Forex Technical Analysis 2011/03/10 (EUR/USD, DOLLAR INDEX, NZD/USD, USD/CAD) Forecast FX

Forecast for October 3^rd, 2011

EUR/USD

The EUR/USD currency pair is moving according to the forecast, and at the moment we should expect the price to be corrected into the area of 1.3543, where the channel has been broken. One can try to buy the pair up to this level. Near the level of 1.3540 one can consider selling Euro with the tight stop. But if the price leaves the channel, this case scenario will be cancelled.

DOLLAR INDEX

In case of Dollar Index we can see the formation of the rising pattern with the target in the area of 79. We should still expect the price to fall to the rising channel’s lower border in the area of 76-77, where one can consider buying Dollar Index and US Dollar as well. But if the price breaks the channel’s lower border, this case scenario will be cancelled.

NZD/USD

One can try to buy New Zealand Dollar with the tight stop. The target of the growth is the area of 0.7738, where the price is testing the trend’s descending line at the price chart. If the price breaks the trend’s descending line at the RSI, one can consider buying the pair. The stop in this case should be placed behind the minimum. But if the price continues moving downwards and breaks the level of 0.7610, this case scenario will be cancelled.

USD/CAD

Canadian Dollar has reached the targets of the rising pattern. At the moment we should expect the price to test the area of 1.0370, where one can try to buy the pair with the stop below 1.0350. The target of the growth is the level of 1.0555. But аthe price breaks the rising channel’s lower border, this case scenario will be cancelled.