Australian Dollar has perfectly completed the “triangle” that was broken at the RSI indicator. Currently we can see the reversal pattern forming with the target in the area of 0.9121. We can expect testing of the channel’s lower side and try to buy the pair with the tight stop. Also the RSI online forex trading indicator can be supported at the trend’s rising line and it is a sign to start buying as well.
As long as Euro is in the descending channel, there is a possibility to reach the target in the area of 1.2558. In this case one can try to buy with the stop behind the maximum only when the rising channel is broken.
Pound is though forming “head & shoulders” reversal pattern with the target in the area of 1.5850. There is a great possibility that the movement will continue as a symmetric rising pattern. We should expect a correction from the area 1.5750 into the area of 1.5655, and after that, a final movement to complete the reversal pattern.
Franc is expected to be sold with the target in the area of 1.0103. As can be seen, the price is in the descending channel. One can try sales with the stop above 1.0315. Don’t forget that the stops must be moves into the black as soon as possible.
Canadian Dollar has fallen, as expected. The closet target of the fall is the area of 1.0420. After the testing of the channel’s lower border one can try to buy the pair with the general target of 1.0803. Conservative traders are advised to wait until the descending channel is broken and only after that try to buy with the stop below the minimum.
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.