Forecast for March 12th, 2012
The EUR/USD currency pair rebounded from the ascending channel’s lower border, we should expect Euro to continue growing up. At the moment the price is testing the area for purchases, one can consider opening long positions with the tight stop. The closest target of the growth is the area of 1.3400, the next one - 1.3625. If the price reaches a new local minimum at the level of 1.3090, this case scenario will be cancelled.
Pound also made a slight upward movement and at the moment the pair is being corrected. One can try to buy Pound with the tight stop near the channel’s lower border. The target of the growth is the ascending channel’s upper border. If the price breaks the channel’s lower border, this case scenario will be cancelled.
The USD/CHF currency pair is also moving according to the forecast. At the moment the correction is taking place, one can consider selling the pair with the tight stop. Judging by the price structure, we should expect the pair to test the level of 0.8990, the next target will be the area of 0.8840. If the price reaches a new local maximum at the level of 0.9190, this case scenario will be cancelled.
The NZD/USD currency pair started growing up and at the moment the price is forming an ascending symmetrical pattern with the target I the area of 0.8315. One can consider buying the pair at the current prices. The test of the trend’s ascending line at the RSI is an additional signal to buy the pair.