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.

08.01.2013

Forex Technical Analysis 08.01.2013 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, GOLD)

The EUR/USD currency pair continues forming an ascending wave. Today the price may consolidate for a while at the current levels and then continue growing up; a local target is at the level of 1.3190. Later, in my opinion, the pair may form a slight correction and move upwards to reach the target at 1.3200. This may be the end of the first ascending wave, followed by a new correction.
07.01.2013

Forex Technical Analysis 07.01.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

The EUR/USD currency pair completed a correction in the form of a three-wave descending structure. At the moment the price is forming a new ascending wave with the target at 1.3120. After reaching the target, the pair may start a new correction and then continue growing up towards the level of 1.3200.
28.12.2012

Forex Technical Analysis 28.12.2012 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

The EUR/USD currency pair started moving downwards yesterday and today this descending movement is being corrected. After a slight consolidation the price may continue falling down towards the target at 1.3110, return to the level of 1.3200, and then form one more descending structure to reach the target at 1.3080. This may be the end of this corrective wave.
27.12.2012

Forex Technical Analysis 27.12.2012 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

The EUR/USD currency pair is trying to start forming a new ascending wave. I should note that this correction seems to be a very short one. The minimum for this correction is the level of 1.3080. I think the price may continue moving downwards; a local target is at 1.3110. The structure of this possible correction is shown on the chart. Today, in my opinion, the pair may form a consolidation channel at the current maximums and then continue falling down. However, if the price renews the maximum of this ascending wave, the pair may form “double top” pattern and then start a more serious correction towards the level of 1.3000.
26.12.2012

Forex Technical Analysis 26.12.2012 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

The EUR/USD currency pair is moving inside a corrective wave; the market was able to form a consolidation pattern near the level of 1.3200. According to this structure, a local target is at the level of 1.3115. I think today the price may reach this level, grow up towards the level of 1.3200 to test it from below, and then start a new descending movement to reach the main target of the correction. The minimal target is at the level of 1.3100.
21.12.2012

Forex Technical Analysis 21.12.2012 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

The EUR/USD currency pair continues moving downwards inside the third wave. I think today the price may break the minimum of the first descending structure, consolidate for a while at the current levels, and then continue falling down. I expect the pair to reach the level of 1.3060, return to the level of 1.3177 to test it from below, and then continue moving downwards to reach the target at 1.3050.
20.12.2012

Forex Technical Analysis 20.12.2012 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

The EUR/USD completed a local ascending movement; the market reach the targets defined earlier and started to form a corrective structure. Today the price may continue moving downwards as specified on the chart and form five structures inside this corrective wave. By now the pair has formed the first one and corrected it. Later, in my opinion, the price may break the current minimums. A predicted target of this correction is at 1.3080.
19.12.2012

Forex Technical Analysis 19.12.2012 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

The EUR/USD currency pair continues moving upwards, it may reach a local target at 1.3280. Later, in my opinion, the price may start consolidating and for a reversal pattern for a correction. The minimum for this correction may be at the level of 1.0380. After completing this correction, the pair may start growing up towards the target at 1.3500.