Forex Technical Analysis 2011/02/06 (EUR/USD, GBP/USD, AUD/USD, GOLD) Forecast FX

Forecast for June 2^nd, 2011

EUR/USD

By the moment the RSI indicator has broken the trend’s rising line and we should expect the price to fall into the area of 1.4175. One can consider selling Euro with the tight stop and increasing the amount of short positions only after the price breaks the rising channel.

GBP/USD

In case of GBP/USD we have “head & shoulders” reversal pattern formed. By the moment the price has broken the neckline and one can try to sell Pound with the stop above 1.6490. The target of the fall is the area of 1.6342.

AUD/USD

Australian Dollar keeps moving inside the descending pattern, the target of the fall is the area 1.0320. The price forming “failure swing” reversal pattern at the RSI is an additional signal to sell the pair. The target of the pattern is the level of 1.0645. If the price breaks the descending channel’s upper border and leaves it, this case scenario will be cancelled.

GOLD

Gold is moving inside the rising channel. The estimated target of the growth is the area of 1550. However, at the moment we should expect the pair to fall to the rising channel’s lower border in the area of 1490 where one can try to buy it. The price breaking the trend’s rising line at the RSI is an additional signal to sell the instrument.