Forex Technical Analysis 2011/12/10 (EUR/USD, GBP/USD, AUD/USD, EUR/JPY) Forecast FX

11.10.2011

Forecast for October 12th, 2011

EUR/USD

The EUR/USD currency pair is moving according to the forecast. The price has left the descending channel, and we have two possible scenarios of the price movement. One can try to buy the pair with the tight stop, the closest target of the growth is the area of 1.3860. In case of the fall, we should expect the price to test the level of 1.3395 and form “head & shoulders” reversal pattern with the target in the area of 1.4250. One can try to buy the pair with the tight stop near the level of 1.3395.


GBP/USD

Pound was supported and returned to the trend’s broken line at the RSI, one can try to buy the GBP/USD currency pair with the tight stop. The closest target of the growth is the area of 1.5810. If the pair falls lower than 1.5600, this case scenario will be cancelled.


AUD/USD

At the moment there is a possibility that the AUD/USD currency pair may fall down. The RSI indicator is testing the trend’s descending line, we should expect it to rebound from the line. The closest target of the fall is the area of 0.9640, where one can consider buying the pair with the tight stop. The target of the rising movement is the area of 1.0615. If the market breaks the trend’s descending line at the RSI, we should expect the price to test the channel’s upper border in the area of 1.0245.


EUR/JPY

At the daily chart of the EUR/JPY currency pair the price has broken the trend’s descending line at the RSI, we should expect the test of the similar trend’s line in the area of 109.50 at the price chart. One can consider buying the pair when the price returns to the broken line in the area of 102.20. If the pair falls lower than 100, 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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