Forex Technical Analysis 2012/21/08 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, NZD/USD) Forecast FX
20.08.2012
Forecast for August 21st, 2012
EUR/USD
The EUR/USD currency pair continues moving inside the ascending pattern, the price hasn’t been able to breach the resistance level in the area of 1.24. Currently the pair is testing the ascending channel’s lower border, one can consider buying Euro with the tight stop below 1.2240. The target of the growth is the area of 1.2535. The test of the trend’s ascending line at the RSI is an additional signal of the growth. 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 is also moving inside the ascending channel, one can consider buying Pound from the current levels. The target of the growth is the area of 1.5815. If the price breaks the level of 1.5660, this scenario will be cancelled and Pound will start falling down towards the area of 1.5595. We recommend to increase the amount of long positions only after the price breaks the level of 1.5745
USD/CHF
The USD/CHF currency pair is moving inside the sideways trend, there is a possibility that the price may form “triangle” pattern. One can consider selling the pair aggressively from the current levels with the stop above 0.9815. We recommend to increase the amount of short positions only after the price breaks the level of 0.9690. The target of the fall is the area of 0.9585.
AUD/USD
Australian Dollar is still testing the channel’s lower border, the price is expected to start moving upwards. One can consider buying the pair aggressively from the current levels with the stop below 1.0395 and increase the amount of long positions only after the price breaks the level of 1.0530. The target of the growth is the area of 1.0680. If the price breaks the trend’s descending line at the RSI, it will be a very strong signal to buy the pair.
NZD/USD
New Zealand Dollar continues moving inside the ascending channel. At the daily chart we can see that the RSI indicator was supported by the trend’s ascending line, the price is expected to rebound from the current levels and start growing up. The closest target of the growth is the area of 0.8185. If the price falls down lower than 0.8020, this scenario will be cancelled. We recommend to increase the amount of short positions only after the price breaks the level of 0.8135.
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.