Technical Analysis 12.08 (EUR/USD, USD/CAD, GBP/USD)

12.08.2010

EUR/USD

After a significant fall in exchange rate, one should try to sell the pair. The target on descending pattern is 1.2720. It’s early to talk about a complete reverse of a rising trend, so we’ll do it next week.

USD/CAD

Canadian dollar didn’t follow the reversal pattern, it just went up. Currently, the target is a little above 1.0521, and we should expect a fall in online forex exchange rate of the currency pair from this point. One should try the tight stop buy.

GBP/USD

The price has fallen lower than it was expected. Currently, the pound is forming “Wolfe Wave”, with the target at 1.6000. The price is already at the buy zone, the stop is behind the closest minimum. It is desirable that the stop should be moved into the black as soon as possible.

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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