Forex Technical Analysis 2011/15/06 (EUR/USD, GBP/USD, NZD/USD, GOLD) Forecast FX

Forecast for June 15^th, 2011

EUR/USD

The EUR/USD currency pair has left the descending pattern, but there is still some potential for the price to move downwards. One can try the tight stop sales, the target of the fall is the area of 1.4093. If the price breaks a new local minimum in the area of 1.4495, this case scenario will be cancelled.

GBP/USD

Pound has also been significantly corrected. Currently we can see the formation of the descending pattern with the target in the area of 1.6132. The price is testing the descending channel’s upper border, one can try the tight stop sales. But if the price breaks the channel and leaves it, we will recommend you to close short positions.

NZD/USD

In case of New Zealand Dollar we should also expect the pair to fall. The price is back to the area where the channel has been broken, thus indicating the area for sales. One can try to sell the pair with the stop above 0.8220. The target of the fall is the area of 0.7915.

GOLD

GOLD has almost reached the targets defined earlier. At the moment we can see the formation of the descending pattern with the target in the area of 1494. The price is testing the descending channel’s upper border, one can consider selling the instrument with the tight stop.