Forecast for February 7th, 2012
The EUR/USD currency pair is moving according to the forecast. By the moment the price has formed “double top” reversal pattern with the target on the area of 1.2895. One can consider selling the pair with the tight stop. If the pair breaks local maximums, this case scenario will be cancelled.
Pound is also moving according to our forecast. By the moment the price has broken the rising channel’s lower border, we should expect it to rebound and start falling down to the level of 1.5620. One can consider selling the pair with the tight stop. If the price breaks the level of 1.5865, this case scenario will be cancelled.
As we expected, the price is forming “double bottom” reversal pattern, and has already broken the resistance level of 0.9250. We should expect the pair to continue growing up into the area of 0.9365. One can consider buying the pair with the tight stop below 0.9225. If the price breaks the support level of 0.9125, this case scenario will be cancelled.
Australian Dollar continues growing up steadily. At the moment there is a risk that the pair may form “head & shoulders” reversal pattern, we should expect the price to test the level of 1.0755, where one can consider aggressive sales with the tight stop. One can consider increasing the amount of short positions only after the price breaks the level of 1.0665. The target of the fall is the area of 1.0530. If the pair grows higher than 1.0800, this case scenario will be cancelled.