Forex Technical Analysis 2012/17/08 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, NZD/USD) Forecast FX
16.08.2012
Forecast for August 17th, 2012
EUR/USD
The EUR/USD currency pair continues moving inside the ascending channel. The RSI indicator was supported by the trend’s ascending line. At the moment the price is rebounding in an upward direction and may continue growing up and form the ascending pattern. The target of the growth is the area of 1.2535, one can consider buying Euro with the tight stop. If the price falls down lower than 1.2240, this scenario will be cancelled. We recommend to increase the amount of long positions only after the price breaks the level of 1.24.
GBP/USD
The GBP/USD currency pair has reached the area, where one can consider opening long positions. The price has formed a very strong ascending impulse. Pound continues moving upwards, the target of the growth is the area of 1.5830. If the price falls down lower than 1.5575, this scenario will be cancelled. One can try to buy the pair aggressively from the current levels.
USD/CHF
The USD/CHF currency pair is still moving inside the descending channel, the price has tested the resistance level. At the moment Franc is expected to continue falling down. If the price grows up higher than 0.9385, this scenario will be cancelled. We recommend to increase the amount of short positions only after the price breaks the level of 0.97. The RSI indicator faced the resistance from the trend’s descending line.
AUD/USD
Australian Dollar continues moving according to the forecast. At the H1 chart the price is forming the descending pattern, the pair is expected to start moving downwards from the current levels. The target of the fall is the area of 1.0415. If the price grows up higher than 1.0520, this scenario will be cancelled. We recommend to increase the amount of short positions only after the price breaks the level of 1.0470.
NZD/USD
New Zealand Dollar is moving inside the symmetrical pattern, the pair is expected to start growing up from the current levels. One can consider buying the pair with the tight stop, the target of the growth is the area of 0.8195. If the price falls down lower than 0.8005, this scenario will be cancelled.
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.