Forex Technical Analysis 2012/26/04 (EUR/USD, GBP/USD, USD/CHF, USD/CAD, AUD/USD) Forecast FX

Forecast for April 26^th, 2012

EUR/USD

The EUR/USD currency pair continues growing up inside the ascending channel, the target of the growth is still the area of 1.3290. One can consider buying Euro from the current levels with the tight stop below 1.3180. We recommend to increase the amount of purchases only after the price breaks the resistance level of 1.3235.

GBP/USD

Pound has broken the ascending channel’s lower border and tested the support level in the area of 1.6180. We should expect the price to return from the current levels into the area of 1.6145, where one can consider selling the pair with the tight stop. At the H4 chart there is a possibility that the price may form “head & shoulders” reversal pattern, the target of the fall in this case will be the area of 1.5990. However, the pattern will be completely formed only if the price tests the level of 1.645 and breaks the support level in the area of 1.6080. If Pound grows up higher than 1.6175, ерыscenario will be cancelled.

USD/CHF

The USD/CHF currency pair continues moving inside the descending pattern, the target of the fall is the area of 0.9040. One can consider selling the pair form the current levels with the tight stop above 0.9120, and increase the amount of sales only after the price breaks the level of 0.9075. If the pair grows up higher than 0.9135, this scenario will be cancelled.

USD/CAD

Canadian Dollar continues falling down according to the forecast, currently the price is forming the descending pattern with the target in the area of 0.98. One can consider selling the pair from the current levels with the stop above 0.9890, and increase the amount of short positions only after the price breaks the level of 0.9845.

AUD/USD

Australian Dollar rebounded upwards. At the moment we should expect the pair to continue growing up towards the level of 1.0365. If the price breaks the area of 1.0470, one can consider buying the pair aggressively with the tight stop. If the price falls down lower than 1.03, this scenario will be cancelled.