Forex Technical Analysis 2011/21/11 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, GOLD) Forecast FX

Forecast for November 21^st, 2011

EUR/USD

The EUR/USD currency pair is moving according to the forecast. The price has rebounded from the area for sales. At the moment we should expect the test of the channel’s upper border in the area of 1.3700. If the price breaks the border, the pair may start growing to the level of 1.3995. If the price breaks the local minimum, this case scenario will be cancelled.

GBP/USD

At the H1 chart of the GBP/USD currency pair we have “head & shoulders” reversal pattern forming with the target of the growth in the area of 1.5940. One can consider buying the pair with the tight stop only during the test of the neckline. If the price breaks the lower border and leaves the rising channel, this case scenario will be cancelled.

USD/CHF

The USD/CHF currency pair continues moving inside the rising channel. Currently there is a possibility that the price may fall down. The closest target is the area of 0.8840, one can consider selling the pair with the tight stop and increase the amount of short positions only after the price breaks the channel’s lower border.

AUD/USD

In case of AUD/USD currency pair we can see the formation of the rising pattern with the final target of the growth in the area of 1.1793. Currently one can consider buying the pair with the tight stop. The closest target of the growth is the level of 1.1223. If the pair falls lower than 0.9850, this case scenario will be cancelled.

GOLD

At the moment GOLD is testing the area of 1728-1701, where one can try to buy the pair. One can consider buying the pair with the tight stop. If the price breaks the channel’s lower border, this case scenario will be cancelled. The target of the growth is the area of 1872. We recommend to increase the amount of purchases only after the price leaves the descending channel.