Forex Technical Analysis 2011/22/12 (EUR/USD, GBP/USD, NZD/USD, OIL) Forecast FX

21.12.2011

Forecast for December 22nd, 2011

EUR/USD

The EUR/USD currency pair has tested the broken neckline, and currently we should expect the price to fall down to new minimums. The test of the trend’s descending line at the RSI is an additional signal to sell the pair.



At the H1 chart of the pair we can see that the price is forming a signal to sell it. The trend’s rising line at the RSI has been broken, we should expect the test of the similar line at the price chart. One can consider selling the pair with the tight stop and increase the amount of short positions only after the price breaks the lower border and leaves the rising channel.


GBP/USD

Pound is testing the resistance level, we should expect it to rebound from the level and start moving downwards with the target in the area of 1.5400. At shorter time frames we have “head and shoulders” reversal pattern forming with the target in the area of 1.5570, one can consider selling the pair with the tight stop at current prices. If the price breaks the resistance level, this case scenario will be cancelled.



At the H1 chart of the pair the breaking of the trend’s rising line at the RSI will be an additional signal to sell the pair. The closest target of the fall here is the area of 1.5550.


NZD/USD

At the daily chart of the NZD/USD currency pair the price continues moving inside the descending pattern, the target of the fall is the area of 0.7195. The RSI indicator faced the resistance from the trend’s descending line. If the price breaks the upper border and leaves the descending channel, this case scenario will be cancelled.


OIL

The price has tested the trend’s rising line at the RSI, we should expect it to rebound from the line and start moving downwards. The closest target of the fall is the area of 90.00, the next one – the level of 76.50. If the price reaches a new maximum at the level of 99.00, 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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