Forex Technical Analysis 2011/17/11 (EUR/USD, GBP/USD, NZD/USD, AUD/USD) Forecast FX
16.11.2011
Forecast for November 17th, 2011
EUR/USD
The EUR/USD currency pair continues moving inside the descending pattern. At the moment we should expect the price to test the area of 1.3250, one can consider selling the pair with the tight stop. Later, near the channel’s lower border, we should expect the test of the level of 1.3450, where we can consider selling Euro with the target in the area of 1.2925. If the price leaves the channel, this case scenario will be cancelled.
GBP/USD
Pound keeps moving downwards. Currently we can see the formation of the descending pattern with the target in the area of 1.5605. One can try to sell the GBP/USD currency pair with the tight stop. If the price leaves the channel, this case scenario will be cancelled.
NZD/USD
New Zealand Dollar also continues falling down. Currently the closest target of the fall is the area of 0.7505, one can consider selling the pair with the tight stop. In general, we should expect the pair to continue falling down.
AUD/USD
Australian Dollar is testing the descending channel’s upper border, one can consider selling the pair with the tight stop. The final target of the fall is the area of 0.9665. If the price leaves the descending 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.