Forex Technical Analysis 2011/02/17. EUR/USD, GBP/USD, NZD/USD, USD/CAD Forecast FX.

16.02.2011

EUR USD Forecast Feb 17 2011

On the basis of the eurusd analysis the EUR/USD currency pair has been corrected, as expected. By the moment we have “head & shoulders” reversal pattern formed with the target in the area of 1.3698. The price is testing the neckline, and one can try to buy the pair with the stop below 1.3480. Don’t forget to move stop into the black as soon as possible.

EUR USD Forecast Feb 17 2011

GBP USD Forecast Feb 17 2011

According to the gbpusd analysis we should expect the price to be corrected to the area of 1.6100, where we can try to buy the pair with the stop below 1.6040. But if the price breaks the rising channel, we recommend you to close long positions.

GBP USD Forecast Feb 17 2011

USD CHF Forecast Feb 17 2011

One can try to sell Franc from the area of 0.9665, where the price has broken the rising channel.  According to the technical analysis usd chf the stop must be above 0.9735, and the target of the fall is the area of 0.9405. The lower border of the daily corridor (which can be regarded as a support level here) can also be found in this area.

USD CHF Forecast Feb 17 2011

AUD USD Forecast Feb 17 2011

Australian Dollar is testing the rising channel’s lower border. Judging by the aud usd analysis we should expect the price to start moving upwards with the target in the area of 1.0210-1.0257. If the channel is broken, this case scenario will be cancelled, and one is recommended to close long positions.

AUD USD Forecast Feb 17 2011

At the H4 online forex trading chart we can see that all the targets of the descending pattern have been reached. Right now we should wait until the price leaves the channel, and then consider buying the AUD/USD currency pair. Also, at the RSI we have “failure swing” reversal pattern forming with the target in the area of 1.0070. After the price breaks the resistance level at the RSI we can try to buy Australian Dollar.

AUD USD Forecast Feb 17 2011
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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