Forex Technical Analysis 2012/30/08 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, NZD/USD) Forecast FX

Forecast for August 30^th, 2012

EUR/USD

The EUR/USD currency pair is still moving according to the forecast, currently the price is testing the resistance level in the area of 1.2575. One can either consider buying Euro aggressively after the price breaks this level, or wait until the price grows higher and then try to open long positions. The target of the growth is the area of 1.2650. If the pair breaks the lower border and leaves the channel, this scenario will be cancelled.

GBP/USD

The GBP/USD currency pair continues moving inside the ascending channel, at shorter timeframes we have “upside down head & shoulders” reversal pattern forming with the target in the area of 1.5915. If the price falls down lower than 1.58, this scenario will be cancelled. One can consider buying Pound from the current levels and increase the amount of long positions only after the price breaks the level of 1.5850. The target of the growth is the area of 1.5960.

USD/CHF

The USD/CHF currency pair continues moving inside the descending channel, the target of the fall is the area of 0.9495. One can consider selling the pair aggressively from the current levels with the stop above 0.9580 and increase the amount of short positions only after the price breaks the level of 0.9540. Conservative traders are advised to wait until the price tests the channel’s upper border in the area of 0.96 and then try to sell Franc.

AUD/USD

Australian Dollar is moving inside the sideways trend. One can consider buying the pair after the price breaks the level of 1.04. If the price falls down lower than 1.0330, this scenario will be cancelled. The target of the growth is the area of 1.0610. We recommend to increase the amount of long positions only after the price breaks the level of 1.0440.

NZD/USD

New Zealand Dollar has fallen down a little bit, but is still moving inside the ascending channel. The RSI indicator is testing the ascending trendline, which is also a sign of the ascending movement. One can consider buying the pair with the tight stop below 0.7980.