Forex Technical Analysis 2011/28/07 (EUR/USD, GBP/USD, NZD/USD, AUD/USD) Forecast FX

Forecast for July 28^th, 2011

EUR/USD

The EUR/USD currency pair has broken the rising channel, one can only consider buying the pair near the level of 1.4266. The closest target of the growth is the area of 1.4712. If the price breaks the channel’s lower border, this case scenario will be cancelled. There is also some potential for “head & shoulders” reversal pattern to be formed. If it happens and the price breaks the level of 1.4350, we should expect the pair to fall into the area of 1.4100.

GBP/USD

Pound is testing the rising channel’s lower border, one can try to buy the pair with the tight stop. The closest target of the growth is the area of 1.6570. But if the price breaks the channel’s lower border and falls lower than 1.6275, this case scenario will be cancelled.

NZD/USD

In case of NZD/USD currency pair we can see the formation of the rising pattern with the target in the area of 0.8830. One can consider buying the pair near the channel’s lower border in the area if 0.8715. If the price breaks the level of 0.8695, we will recommend you to close long positions.

AUD/USD

After the AUD/USD currency pair breaks the rising channel, one can consider opening short positions with the target in the area of 1.0834. The price breaking the trend’s rising line is an additional signal to sell the pair. One can try to buy the pair with the tight stop from the area of 1.0835. The closest target of the growth is the level of 1.1110.