Forecast for August 29th, 2012
The EUR/USD currency pair is still moving according to the forecast, currently the price is growing up. The target of the ascending movement is the area of 1.2650. One can consider buying Euro aggressively with the stop below 1.2445. Conservative traders are advised to wait until the price tests the channel’s lower border and then try to buy the pair.
The GBP/USD currency pair is testing the support level in the area of 1.5755, we should expect it to rebound and start moving upwards. The target of the growth is the area of 1.5960. One can consider buying Pound from the current levels with the tight stop. We recommend to increase the amount of long positions only after the price breaks the level of 1.5810. If the price falls down lower than 1.5735, this scenario will be cancelled.
The USD/CHF currency pair continues moving inside the descending channel, the target of the fall is the area of 0.9495. Right now there is a possibility that the price may form “head & shoulders” reversal pattern. One can consider selling the pair aggressively with the stop above 0.9630 and increase the amount of short positions only after the price breaks the level of 0.9560. If the price grows up higher than 0.9650, this scenario will be cancelled.
Australian Dollar is still testing the support level and forming the ascending pattern. We should expect the price to start growing up from the current levels and consider buying the pair with the tight stop below 1.0340. The target of the growth is the area of 1.0610.
New Zealand Dollar has reached the support level, the price is expected to start moving upwards. The test of the ascending trendline at the RSI is an additional signal to buy the pair. One can consider buying New Zealand Dollar from the current levels with the tight stop. The final target of the growth is the area of 0.8215.