to rebound from the border at start moving upwards. One can try to sell Euro with the tight stop if reversal patterns appear at shorter periods of time. But if the price leaves the rising channel, this case scenario will be cancelled.


GBP/USD

The GBP/USD currency pair has also reached the targets of the descending pattern. One can consider buying the pair with the tight stop after the price breaks the channel’s upper border. The closest target of the growth is the area of 1.6175. The price breaking the “triangle” pattern at the RSI will be an additional signal to buy the pair.


NZD/USD

At the weekly chart of the NZD/USD currency pair the RSI indicator was supported by the trend’s rising line, we should expect it to rebound from the line and start moving upwards. The target of the growth is a new local maximum in the area of 0.89. If the price breaks the trend’s rising line at the RSI, this case scenario will be cancelled.



The daily chart of the pair also indicates that there is a possibility of the rising movement with the target in the area of 0.9400. One can either try to buy New Zealand Dollar at shorter periods of time, or wait for the test of the channel’s lower border and then consider opening long positions. But if the price leaves the channel, this case scenario will be cancelled.


AUD/USD

Australian Dollar is also moving inside the rising channel. The RSI indicator was supported by the trend’s rising line. If the RSI indicator is higher than the trend’s line at the end of the week, we should expect the pair to grow. But if the price breaks the channel’s lower border, 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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