Forex Technical Analysis 2011/13/07 (EUR/USD, GBP/USD, NZD/USD, USD/CAD) Forecast FX

Forecast for July 13^th, 2011

EUR/USD

The EUR/USD currency pair keeps moving downwards, the descending pattern with the target in the area of 1.3700 is still being formed. One can consider selling the pair only after the price is corrected to the channel’s upper border in the area of 1.4050. But if the price breaks the channel’s upper border and leaves it, this case scenario will be cancelled.

GBP/USD

Pound is moving according to the forecast and the price has almost reached the targets defined earlier. At the moment we can see the formation of the descending pattern with the final target in the area of 1.5720. One can consider opening short positions only after the price is corrected to the level of 1.5900. But if the price leaves the channel, this case scenario will be cancelled.

NZD/USD

At the daily chart of the NZD/USD currency pair we can see the formation of “wedge” pattern. After the price breaks the pattern’s lower border we should expect the pair to fall into the area of 0.7806. One can consider selling the pair at the level of 0.8270, the stop must be above 0.8375.

USD/CAD

Canadian Dollar is moving inside the rising pattern with the target in the area of 0.9755, one can consider buying the pair with the tight stop near the channel’s lower border. If the price breaks the channel and leaves it, we will recommend you to close long positions.