Forecast for October 28th, 2011
The EUR/USD currency pair keeps moving inside the rising channel, we should expect the price to complete the formation of the descending pattern at the daily chart. One can consider selling the pair only after the price breaks the channel’s lower border. The closest target of the fall is the area of 1.3410. If the pair continues growing, one can try to buy it.
Dollar Index is moving inside the rising pattern with the target in the area of 81. At the moment the RSI faced a strong support area from the trend’s rising line and the level of 50. We should expect it to rebound and the start of the rising trend. If the price leaves the channel, this case scenario will be cancelled.
Pound continues moving inside the rising pattern. We should expect the price to test the level of 1.5900, where one can consider buying the pair with the tight stop. The target of the growth is the area of 1.6155. If the price breaks the channel’s lower border and leaves it, this case scenario will be cancelled.
New Zealand Dollar has also reached a new local maximum. At the moment the pair is moving inside the rising channel. We should expect the price to test the level of 0.8015, where one can try to buy the pair with the tight stop. If the price breaks the channel’s upper border, the target of the growth will be the area of 0.8340.