Technical analysis and forecasts

Currencies are believed to move in cycles, which means that one may try to estimate and predict their future fluctuations. Technical analysis helps to look into behavior of currency pairs on the basis of traded value, movement direction, investors’ common interests, and fluctuations history.

Technical analysis offers a trader a range of patterns that can predict price movement. Some of them predict a price reversal in one direction or another, others - a repetition of changes. To make it easier to use technical analysis, there is a number of indicators that include several parameters from the price chart. So, both experienced and novice traders can resort to technical analysis - it is believed that both of them should be familiar with the basics of technical analysis. It should be noted that forecasts made based on technical analysis cannot be considered 100% accurate, but they can still make trading more efficient. This page presents conclusions and forecasts made by RoboForex experts based on tech analysis.

01.02.2013

Forex Technical Analysis 01.02.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

The EUR/USD currency pair continues moving upwards. In my opinion today the price may grow up a little bit and reach the target at 1.3640. I should note that the third wave is weak and will not probably be able to grow up any higher. However, I think that the fifth wave may be started only after a serious correction towards the level of 1.3080.
31.01.2013

Forex Technical Analysis 31.01.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

The EUR/USD currency pair reached the targets of the third ascending wave; now it may be considered completed. Today we can see that the price started falling down, has already broken the latest ascending channel, and right now is forming the first descending impulses, I expect three of them at least. Only after that we can define if this descending movement is strong enough to start a correction. If it is, the target of the correction will be at the level of 1.3080.
30.01.2013

Forex Technical Analysis 30.01.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

The EUR/USD currency pair continues moving upwards. The market hasn’t been able to reach a target level so far; at the moment the price is just several pips away from it. I think today the pair grow up a little bit and then form a pivot point to make a reverse and start a correction towards the level of 1.3080.
29.01.2013

Forex Technical Analysis 29.01.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

The EUR/USD currency pair is moving near its maximums. I think today the price may continue growing up towards the level of 1.3500, and then fall down to reach and test the level where triangle pattern has been broken. Later, in my opinion, the market may reach a new maximum again and then start a more serious correction towards the level of 1.3080, at least.
28.01.2013

Forex Technical Analysis 28.01.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

The EUR/USD currency pair broke triangle pattern upwards; the target of this wave is the level of 1.3500. By now the price has already reached another resistance level at 1.3466. I think today the pair may consolidate for a while near this level and then continue growing up towards the above-mentioned target. Later, in my opinion, the pair may form a pivot point for a new correction. The next target is expected to be at 1.3080.
25.01.2013

Forex Technical Analysis 25.01.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

The EUR/USD currency pair completed the fifth ascending structure inside triangle and tested the pattern’s upper border. I think today the price may form a new descending structure to break the pattern’s lower border and then continue falling down to reach the level of 1.3150. An alternative scenario implies that the pair may continue growing up, break the level of 1.3400, and then reach the target at 1.3500, which is a local one for this wave. After that, I think the price must start a correction towards the level of 1.3080.
24.01.2013

Forex Technical Analysis 24.01.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

The EUR/USD currency pair continues moving inside triangle pattern; yesterday the market tested the pattern’s border once again. Thus, we can see the third wave of this correction with the target at 1.3242. Later, in my opinion, the price may grow up towards the level of 1.3380 and then start a new descending structure to reach new minimums.
23.01.2013

Forex Technical Analysis 23.01.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

The EUR/USD currency pair is still moving inside triangle pattern. The price has fallen down towards the pattern’s lower border and now may try to test the upper one and reach the target at 1.3380. The market has already formed four structures inside the pattern and today I expect it to complete the fifth one. I think the pair may leave the pattern downwards to reach the target at 1.3150 and then start a new ascending movement towards the level of 1.3500. An alternative scenario implies that the price may leave the pattern upwards to reach the target at 1.3500 and then start a correction towards the level of 1.3080.