Forex Technical Analysis 2011/04/11 (EUR/USD, GBP/USD, AUD/USD, DAX) Forecast FX

Forecast for November 4^th, 2011

EUR/USD

In case of the EUR/USD currency pair the corrective movement continues. Currently at the H1 chart of the pair we have “head & shoulders” reversal pattern forming, which is a pattern of a continued trend. One can consider selling the pair with the tight stop placed behind local maximum and increase the amount of sales only after the price breaks the neckline. The target of the fall is the area of 1.3456.

GBP/USD

At the H4 chart of the GBP/USD currency pair the RSI is testing the trend’s broken line once again. The target of the fall is the area of 1.5608, one can try to sell the pair with the stop above 1.6060. We recommend you to increase the amount of sales only after the price breaks the level of 1.5887.

AUD/USD

Australian Dollar is moving inside the descending channel. One can consider selling the pair with the tight stop above 1.0365, the target of the fall is the area of 1.0065. If the price breaks the channel’s upper border and leaves it, this case scenario will be cancelled.

DAX

DAX has left the rising channel. At the moment the price is testing the area where the channel’s lower border has been broken. One can consider selling the instrument with the tight stop. We can suppose that the price started forming a descending pattern, the closest target of the fall is the area of 5353. If DAX grows higher than 6100, this case scenario will be cancelled.