Forex Technical Analysis 2012/28/03 (EUR/USD, GBP/USD, USD/CHF, AUD/USD) Forecast FX

Forecast for March 28^th, 2012

EUR/USD

The EUR/USD currency pair continues moving upwards, however, the growth of the price hasn’t been technically confirmed so far. The RSI indicator is testing the area of 70, it faced the resistance from the trend’s descending line and we should expect it to rebound from the current levels. One can consider selling the pair with the tight stop when reversal signals appear at shorter time frames. The closest target of the growth is the area of 1.3255.

GBP/USD

Pound has also grown up. At the daily chart of the GBP/USD currency pair we have “broadening formation” pattern forming. We should expect the price to test the level of 1.6050, where one can consider selling Pound with the target in the area of 1.5525. If the pair grows higher than 1.61, this case scenario will be cancelled. There is a possibility that the price may form “head & shoulders” reversal pattern at shorter time frames. One can consider selling the pair after the price breaks the level of 1.5940. The closest target of the fall is the area of 1.5880.

USD/CHF

Franc continues moving downwards, however right now we shouldn’t expect the price to fall down too much. At the H1 chart there are several divergences, the RSI indicator was supported by the trend’s ascending line and we should expect a rebound and the start of the start of the ascending movement into the area of 0.9095. One can consider buying Franc with the tight stop. If the price falls down lower than 0.90, this case scenario will be cancelled.

AUD/USD

Australian Dollar continues moving according to the forecast, right now the pair is testing the area for sales, 1.0525. At the daily chart the RSI indicator faced the resistance from the trend’s descending line. We should expect the pair to rebound from the current levels and start moving downwards. The target of the fall is the area of 1.0145.



At the H4 chart the price is testing the descending pattern’s upper border, one can consider selling the pair with the tight stop. The closest target of the pattern is the area of 1.03. At the H1 chart of the pair the price has already left the ascending channel, one can consider selling the pair with the tight stop above 1.0560.  The closest target of the fall at the H1 chart is the area of 1.0445.