Currencies are believed to move in cycles, which means that one may try to estimate and predict their future fluctuations. Technical analysis helps to look into behavior of currency pairs on the basis of traded value, movement direction, investors’ common interests, and fluctuations history.
Technical analysis offers a trader a range of patterns that can predict price movement. Some of them predict a price reversal in one direction or another, others - a repetition of changes. To make it easier to use technical analysis, there is a number of indicators that include several parameters from the price chart. So, both experienced and novice traders can resort to technical analysis - it is believed that both of them should be familiar with the basics of technical analysis. It should be noted that forecasts made based on technical analysis cannot be considered 100% accurate, but they can still make trading more efficient. This page presents conclusions and forecasts made by RoboForex experts based on tech analysis.
06.08.2010
We did not see Euro falling yesterday, but the area for purchase remains the same. As seen on the chart, we have a symmetric rising patter forming with the target of 1.3560. We recommend you to buy starting from 1.3000. The potential profit is about 500 points with the risk of 40-50 points.
05.08.2010
In case of the EUR/USD currency pair, we should expect a correction to the level where the 5th point of reference is formed, the level of 1.3030-1.3010. That’s where we can start buying with the target in the area of 1.3468. If you look at the chart more carefully, you can notice a formed “head & shoulders” reversal pattern.
04.08.2010
Euro, Pound, and Franc are moving according to the forecast, so we have already estimated the situation and defined the important levels for the currency pair purchase. Today we’ll talk about the currency pairs which we didn’t pay enough attention to earlier, but right now they are forming quite interesting patterns with potential profit. Let’s start with Australian Dollar. Here we can see a formation of the rising pattern’s center, and after a possible correction we can expect the movement into the area of 0.9544 and a fall into the area of 0.9055, where one can start aggressive purchases with the target of 0.9809. We will follow this situation very carefully.
03.08.2010
The pattern we had yesterday has been completely formed. Currently, the RSI indicator is back to the area above 70, which means that the “failure swing” reversal pattern is cancelled. The rising pattern with the target in the area of 1.3360 is becoming actual. We can either wait or try the tight stop purchase.
02.08.2010
In case of the EUR/USD currency pair there is a possibility that the price will reach a new maximum in the area of 1.3167. The price is moving in the rising channel, and we can see the rising pattern formed, so we will use it. We can try to buy the pair with the stop of 1.3015 and the target of 1.3160.
30.07.2010
I wouldn’t buy Pound. At the H4 chart we can see “head & shoulders” reversal pattern forming, we’ll use it to sell the pair. We recommend you to start selling only after the neckline is broken, the stop must be hidden above 1.5660. The target is in the area of 1.5515.
29.07.2010
In case of the EUR/USD currency pair we can see a “triangle” forming. I recommend you to start trading towards the broken side of the “triangle” after it is broken, the target is 90 points. If the price goes up, our target will be the area of 1.3130; if the price goes down, our target will be the area of 1.2904.
28.07.2010
To have a complete grasp of the trend reverse, we should wait for the pattern to be formed at the daily chart. Until that, we can try to use an already existing trend. The target of the rising hourly pattern is in the area of 1.31. The stop must be hidden behind 1.2955.
