Forex Technical Analysis 2011/27/10 (EUR/USD, GBP/USD, USD/CAD, USD/JPY, AUD/USD, EUR/JPY) Forecast FX

27.10.2011

Forecast for October 27th, 2011

EUR/USD

The EUR/USD currency pair is moving inside the rising channel. At the moment the target of the fall is the area of 1.3735. One can try to sell the pair with the tight stop above 1.3965, and increase the amount of short positions only after the price break the lower border and leaves the channel. If the pair grows higher than 1.3985, this case scenario will be cancelled.


GBP/USD

Pound keeps reaching new local maximums. Currently there is a possibility that the pair may fall to the support level in the area of 1.5835. One can consider selling the pair with the tight stop above 1.6035. The trend’s broken line at the RSI is an additional signal to sell the pair, we should expect the test of the similar trend’s line at the price chart.


USD/CAD

Canadian Dollar is testing the rising trend’s line at the RSI, we should expect it to rebound from the line and start moving upwards with the target in the area of 1.1033. The price testing the support line at the RSI is an additional signal to buy the pair. If the price breaks the trend’s line and falls lower than 0.9985, this case scenario will be cancelled.



At the H4 chart we can see the signs indicating the reverse of the descending trend. At the RSI the price has broken the trend’s line, which, in this case, is a support line. Also, we have “head & shoulders” reversal pattern forming with the target of the growth in the area of 1.0445. One can consider buying the pair near the level of 1.0080, and increasing the amount аlong positions only after the price breaks the level of 1.0215.


USD/JPY

The USD/JPY currency pair is moving according to the forecast. Currently we can see the formation of the descending pattern with the target in the area of 75.39. One can consider selling the pair near the level of 76.21. If the price breaks the upper border and leaves the descending channel, this case scenario will be cancelled.


AUD/USD

The weekly chart indicates that the AUD/USD currency pair may fall to the level of 0.8065. The RSI faced the resistance from the trend’s descending line, we should expect it to rebound from the line. One can consider selling the pair during a long-term period after the price breaks the channel’s lower border. The price testing the descending channel’s upper border is an additional signal to sell the pair. One should try to sell the pair only if there are reversal patterns at shorter periods of time.



At the H4 chart of the pair we have “failure swing” reversal patter forming at the RSI with a potential target of the fall at the level of 1.0120. One can consider selling the AUD/USD currency pair with the tight stop. If the price reaches a new local maximum at the level of 1.0500, this case scenario will be cancelled.


EUR/JPY

The EUR/JPY currency pair is moving inside the descending channel. Currently we have “triangle” pattern forming, which indicates that the market may be very unstable. According to the main possible scenario, the price will break the pattern downwards, and if it happens, one can consider selling the pair with the tight stop above 106.00. The target of the fall is the area of 103.80.


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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