Forex Technical Analysis 2011/14/09 (EUR/USD, USD/CAD, NZD/USD, SILVER) Forecast FX

Forecast for September 14^th, 2011

EUR/USD

The EUR/USD currency pair keeps moving according to the forecast. The price rebounded from the level of 1.3695, the target of the fall is the area of 1.3380. One can try to sell Euro with the tight stop. Those traders, who have already started selling the pair, are recommended to hold open positions. The price testing the trend’s descending line at the RSI is an additional signal to sell the pair. But if the price leaves the channel, this case scenario will be cancelled.

USD/CAD

Canadian Dollar is moving inside the rising channel, the target of the growth is the area of 1.0126. We should wait for the test of the channel’s lower border, where one can try to buy the pair with the tight stop. But if the price breaks the channel’s lower border and leaves it, this case scenario will be cancelled.

NZD/USD

New Zealand Dollar keeps moving inside the descending channel. Currently we have “head & shoulders” reversal pattern with the target in the area of 0.7810. The price has already broken the neckline, one can consider selling the pair with the stop above 0.8250. But if the NZD/USD currency pair grows higher than 0.8405, this case scenario will be cancelled.

SILVER

Silver got very close to the trend’s rising line at the RSI and is going to break it. If it succeeds, the target of the fall will be the area of 33.40. One can try aggressive sales with the tight stop. But if the instrument grows higher than 42.80, this case scenario will be cancelled.