Forex Technical Analysis 2011/04/08 (EUR/USD, GBP/USD, NZD/USD, GOLD) Forecast FX

Forecast for August 4^th, 2011

EUR/USD

The EUR/USD currency pair is moving according to the forecast. By now, the price has been corrected to the area where the rising channel was broken, we should expect the pair to fall into the area of 1.4066. One can consider selling the pair with the tight stop above 1.4345. But if the price breaks the descending channel’s upper border and leaves it, this case scenario will be cancelled.

GBP/USD

In case of Pound we have “head & shoulders” reversal pattern forming. The target of the fall is still the area of 1.6018. One can try aggressive sales with the tight stop. The price testing the trend’s descending line is an additional signal to sell the pair. We recommend you to increase the amount of short positions only after the price leaves the rising channel.

NZD/USD

New Zealand dollar keeps moving inside the rising target with the target in the area of 0.8937. One can consider buying the pair near the rising channel’s lower border in the area of 0.8530. But if the price breaks the channel and leaves it, this case scenario will be cancelled.

GOLD

Gold has reached the target defined earlier by now and at the moment the rising trend continues. We should expect Gold to grow into the area of 1740, which may be a starting point of the correction to the channel’s lower border in the area of 1670. One can consider buying the instrument with the target of 1754 from the area where the 5^th point of reference is formed.