Forex Technical Analysis 2011/23/09 (EUR/USD, GBP/USD, NZD/USD, AUD/USD, SILVER) Forecast FX

22.09.2011

Forecast for September 23rd, 2011

EUR/USD

Although the EUR/USD currency pair had reached the targets defined earlier, it didn’t move upwards after that. Currently at the H1 chart of the pair we can see the formation of the descending pattern with the target in the area of 1.3240. The price is testing the area of the 4th point of reference, we should expect the test of the level of 1.3540, where one can try to sell the pair with the tight stop. But if the price leaves the channel, this case scenario will be cancelled.


GBP/USD

At the daily chart of the GBP/USD currency pair we have a possible descending symmetrical pattern forming with the target in the area of 1.5200. Currently we should expect the price to be corrected to the area of 1.6020, where one can consider opening short positions. One can consider buying the pair at the current prices, but only if reversal signals appear at shorter periods of time.


NZD/USD

At the weekly chart of the pair we can see the formation of the rising pattern with the target in the area of 0.9390. At the moment the price is getting close to the area of the 5th point of reference, which is expected to be a starting point of the growth. One can consider buying the pair with the tight stop, after reversal signals appear at shorter periods of time. But if the price breaks the channel’s lower border, this case scenario will be cancelled.


AUD/USD

At the H1 chart of the AUD/USD currency pair we can see the formation of the descending pattern with the target in the area of 0.9633. We should expect the price to test the channel’s upper border, where one can try to sell the pair with the tight stop. If the price breaks the descending channel’s upper border and leaves it, we will recommend you to close short positions.


SILVER

Silver is moving according to the forecast. By now the first target has been reached, we should expect the test of the broken channel’s line, and after that the price may continue moving downwards. The target of the fall is the area of 33.60. If the instrument grows higher than 43.00, 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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