Forecast for May 30th, 2011
The EUR/USD currency pair is moving according to the forecast. By the moment the price has reached the descending channel’s upper border, we should expect the pair to hit the border and move downwards. One can try to sell the pair with the tight stop and the target in the area of 1.3820. But if the price breaks the channel and leaves it, this case scenario will be cancelled.
At the daily chart of the GBP/USD currency pair we can see the formation of “head & shoulders” reversal pattern. The target of the fall is the area of 1.5260. One can consider selling the pair after either the price breaks the neckline, or reversal signals appear at shorter periods of time.
At the hourly chart of the pair all targets of the rising pattern have been reached. After the price leaves the rising channel one can try to sell the pair with the tight stop. If the price grows higher than 1.6570, this case scenario will be cancelled.
Australian Dollar has reached the target defined earlier. After the price breaks the rising channel’s lower border one can consider selling the AUD/USD currency pair with the tight stop. The closest target is the area of 1.0600. If the price grows higher than 1.0725, this case scenario will be cancelled.
New Zealand Dollar keeps moving inside the Wolfe Wave. Currently the price is testing the area for sales. One can consider selling the pair after reversal signals appear at shorter periods of time. The target of the fall is the area of 0.6800, here there is some potential for “head |& shoulders” reversal pattern to be formed.