Forex Technical Analysis 2011/19/10 (EUR/USD, DOLLAR INDEX, GBP/USD, USD/CHF, AUD/USD, GOLD, USD/RUR) Forecast FX

18.10.2011

Forecast for October 19th,, 2011

EUR/USD

The EUR/USD currency pair is moving according to the forecast. By now the price has already left the rising channel. One can try to sell the pair with the tight stop above 1.3785. The closest target of the fall is the area of 1.3385. If the price reaches a new maximum at the level of 1.3905, this case scenario will be cancelled.


DOLLAR INDEX

Dollar index keeps moving inside the rising channel, and at the moment we can see the formation of the symmetrical pattern with the target in the area of 80.75. The price is testing the support area, we should expect this area to be a starting point of the rising movement and the growth of Dollar against other currencies. If the price breaks the channel’s lower border, this case scenario will be cancelled.


GBP/USD

Pound is also moving according to the forecast. At the H4 chart of the pair we have “head & shoulders” reversal pattern formed with the target in the area of 1.5542. The price has broken the neckline, one can try to sell the pair with the tight stop above 1.5795. If the Pound grows higher than 1.5840, this case scenario will be cancelled.


USD/CHF

At the H1 chart of the USD/CHF currency pair we can see that the price has left the descending channel. Judging by the structure of the price movement, we should expect the pair to grow into the area of 0.9920. One can try to buy the pair with the tight stop below 0.8905. If the price falls lower than 0.8865, this case scenario will be cancelled.


AUD/USD

We may assume that Australian Dollar has already started moving toward its descending target. One can try to sell 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. The target of the fall is the area of 0.9180.


GOLD

In case of Gold the price is testing the descending channel’s upper border at the moment. One can tri to sell the instrument with the tight stop. If the price leaves the channel, this case scenario will be cancelled. The target of the fall is the support level in the area of 1534.


USD/RUR

The USD/RUR currency pair keeps moving inside the rising channel, we should expect the rising movement with the target in the area of 34.15. The price testing the trend’s rising line (which, in this case, is a support line) at the RSI is an additional signal to buy the pair. 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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