Forex Technical Analysis 2011/11/11 (EUR/USD, GBP/USD, USD/CAD, AUD/USD) Forecast FX
10.11.2011
Forecast for November 11th, 2011
EUR/USD
The EUR/USD is moving downwards according to the forecast. At the moment we should expect the price to be corrected into the area of 1.3670 where one can consider selling the pair with the target of 1.3468. The price testing the trend’s descending line at the RSI is an additional signal to sell the pair. If the price breaks the channel’s upper border and leaves it, this case scenario will be cancelled.
GBP/USD
Pound is also moving downwards. At the moment we have “head & shoulders” reversal pattern forming with the target in the area of 1.5634. The next target of the fall is the area of 1.5194, one can consider selling the pair with the tight stop. If the price breaks the channel’s upper border and leaves it, this case scenario will be cancelled.
USD/CAD
Canadian Dollar has broken the neckline. We should expect the price to test the level of 1.0426 which is considered to be a starting point of the correction to the channel’s lower border in the area of 1.0283. The target of the growth is the area of 1.0570. If the pair falls lower than 1.0055, this case scenario will be cancelled.
AUD/USD
The AUD/USD currency pair continues moving downwards, the closest target of the fall is the area of 1.0009. At the moment we should expect the test of the channel’s upper border in the area of 1.0181, where one can try to sell the pair with the tight stop. If the price leaves the channel, this case scenario will be cancelled.
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.