Forex Technical Analysis 2011/26/07 (EUR/USD, GBP/USD, USD/CAD, AUD/USD) Forecast FX


Forecast for July 26th, 2011


The EUR/USD currency pair keeps testing the descending channel’s upper border. By the moment the RSI indicator has broken the rising trend’s line, we should expect the price to fall. One can consider selling the pair with the tight stop above 1.4430. The general target of the descending pattern is the area of 1.3770.


Pound also keeps testing the area where the 5th point of reference is formed. The RSI indicator has broken the rising trend’s line, we should expect the test of the similar line at the price chart. The descending movement may continue. But I the price grows higher than 1.6345, this case scenario will be cancelled.


Canadian Dollar is moving inside the descending symmetrical pattern with the target in the area of 0.9285. The price is testing the channel’s upper border. One can try to sell the USD/CAD currency pair with the tight stop above 0.9525.


Australian Dollar keeps moving upwards. The closest target of the growth is the area of 1.0987. One can try to buy the pair with the stop below 1.0785 and consider increasing the amount of long positions after the price breaks the level of 1.0785.

