Forex Technical Analysis 2011/27/04 (EUR/USD, GBP/USD, AUD/USD) Forecast FX

Forecast for April 27th, 2011


The EUR/USD currency pair keeps moving inside a narrow channel. Right now the market is frozen and can’t decide where to move further. The Federal Reserve System’s decision on Interest rate may boost the activity. At the moment the main scenario is the price falling into the area of 1.42. However, Euro keeps testing local minimums, the stops should be tight ones. The revised target of the 5th point of reference is the level of 1.4133, which may be a starting point of the pair’s growth.


Pound is moving according to the forecast. At the moment we should expect the price to test the channel’s lower border where we can try to buy the GBP/USD currency pair with the tight stop. The price testing the trend’s rising line at the RSI is an additional signal to buy the pair. But if the price breaks the channel’s lower border, this case scenario will be cancelled.


Australian Dollar has reached the area where one can try to buy it, but there are doubts whether it will reach the target of in the area of 1.0835. We recommend you to close long positions on the pair. One can consider selling the AUD/USD currency pair with the tight stop. The target of the fall is the support level in the area of 1.0575.


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.