Forecast for June 14th, 2011
The EUR/USD currency pair is moving inside the descending channel, one can consider selling it near the channel’s upper border. The target of the fall is the area of 1.4200. The price testing the trend’s descending line at the RSI is an additional signal to sell the pair, the stop must be above 1.4420.
Pound is moving inside the descending expansion pattern. The target of the fall is the area of 1.6204. One can consider selling the pair with the tight stop above 1.6350. If the price breaks the channel’s upper border, this case scenario will be cancelled.
New Zealand keeps falling down. At the moment we can see the formation of the descending pattern with the target in the area of 0.8045. One can try to sell the NZD/USD currency pair. But if the price breaks the descending channel’s upper border and leaves it, this case scenario will be cancelled.
Canadian Dollar is moving inside the rising channel, the target of the growth is the area of 0.9885. One can consider buying the pair after the price leaves the descending channel. But if the price breaks the level of 0.9735, this case scenario will be cancelled.
By the moment the price has broken the neckline, one can consider selling GOLD near the neckline with the stop above 1535. The target is still the area of 1507. Don’t forget to move stop into the black as soon as possible.