Forecast for October 4th, 2011
The EUR/USD currency pair is moving according to the forecast. At the moment we can see the formation of the reversal pattern with the target in the area of 1.3830. One can consider buying the pair with the tight stop, but shouldn’t exclude the possibility that the price may break the support line and return behind it. But if the Euro starts to move downwards, this case scenario will be cancelled.
One should consider buying the GBP/USD currency pair only after the price breaks the trend’s descending line at the RSI. The target of the growth is the area of 1.5705. The stop must be placed below 1.5460. But if the pair starts falling down, this case scenario will be cancelled.
At the daily chart of the USD/CHF currency pair we have “head & shoulders” reversal pattern forming at the RSI. After the price breaks the neckline, we should expect the descending movement with the closest target in the area of 0.8700. One can try aggressive sales with the tight stop.
Australian Dollar is moving inside the descending channel. At the daily chart of the pair we can see the formation of the descending pattern. At the moment we should expect the price to start growing to the level of 1.0180, where one can consider selling the pair with the tight stop. The target of the fall is the area of 0.9100. The price testing the resistance line at the RSI is an additional signal to buy the pair.