Forex Technical Analysis 2011/18/11 (EUR/USD, GBP/USD, NZD/USD, GOLD) Forecast FX

17.11.2011

Forecast for November 18th, 2011

EUR/USD

The EUR/USD currency pair faced a very strong support level in the area of 1.3410. At the moment we should expect the price to test the channel’s upper border in the area of 1.3735. The final target of the fall is the area of 1.3055. One can consider selling the pair only after the price breaks the channel’s lower border or near the channel’s upper border.



An alternative scenario suggests us the formation of the rising pattern. The target of the growth is the area of 1.3965. If the price breaks the channel’s lower border, this case scenario will be cancelled. In any case, one can consider buying the pair with the tight stop at current prices.


GBP/USD

At the H4 chart of the pair we can see the formation of the descending symmetrical pattern with the final target in the area 1.5650. Currently we should expect the price to test the channel’s upper border in the area of 1.5910, where one can consider selling the pair with the tight stop. If the price leaves the channel, one is recommended to open only long positions, but not the short ones.


NZD/USD

New Zealand Dollar was supported by the trend’s rising line at the RSI, we should expect it to rebound from the line and start moving upwards to the channel’s upper border in the area of 0.7800. If the price breaks the local minimum, this case scenario will be cancelled and the price will start moving downwards.


GOLD

Gold is moving inside the rising pattern. The target of the growth is the area of 1872. Currently the price is getting close to the area where one can try to buy the instrument. We recommend you to buy Gold only if reversal patterns appear at shorter periods of time. If the price breaks the lower border and leaves the channel, 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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