Forecast for January 6th, 2012
After a slight correction, the EUR/USD currency pair continued falling down and even reached new local minimums. However, the RSI indicator was supported by the trend’s rising line, we should expect it to rebound from the line and start moving upwards. The closest target of the growth is the area of 1.3180.
At the H4 chart the price is testing the descending channel’s lower border, one can consider buying the pair with the tight stop. If the price breaks the channels’ border, we can expect the pair fall down. The target of the growth is the channel’s upper border in the area of 1.3000.
The USD/CAD currency pair continues moving downwards. Currently the price is testing the descending channel’s upper border, one can consider selling the pair with the tight stop. The final target of the pattern is the area of 0.9925. If the price grows higher than 1.0220, this case scenario will be cancelled.
The AUD/USD currency pair is moving inside the rising pattern, the target of the growth is the area of 1.0567. One can consider buying the pair near the support level in the area of 1.0215. If the price breaks the channel’s lower border, this case scenario will be cancelled.
At the monthly chart of the EUR/JPY currency pair we can see the formation of the reversal pattern at the MACD. In the near term, we should expect the price to stop falling down and start growing up. The approximate target of the growth is the area of 119.90. If the MACD indicator falls down, this case scenario will be cancelled.