Forex Technical Analysis 2011/16/11 (EUR/USD, GBP/USD, USD/CHF, NZD/USD, GOLD) Forecast FX

Forecast for November 16^th, 2011

EUR/USD

The EUR/USD currency pair is moving according to the forecast, currently one can consider selling it with the tight stop. The closest target of the fall is the area of 1.3410. After the price breaks the channel’s lower border, one can increase the amount of short positions with the target of 1.3088. If the price breaks the channel’s upper border, this case scenario will be cancelled.

GBP/USD

Pound has broken the support level, and the price has formed “double top” reversal pattern with the target in the area of 1.5636. One can consider selling the pair with the tight stop when the price returns to the broken level. If the price reaches a new local maximum, this case scenario will be cancelled.

USD/CHF

Franc keeps moving inside the rising channel, the target of the growth is the area of 0.9346. We should expect the price to continue growing from the current prices. Conservative traders are advised to wait until the price tests the broken level of the descending channel, and then try to buy the pair with the tight stop.

NZD/USD

The NZD/USD currency pair is moving inside the descending pattern. At the moment we should expect the price to test the level of 0.7755, where one can consider selling the pair with the tight stop. If the price leaves the channel, this case scenario will be cancelled.

GOLD

Currently we can see the formation of “triangle” pattern at the RSI. After the price breaks the pattern’s lower border and the trend’s rising line, we should expect the instrument to fall to the level of 1640. One can consider selling Gold with the tight stop. If the price tests the level of 1779, this case scenario will be cancelled.