The EUR/USD currency pair keeps moving downwards without any corrections. According to the eurusd analysis the target of this descending movement is the area of 1.3475. However, if the price breaks the channel’s upper border, we should expect it to start moving upwards testing local maximums.
In case of Dollar Index we have “head & shoulders” reversal pattern formed with the target in the area of 79.76. This very reversal pattern probably is a reason why Dollar is growing against other currency pairs. At the moment we should expect the price to test the neckline and start moving upwards. After the reversal pattern is completed, one can expect Dollar Index to fall into the area of 76.72.
Existing price structure of the GBP/USD currency pair still indicates the rising movement. Judging by the gbpusd analysis you can try to buy Pound only after the descending channel is broken. The stop must be below 1.6020.
As it is seen from the nzdusd forecast New Zealand Dollar also continues its downward movement. At the moment we should expect the pair to grow into the area of 0.7660 where the 5th point of reference is formed. After that we can consider selling the pair with the general target in the area of 0.7520. But if the price grows and is fixed above the channel’s upper border, this case scenario will be cancelled.
The price structure of Australian Dollar is very similar to that of the NZD/USD currency pair. Here we should also expect the price to be corrected to the channel’s upper border, the area of 1.0040, where one can try the tight stop sales. According to the aud usd analysis the target of the fall is the level of 0.9950. One more possible scenario is if the price is fixed above the channel’s upper border.
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.