Forecast for June 19th, 2012
EUR/USD
The EUR/USD currency pair continues growing up. The RSI indicator has already broken the trend’s descending line, we should expect the price to test the broken line and move upwards into the area of 1.3050. Overall, the pair is forming the ascending pattern with the target in the area of 1.29. At the H4 chart the RSI indicator is testing the trend’s ascending line. We should expect Euro to start growing up from the current levels into the area of 1.2780. From here the price may start the correction towards the ascending channel’s lower border in the area of 1.26 and then continue moving upwards. If the price falls down lower than 1.26 and breaks the channel’s lower border, this scenario will be cancelled.
GBP/USD
The GBP/USD currency pair has also grown up. Currently at the H1 chart of the pair the price is forming the ascending pattern with the target in the area of 1.5745. The pair is testing the channel’s lower border, we should expect it to rebound upwards. One can consider buying Pound with the tight stop. If the price falls down lower than 1.5600, this scenario will be cancelled. We recommend to increase the amount of purchases only after the price breaks the level of 1.5690.
USD/CHF
The USD/CHF currency pair has fallen down. Currently the price is forming the descending pattern with the target in the area of 0.9250. We should expect the pair to fall down towards the level of 0.9370. One can consider selling Franc with the tight stop from the current levels. The test of the trend’s descending line at the RSI is an additional signal to sell the pair. If the price grows up higher than 0.9570, this case scenario will be cancelled.
AUD/USD
Australian Dollar has broken “triangle” pattern upwards, but hasn’t grown up much. At the H1 chart of the pair the price is forming the ascending pattern with the target in the area of 1.0185. We should expect the pair to test the area of 1.0040, where one can consider buying it with the tight stop. If the price falls down lower than 0.990, this scenario will be cancelled.
NZD/USD
At the H1 chart of the NZD/USD currency pair we have “head & shoulders” reversal pattern forming. The price is expected to fall down from the current levels. The target of the fall is the level of 0.7850, where one can consider buying the pair. The target of the growth is the area of 0.7990. If the price falls down lower than 0.7830, this scenario will be cancelled.