Forecast for May 6th, 2011
At the moment the EUR/USD currency pair is moving inside the rising symmetrical pattern. The center of the pattern is at the level of 1.4545. The price is testing the channel’s lower border, one can try to buy the pair with the tight stop. If the price breaks the channel’s lower border, we will recommend you to close long positions. The general target of the growth is the level of 1.50.
In case of Pound the estimated target of the growth is the area of 1.7890. Currently we should expect the price to move downwards to the channel’s lower border where we can try to buy the pair with the tight stop. If the price leaves the channel, this case scenario will be cancelled.
New Zealand Dollar is moving inside the “triangle”, the price hit the upper border and went downwards. Currently we should expect it to test the level of 0.74. However, we recommend you to consider selling the NZD/USD currency pair only after reversal patterns appear at shorter periods of time.
GOLD is moving inside the rising symmetrical pattern. At the moment the price is forming the 5th
point of reference, which may be a starting point of the growth to the level of 1645. One can try to buy GOLD with the tight stop. But if the price breaks and leaves the channel, this case scenario will be cancelled.