Forex Technical Analysis 2011/13/10 (EUR/USD, NZD/USD, AUD/USD, USD/CAD) Forecast FX

Forecast for October 13^th, 2011

EUR/USD

The EUR/USD currency pair keeps moving according to the forecast. At the moment there is a possibility that a descending pattern may be formed with the target in the area of 1.2755. The price is testing the area for sales. One can try to sell Euro with the tight stop if there are reversal signals at shorter periods of time. Conservative traders are recommended to wait until the price tests the descending channel’s upper border. If the pair grows higher than 1.4500, this case scenario will be cancelled.



At the H4 chart of the pair the price has reached the targets of the rising pattern at the level of 1.3794. One can consider selling Euro with the tight stop after the price leaves the rising channel. If the pair grows higher than 1.3820, this case scenario will be cancelled.

NZD/USD

In case of New Zealand Dollar we can see that the rising movement continues. At the moment there is a possibility that the pair may fall down. The RSI indicator faced the resistance from the trend’s broken line, we should expect it to rebound from the line. One can consider selling the pair at shorter periods of time.



At the daily chart we can see the formation of the descending pattern with the target in the area of 0.7199. One can consider selling the pair either near the level of 0.8079, or near the descending channel’s upper border. If the price breaks the descending channel and leaves it, this case scenario will be cancelled.

AUD/USD

At the daily chart of Australian Dollar we can see the formation of the descending pattern with the target in the area of 0.9067. Currently the price is near the area of the 5^th pivot point. The price testing the trend’s descending line at the RSI is an additional signal to sell the pair. If the price breaks the descending channel’s upper border and leaves it, this case scenario will be cancelled.

USD/CAD

There is a possibility that in the nearest future the USD/CAD currency pair may reverse against the American currency. The target of the growth is the area of 1.1023. The RSI indicator is testing the trend’s rising line, we should expect it to rebound from the line and the price to continue growing. If the pair falls lower than 1.0045, this case scenario will be cancelled.