Forecast for September 19th, 2011
The EUR/USD currency pair keeps moving upwards, the closest target of the growth right now is the area of 1.4028. The price is testing the channel’s lower border, one can try to buy the pair with the tight stop. If the price breaks the channel’s border, one should consider closing long positions.
Pound is still being reversed, at the moment the pair is moving inside the rising channel. The closest target of the growth is the area of 1.5898, we should expect the price to test the level of 1.5765 where one can try to buy the pair with the tight stop. But if the price leaves the channel, this case scenario will be cancelled.
Canadian Dollar is moving inside the descending pattern with the final target in the area of 0.9680. At the moment we should expect the USD/CAD currency pair to fall to the channel’s lower border in the area of 0.9750, which may be a starting point of the correction to the level of 0.9845. Later on, we can expect the final descending movement. Right now, one can try to sell the pair with the tight stop.
New Zealand Dollar is also trying to start growing. At the H4 chart we have “head & shoulders” reversal pattern forming with the target in the area of 0.8417. One can try to buy the NZD/USD currency pair with the stop below 0.8210. The test of the level of 0.8105 will cancel this scenario.