Forex Technical Analysis 2011/25/08 (EUR/USD, GBP/USD, NZD/USD, OIL) Forecast FX

Forecast for August 25^th, 2011h2

EUR/USD

The EUR/USD currency pair keeps testing the “triangle’s” upper border. One can consider selling Euro while the price is inside the pattern. The target of the fall is the area of 1.4310, the stop must be above the pattern’s upper border. But if the price leaves the pattern, one can consider opening positions towards the side of breaking.

GBP/USD

Pound is moving according to the forecast, at the moment the price is testing the neckline. One can consider increasing the amount of short positions after the price breaks the level of 1.6415. The target of the fall is the area of 1.6239, the stop in this case must be at the level of 1.6535.

NZD/USD

The NZD/USD currency pair is moving inside the rising pattern with the target in the area of 0.8395. The price is testing the channel’s lower border, one can try to buy the pair with the tight stop below 0.8260. But if the price breaks the channel and leaves it, this case scenario will be cancelled.

OIL

In case of Oil the price keeps moving inside the rising channel, the targets of the rising pattern have almost been reached. One can consider selling the instrument with the stop above 86.50 after the price leaves the channel’s lower border. The target of the fall is the area of 79.00.