Forecast for December 9th, 2011
The EUR/USD currency pair continues moving according to the forecast, the price is testing the descending channel’s upper border. Also here we have “triangle” pattern forming with the target in the area of 1.3182. The closes target of the fall is the area of 1.3250. If the price breaks the upper border and leaves the channel, this case scenario will be cancelled.
At the H4 chart Pound continues moving inside the descending pattern. The RSI indicator faced the resistance from the trend’s descending line, we should expect it to rebound from the lines and start moving downwards. The target of the fall is the level of 1.5380. If the price breaks the level of 1.5773, this case scenario will be cancelled.
The monthly chart of the pair also indicates a possible descending movement with the target in the area of 1.4970. The RSI indicator has broken the trend’s rising line, we should expect the test of the similar line at the price chart. By the moment the price has already returned to the broken line.
Australian Dollar continues moving sideways. At the RSI we can see the formation of “failure swing” reversal pattern. The target of the fall is the area of 1.0176, one can consider selling the AUD/USD currency pair with the tight stop above 1.0340.
At the daily chart of the CAD/JPY currency pair we can see the formation of the descending pattern, the target of the fall is the area of 68.35. The test of the resistance level at the RSI is an additional signal to sell the pair. We should expect a rebound and the start of the descending movement. One can consider selling the pair with the tight stop. If the price grows higher than 77.50, this case scenario will be cancelled.
In case of Gold we should expect the price to start falling down and then leave the channel. The stop must be above 1758. The test of the trend’s descending line at the RSI is an additional signal to sell the instrument. The final target of the fall is the level of 1627, which is expected to be a starting point of the correction.