Forex Technical Analysis 2011/29/07 (EUR/USD, NZD/USD, USD/CAD, OIL) Forecast FX

Forecast for July 29^th, 2011

EUR/USD

The EUR/USD currency pair has reached the area for sales, where one can try to open long positions with the tight stop. The closest target of the growth is the area of 1.4710. If the price breaks the rising channel’s lower border and leaves it, this case scenario will be cancelled.

NZD/USD

New Zealand Dollar keeps moving upwards, at the moment we should expect the pair to grow to the level of 0.8990. This level is considered to be a starting point of the correction to the channel’s lower border in the area of 0.8805. One can consider buying the pair with the general target of 0.9095 near the area where the 5^th point of reference is formed.

USD/CAD

Canadian Dollar is moving inside the descending pattern with the general target in the area of 0.9322. We should expect the price to grow to the descending channel’s upper border in the area of 0.9580, where one consider selling the pair with the tight stop above 0.9625.

OIL

At the H4 chart the price is moving inside the rising channel. The market has defined the area for the 5^th point of reference by now. One can try to buy the pair with the tight stop. The target of the growth is the area of 102.30, the stop must be below 96.00.