Forex Technical Analysis 2011/04/05 (EUR/USD, GBP/USD, AUD/USD, NZD/USD) Forecast FX

Forecast for May 4^th, 2011

EUR/USD

At the moment the EUR/USD currency pair is testing the rising channel’s lower border, one can try to buy the pair. The target of the growth is still the area of 1.5125.  If the price breaks the channels and leaves it, this case scenario will be cancelled.

GBP/USD

Pound has fallen deeply, but there’s still some potential for it to grow. Currently the price is near the channel’s lower border, one can try to buy the pair with the tight stop. The target of the growth is the area of 1.6915. If the price reaches a new local minimum in the area of 1.6460, this case scenario will be cancelled.

AUD/USD

Australian Dollar keeps moving inside the rising pattern. One can try to buy the AUD/USD currency pair with the tight stop, the target of the growth is the area of 1.1055. If the price breaks the channel’s lower border and leaves it, this case scenario will be cancelled.

NZD/USD

New Zealand Dollar is testing the rising channel’s lower border, one can try to buy the pair with the stop below 0.7980.  The first target of the growth is the channel’s upper border in the area of 0.8125. After the price leaves the channel, we should expect it to grow to the level of 0.8265. If the price reaches a new local minimum in the area of 0.7980, this case scenario will be cancelled.