Forecast for April 30th, 2012
The EUR/USD currency pair continues moving inside the ascending channel. The closest target of the growth is the area of 1.3290, which is expected to be a starting point of the descending correction to the level of 1.3220. An overall movement at the H4 chart looks like a symmetrical pattern with the target of 1.3370. One can consider buying the pair from the current levels, the stop must be placed below 1.3150. If the price breaks the ascending channel’s lower border, this scenario will be cancelled.
The GBP/USD currency pair is moving according to the forecast and has almost reached the target level of 1.6265. Judging by the current movement structure, there is a very strong resistance level in the area of 1.6270, which is expected to be a starting point of the correction. One can consider buying the pair aggressively with the tight stop. Conservative traders are advised to stay out of the market for a while.
At the daily chart of the USD/CHF currency pair the price is still moving inside “triangle” pattern and testing the pattern’s lower border. If Franc falls down much, we should expect it to start moving downwards. The target of the fall will be the area of 0.8915. The structure of the price movement indicates that the pair will continue falling down. One can consider selling Franc with the stop above 0.9135.
Australian Dollar is moving upwards steadily, the closest resistance level may be in the area of 1.0500. At the daily chart we can see the formation of “double bottom” reversal pattern. If the price breaks the resistance level, the pair will move towards the area of 1.0660. One can consider buying the pair from the current levels with the tight stop.
New Zealand Dollar has left the descending channel and currently is moving upwards. After the pair breaks the level of 0.8190, we should expect the pair to start forming “head & shoulders” reversal pattern. The target of the growth in this case will be the area of 0.8300. If the pair falls down lower than 0.8110, this scenario will be cancelled.