Forex Technical Analysis 2011/07/07 (EUR/USD, GBP/USD, NZD/USD, AUD/USD) Forecast FX
06.07.2011
Forecast for July 7th, 2011
EUR/USD
The EUR/USD currency pair keeps moving towards the “triangle’s” lower border. The price has broken the rising trend’s line at the RSI, indicating the test of the similar trend line at the price chart. Currently we should expect the pair to fall into the area of 1.4200.
GBP/USD
Pound is moving inside the descending pattern with the general target in the area of 1.5808, one can consider selling the pair with the tight stop. But if the price breaks the descending channel’s upper border and leaves it, this case scenario will be cancelled.
NZD/USD
In case of New Zealand Dollar we have “head & shoulders” reversal pattern forming with the target in the area of 0.8142. The farthest target of the fall is the level of 0.8035, one can consider selling the pair with the tight stop above 0.8310. One is recommended to increase the amount of short positions only after the price breaks the neckline.
AUD/USD
In case of Australian Dollar we also have “head & shoulders” reversal pattern forming, one can consider selling the pair with the stop above 1.0730. The target of the fall is the area of 1.0548. One is recommended to increase the amount of short positions only after the price breaks the level of 1.0650.
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.