Forex Technical Analysis 2012/19/03 (EUR/USD, GBP/USD, USD/CHF, NZD/USD) Forecast FX
16.03.2012
Forecast for March 19th, 2012
EUR/USD
The EUR/USD currency pair made a significant upward movement. Currently the price is testing the channel’s upper border, one can consider aggressive sales with the tight stop. The target of the fall is the area of 1.2945. If the price breaks the descending channel’s upper border, this case scenario will be cancelled.
GBP/USD
Pound has also grown up significantly. Judging by the daily chart of the pair, we may assume that the structure of the price movement looks much alike “head & shoulders” reversal pattern. One can consider selling the pair with the tight stop at the current prices. The test of the trend’s descending line at the RSI is an additional signal to sell the pair. If the price reaches new local maximums, this case scenario will be cancelled.
USD/CHF
Franc fell down lower than we expected, however, the pair is still moving inside the ascending channel. We may assume that the price is forming “head & shoulders” reversal pattern with the target in the area of 0.9693. One can consider buying the pair with the tight stop near the level of 0.9100.
NZD/USD
New Zealand Dollar has also grown up, and the structure of this movement is quite similar to a descending pattern. One can consider selling the pair with the tight stop. The target of the fall is the area of 0.7868. If the price breaks the descending channel’s upper border, this case 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.