Forex Technical Analysis 2011/13/09 (EUR/USD, GBP/USD, AUD/USD, EUR/GBP) Forecast FX

Forecast for September 13^th, 2011

EUR/USD

The EUR/USD currency pair has reached the final target of the descending pattern at the daily chart. At the H4 chart of the pair we can see the formation of the descending pattern with the target in the area of 1.3380. One should wait for the test either of the level of 1.3695, or of the descending channel’s upper border, and then try to sell the pair with the tight stop. The price testing the trend’s descending line at the RSI is an additional signal to sell Euro. But if the price leaves the channel, this case scenario will be cancelled.

GBP/USD

Pound also keeps moving downwards. At the moment we can see the formation of the descending pattern with the target in the area of 1.5675. We should expect the test of the level of 1.5963, where we can try to sell the pair with the tight stop. But if the price breaks the descending channel’s upper border and leaves it, this case scenario will be cancelled.

AUD/USD

Australian Dollar is moving inside the descending channel. One can try to sell the AUD/USD currency pair with the tight stop at the level of 1.0355. The closest target of the fall is the area of 1.0244. But if the price leaves the channel, we will recommend you to close short positions.

EUR/GBP

The EUR/GBP currency pair has broken the neckline. Currently we should expect the test of the neckline in the area of 0.8655. One can try to sell the pair with the tight stop from this area. The closest target of the fall is the area of 0.8489. But if the price leaves the channel, this case scenario will be cancelled.