Forex Technical Analysis 2011/06/12 (EUR/USD, GBP/USD, NZD/USD, SILVER) Forecast FX

05.12.2011

Forecast for December 6th, 2011

EUR/USD

The EUR/USD currency pair continues moving inside the descending pattern, and by now the price has left the rising channel. One can consider selling the pair with the tight stop. The target of the fall is the area of 1.2824. If the price grows higher than 1.3535, this case scenario will be cancelled.


GBP/USD

Pound is moving according to the forecast, and currently the pair is in the area for sales. One can consider opening short positions with the tight stop above 1.5680. The target of the fall is the area of 1.5347. We recommend you to increase the amount of short positions only after the price breaks the level of 1.5580.



At the H1 chart the closest target of the fall is the area of 1.5519, one can consider selling Pound at current prices. If the price breaks the upper border and leaves the channel, this case scenario will be cancelled.


NZD/USD

In case of the NZD/USD currency pair, the trend’s descending line at the RSI is a resistance line, we still should expect the price to rebound from it and start moving downwards with the target of the fall in the area of 0.7200. If the price breaks the upper border and leaves the descending channel, this case scenario will be cancelled.



At the H1 chart the pair has left the rising channel, ne can consider selling it with the stop above 0.7845. The closest target of the fall is the area of 0.7545. If the price reaches a new maximum, this case scenario will be cancelled.


SILVER

Silver keeps moving inside the descending pattern. At the moment we have “head & shoulders” reversal pattern forming with the target in the area of 24.50. One can consider selling the instrument with the tight stop at current prices and increase the amount of sales only after the price breaks the level of 29.90. The final target of the descending pattern is the area of 20.39.


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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