Forex Technical Analysis 2011/03/08 (EUR/USD, GBP/USD, AUD/USD, GOLD) Forecast FX

Forecast for August 3^rd, 2011

EUR/USD

The EUR/USD currency pair has left the rising channel, thus cancelling the scenario in which it grows to the level of 1.47. Currently we should expect the price to be corrected to the level of 1.4350 where the rising channel has been broken. One can consider buying the pair from at this level. The target of the fall is the area of 1.3630. But if the price grows higher than 1.4510, this case scenario will be cancelled.

GBP/USD

In case of GPB/USD currency pair we may assume that “head & shoulders” reversal pattern is forming with the target in the area of 1.6018. One can try to sell the pair with the tight stop above 1.6340. We recommend you to increase the amount of short positions only after the price breaks the neckline.

AUD/USD

Australian Dollar is testing the rising channel’s lower border, we should expect the pair to grow from here into the area of 1.1117. The stop must be below 1.0850. But if the price breaks the channel’s lower border and leaves it, this case scenario will be cancelled.

GOLD

Gold keeps growing and is moving inside the rising channel right now. Here we can also see the formation of the “triangle”, a pattern of a continued trend. If the price breaks the pattern, one can consider buying the instrument with the target in the area of 1661. But if the price breaks the level of 1606, this case scenario will be cancelled.