Forex Technical Analysis 2011/03/02. EUR/USD,GBP/USD, AUD/USD, EUR/JPY Forecast FX.

EUR USD Forecast March 02 2011

It seems like the EUR/USD currency pair is in the middle of the rising price structure. According to the eurusd analysis the closest target of the growth is the area of the 1.4058 where the 4^th point of reference is formed. We should expect this area to be a starting point of the correction to the area of 1.3887, which is a channel’s lower border. One can try to buy the pair near the border with the final target in the area of 1.4151. But if the price leaves the rising channel, this case scenario will be cancelled.

GBP USD Forecast March 02 2011

As it is seen from the gbpusd analysis Pound keeps moving inside the rising channel. The target of the growth is the area of 1.6755. One can consider buying the pair with the tight stop while the price is inside the channel. However, if the price breaks the channel’s lower border, this case scenario will be cancelled.

NZD USD Forecast March 02 2011

New Zealand is almost out of the descending channel. Judging by the nzdusd forecast you can try to buy the pair with the stop above 0.7490, the target of the growth is the area of 0.7680. One is recommended to increase the amount of long positions only after the price breaks the local maximum in the area of 0.7555.

EUR JPY Forecast March 02 2011

In case of the EUR/JPY currency pair the price is expected to fall to the level of 111. The RSI online forex trading indicator faced the resistance from the trend’s descending line, we can expect the pair to move away from the current levels.  According to the eur jpy analysis you can try to sell the pair with the stop above 113.75. If the price breaks the descending channel’s upper border, this case scenario will be cancelled.