Forex Technical Analysis 2011/22/11 (EUR/USD, AUD/USD, NZD/USD, GOLD) Forecast FX

21.11.2011

Forecast for November 22nd, 2011

EUR/USD

The EUR/USD currency pair keeps falling down, and currently the price is testing the local minimums. The RSI was supported by the trend’s rising line, we should expect it to rebound from the line and start moving upwards. The closest target of the growth is the area of 1.3640. If the price breaks local minimum, this case scenario will be cancelled.


AUD/USD

The AUD/USD currency pair continues moving inside the rising channel. At the moment the price is testing the channel’s lower border. We should expect the price to start moving upwards. If the price breaks the lower border and leaves the rising channel, this case scenario will be cancelled. The target of the rising pattern is the area of 1.3280.



At the daily chart of the pair we have “upside down head & shoulders” with the target of the growth in the area of 1.2092. One can consider buying the pair with the tight stop and increase the amount of long positions only after the price breaks the neckline. If the price tests the level of 0.9700, this case scenario will be cancelled.


NZD/USD

New Zealand Dollar keeps moving inside the descending channel. The RSI was supported by the trend’s rising line, we should expect it to rebound from the line and test the channel’s upper border. If the pair reaches a new minimum, this case scenario will be cancelled.


GOLD

GOLD got very close to the rising channel’s lower border, one can consider buying the instrument with the tight stop. The target of the growth is the area of 1872. If the price leaves the channel, this case scenario will be cancelled. One can consider increasing the amount of purchases only after the price leaves the descending channel.


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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