Forex Technical Analysis 2012/07/06 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, NZD/USD) Forecast FX

Forecast for June 7^th, 2012

EUR/USD

The EUR/USD currency pair continues moving upwards and at the moment we can see first signs of the correction. One can consider buying Euro with the tight stop below 1.2420. The closest target of the growth is the area of 1.2630. We recommend to increase the amount of long positions only after the price breaks the level of 1.2540. If the pair falls down lower than 1.2360, this scenario will be cancelled.

GBP/USD

The GBP/USD currency pair started growing up, currently the price is forming the ascending pattern at the daily chart. The closest target of the growth is the area of 1.56. We should expect the pair to be corrected to the level of 1.5435, where one can consider buying it with the stop below 1.5390. If the price breaks the channel’s lower border, this scenario will be cancelled.

USD/CHF

The USD/CHF currency pair continues moving according to the forecast, the price is forming the ascending pattern at the daily chart. At the moment we should expect the pair to be corrected towards the ascending channel’s lower border. One can consider buying Franc near the level of 0.9475. The target of the pattern is the area of 0.9880. Currently one can try to sell the pair with the tight stop.

AUD/USD

Australian Dollar has reached all the targets of the ascending pattern. At the moment we have “upside down head & shoulders” reversal pattern forming with the target in the area of 0.9980. One can consider buying the pair near the level of 0.9835. If the price falls down lower than 0.9760, this scenario will be cancelled.

NZD/USD

New Zealand Dollar is moving according to the forecast. By now the price has already broken “triangle’s” upper border, we should expect the pair to start moving upwards. The target of the growth is the area of 0.7840. One is advised to open long positions near the level of 0.7610. If the pair falls down lower than 0.7530, this scenario will be cancelled.