Forex Technical Analysis 2011/16/09 (EUR/USD, DOLLAR INDEX, GBP/USD, AUD/USD) Forecast FX

Forecast for September 16^th, 2011

EUR/USD

The EUR/USD currency pair is moving inside the rising channel, and at the moment we can see the formation of the rising symmetrical pattern. The closest target of the growth is the area of 1.3905. One can consider buying the pair near the channel’s lower border in the area of 1.3740. But if the price breaks the channel’s lower border, this case scenario will be cancelled.

Dollar Index

At the moment Dollar Index is testing the descending channel’s upper border, we should expect it to rebound from the border and start moving downwards. The closest target of the fall is the channel’s lower border, the general target of the fall is the area of 65.75. But if Index grows higher than 80, this case scenario will be cancelled.

GBP/USD

The price has broken the trend’s descending line at the RSI, one can try to buy the GBP/USD currency pair with the tight stop. The closest target of the growth is the area of 1.6175. One should consider increasing the amount of short positions only after the price leaves the channel. But if the price reaches a new local minimum at the level of 1.5720, this case scenario will be cancelled.

AUD/USD

If the price succeeds in breaking the trend’s descending line at the RSI, we should expect the test of the similar trend line at the price chart in the area of 1.0435. One can try to buy the AUD/USD currency pair with the tight stop below 1.0230. But if the price reaches a new local minimum in the area of 1.0175, this case scenario will be cancelled.