Forecast for July 6th, 2011
The EUR/USD currency pair is moving according to the forecast, and the price has reached the first target. “Head & shoulders” reversal pattern with the target in the area of 1.4376 has been already formed by the moment. If the price grows higher than 1.4550, this case scenario will be cancelled. The farthest target of the fall is the “triangle’s” lower border.
New Zealand Dollar is about to break the support line in the area of 0.8247, one can consider selling it with the tight stop above 0.8310. The next target is the area of 0.8045, where the price is going to test trend’s rising line at the price chart. If the price grows higher than 0.8335, this case scenario will be cancelled.
In case of Australian Dollar we can see the formation of the descending pattern with the target in the area of 1.0618. One can consider selling the pair with the stop above 1.0720. But if the price breaks the descending channel’s upper border and leaves it, this case scenario will be cancelled.
At the H4 chart of the EUR/JPY currency pair we have “failure swing” reversal pattern forming at the RSI with the target of the fall in the area of 116.27. After the price breaks the support line at the RSI one can try the tight stop sales. The next target is the area where the price is going to test the rising channel’s lower border.