Forecast for August 23rd, 2011
The EUR/USD currency pair keeps moving inside the rising pattern, one can consider buying the pair with the tight stop. The target of the growth is the area of 1.4565. If the price breaks the rising channel’s lower border in the area of 1.4300, this case scenario will be cancelled.
In case of the GPB/USD currency pair we have “head & shoulders” reversal pattern forming with the final target in the area of 1.6314. Currently we should expect the price to grow to the level of 1.6580, where one can try to sell the pair with the tight stop. We recommend you to increase the amount of short positions only after the price breaks the neckline in the area of 1.6455. But if Pound grows higher than 1.6615, this case scenario will be cancelled.
Australian Dollar is moving inside the rising channel, the target of the growth is the area of 1.0775. At the moment the price is testing the channel’s lower border, one can try to buy the pair with the tight stop. But if the pair falls lower than 1.0375, we will recommend you to close long positions.
The EUR/GPB currency pair is moving inside the descending symmetrical pattern with the target in the area of 0.8620. The price faced the resistance from the channel’s upper border, one can try to sell the pair with the tight stop above 0.8765.