Forex Technical Analysis 2012/05/07 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, NZD/USD, USD/CAD) Forecast FX
04.07.2012
Forecast for July 5th, 2012
EUR/USD
The EUR/USD currency pair continues moving inside a narrow trading range, the price hasn’t been able to grow up higher than 1.2635. Currently the pair is still expected to move downwards into the area of 1.2540. The target of the descending pattern at the H4 chart is the area of 1.24. If Euro grows up higher than 1.2715, this scenario will be cancelled. One can consider selling the pair from the current levels.
GBP/USD
The GBP/USD currency pair is moving according to our forecast, the closest target of the fall is the area of 1.5575. One can consider selling the pair from the current levels with the stop above 1.5675 and increase the amount of short positions only after the price breaks the level of 1.5615. If Pound grows up higher than 1.5715, this scenario will be cancelled.
USD/CHF
The USD/CHF currency pair also continues moving according to the forecast, the price is expected to continue growing up towards the area of 0.9580. The target of the growth at the H4 chart is the area of 0.9680. One can consider buying the pair from the current levels with the tight stop. If the price falls down lower than 0.9470, this scenario will be cancelled. We recommend to increase the amount of purchases only after the price breaks the level of 0.9570.
AUD/USD
Australian Dollar continues moving upwards. At the moment the price is testing the ascending channel’s lower border. One can consider selling the pair with the stop above 1.0330 after the price breaks the level of 1.0245. The closest target of the fall is the area of 1.0190.
NZD/USD
New Zealand Dollar is testing the area of 0.8060. One can consider selling the pair from the level of 0.8050 with the stop above 0.8070. We recommend to increase the amount of short positions only after the price breaks the level of 0.80. The next target of the fall is the area of 0.7845.
USD/CAD
Canadian Dollar is moving inside the descending channel. One can consider opening short positions near the resistance level in the area of 1.0165. The closest target of the fall is the area of 1.0060. We recommend to increase the amount of short positions only after the price breaks the level of 1.0110. If Canadian Dollar grows up higher than 1.0180, this scenario will be cancelled.
Attention!
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.