Forex Technical Analysis 2012/16/08 (EUR/USD, GBP/USD, USD/CHF, AUD/USD, NZD/USD) Forecast FX

Forecast for August 16^th, 2012

EUR/USD

The EUR/USD currency pair continues moving inside the ascending channel. Although the price is falling down at the moment, there is still a possibility that it may grow up. At the moment Euro is testing the ascending pattern’s lower border, we should expect the price to rebound from the current levels and start moving upwards. The test of the trend’s ascending line at the RSI is an additional signal to buy the pair. We recommend to increase the amount of long positions only after the price breaks the level of 1.2390. If the price falls down lower than 1.2210, this scenario will be cancelled and Euro will continue moving downwards.

GBP/USD

The GBP/USD currency pair continues moving according to the forecast. At the moment the price is expected to test the area of 1.5635, where one can consider buying Pound. The target of the growth is the area of 1.5815. We recommend to increase the amount of long positions only after the price breaks the level of 1.57. If the price falls down lower than 1.5575, this scenario will be cancelled.

USD/CHF

The USD/CHF currency pair is still moving inside the descending channel, currently the price continues growing up. One can consider selling Franc aggressively with the tight stop above 0.9815 and increase the amount of short positions only after the price breaks the level of 0.97. The test of the trend’s descending line at the RSI is an additional signal to sell the pair. The target of the fall is the area of 0.9580. If the price grows up higher than 0.9885, this scenario will be cancelled.

AUD/USD

Australian Dollar is moving according to the forecast, we should expect the price to start moving upwards from the current levels. The test of the trend’s ascending line at the RSI is a signal to buy the pair, one can consider buying it with the tight stop. The target of the growth is the area of 1.07. If the price falls down lower than 1.0440, this scenario will be cancelled.

NZD/USD

New Zealand is testing the support level in the area of 0.8045, we should expect the price to rebound from the current levels and start moving upwards. The target of the growth is the area of 0.8185. One can consider buying the pair aggressively with the tight stop. The test of the trend’s ascending line at the RSI is an additional signal to buy the pair. If the price falls down lower than 0.7985, this scenario will be cancelled.