Forex Technical Analysis 2011/07/12 (EUR/USD, USD/CAD, SILVER, OIL) Forecast FX

06.12.2011

Forecast for December 7th, 2011

EUR/USD

The EUR/USD currency pair is moving according to the forecast. Currently at the M30 chart we can see the formation of the descending pattern with the target in the area of 1.3275. The stop must be above 1.3440. The price testing the trend’s descending line at the RSI is an additional signal to sell the pair. One can consider selling Euro at current prices.


USD/CAD

Canadian Dollar continues testing the rising channel’s lower border, we should expect it to rebound from the border and start moving upwards with the target in the area of 1.0400. The RSI indicator was supported by the trend’s rising line, which is a god signal for purchases. If the price breaks the channel’s lower border, this case scenario will be cancelled.



Judging by the price structure of the H4 chart, we should expect the price to grow with the target in the area of 1.0510. One can consider buying the pair with the tight stop below 1.0135 and increase the amount of short positions only after the price breaks the level of 1.0225. If the price reaches a new minimum in the area of 1.0085, this case scenario will be cancelled.


SILVER

Silver keeps moving inside the descending pattern. The closest target of the fall is the area of 31.05, which is expected to be a starting point of the correction to the channel’s upper border. One can consider selling the instrument with the tight stop above 32.05 near the level of 31.75. The final target of the fall is the area of 30.50. If the price leaves the channel, this case scenario will be cancelled.


OIL

At the daily chart of Oil we have “failure swing” reversal pattern forming at the RSI. After the price breaks the support level, we should expect it to test the level of 95.65, and after the price breaks the trend’s rising line at the RSI, we should expect it to fall even lower, to the level of 76.10. If the instrument grows higher than 105.00, this case scenario will be cancelled. We recommend you to increase the amount of short positions only after the price breaks the rising channel’s lower border.


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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