Forex Technical Analysis 2011/09/09 (EUR/USD, GBP/USD, NZD/USD, CAD/JPY) Forecast FX

Forecast for September 9^th, 2011

EUR/USD

At the H4 chart of the EUR/USD currency pair we have “failure swing” reversal pattern forming at the RSI. The target of the growth is the area of 1.4186. However, one should consider buying the pair only after the price breaks the resistance level at the RSI. But if the RSI indicator falls lower than 30, this case scenario will be cancelled.

GBP/USD

The GBP/USD currency pair keeps moving inside the descending channel. The trend’s descending line at the RSI has been already broken. We should expect the price to test the channel’s upper border, where one can try to sell the pair with the target in the area of 1.5770. But if the price leaves the channel, this case scenario will be cancelled.

NZD/USD

New Zealand Dollar is near the resistance level, one can try to sell the pair with the tight stop. The target of the fall is the area of 0.7982. We recommend you to increase the amount of short positions only after the price breaks the level of 0.8200. But if the pair grows higher than 0.8375, this case scenario will be cancelled.

CAD/JPY

At the daily chart of the CAD/JPY currency pair the price is testing the trend’s descending line at the RSI, we should expect it to rebound from the line at start moving downwards. The target of the fall is the area of 75.40. One can try to sell the pair with the tight stop.



At the H4 chart the pair is moving inside the rising channel, one can try to sell the pair at current prices with the tight stop above 78.80. We recommend you to increase the amount of short positions only after the price breaks the channel’s lower border.