Forecast for December 29^th, 2011

EUR/USD

The EUR/USD continues moving inside the descending pattern, and at the moment we should expect it to start falling down. The final target of the pattern is the area of 1.2650. We recommend you to increase the amount of sales only after the price breaks the level of 1.2825. If the pair leaves the channel, this case scenario will be cancelled.

GBP/USD

In case of Pound, we should expect it to fall down to the lower border. One can consider selling the pair with the tight stop above 1.5685 and increase the amount of sales only after price breaks the level of 1.5560. If the pair breaks the resistance level in the area of 1.5765, this case scenario will be cancelled.

USD/CAD

Canadian Dollar is testing the “triangle’s” lower border, we should expect it to rebound from the border and start moving upwards to the pattern’s upper border in the area of 1.0380. The test of the trend’s rising line at the RSI is an additional signal to buy the pair. If the price falls lower than 1.0015, this case scenario will be cancelled.

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Analysis for December 23^rd, 2011

GBP/USD

GBPUSD, Time Frame Н4 – Tenkan-Sen and Kijun-Sen are under pressure of “Golden Cross” (1), both lines are horizontal. Ichimoku Cloud is going up (2), Senkou Spans A and B are also horizontal. Chinkou Lagging Span is above the chart, the price is trying to stay above Tenkan-Sen. In the near term, we can expect the price to return to support of Kijun-Sen and continue moving upwards.

GBPUSD, Time Frame Н1 – Tenkan-Sen and Kijun-Sen intersected inside Kumo Cloud forming “Golden Cross” (1), Tenkan-Sen is horizontal, and Kijun-Sen is directed downwards. Ichimoku Cloud is going down (2), Senkou Span A is directed downwards, and Senkou Span B is horizontal. Chinkou Lagging Span is on the chart, the price is trying to stay above the indicator’s lines. In the near term, we can expect support of Tenkan-Sen and Senkou Span A, and the price to move downwards.

GOLD

XAUUSD, Time Frame Н4 – Tenkan-Sen and Kijun-Sen intersected below forming “Dead Cross” (1), Tenkan-Sen is directed downwards, and Kijun-Sen is horizontal. Ichimoku Cloud is going down, Senkou Spans A and B are also horizontal. Chinkou Lagging Span is above the chart, and the price is trying to stay inside Kumo Cloud. In the near term, we can expect resistance of Kijun-Sen.

XAUUSD, Time Frame Н1 – Tenkan-Sen and Kijun-Sen intersected below Kumo Cloud forming “Golden Cross” (1), Tenkan-Sen is directed upwards, and Kijun-Sen turned downwards. Kumo Cloud is going down (2), Senkou Span A is directed upwards, and Senkou Span B is horizontal. Chinkou Lagging Span is on the chart, the price is below Kumo Cloud, above Tenkan-Sen. In the near term, we can expect the support of Tenkan-Sen and resistance of Senkou Span A.

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Analysis for December 23^rd, 2011

EUR/GBP

At the 0/8 level the EUR/GBP currency pair started consolidating, so we have good reasons to believe that the price will continue falling down, up to the -1/8 level at least. Take Profit on two orders was placed at the 0/8 level and has been successful, that’s why I’ve decided to enter the market once again and opened one more short-term trade.

At the H1 chart the correction is taking place and it is supported by the H4 Super Trend’s line. The price will not probably start moving downwards again today, as it’s Christmas eve, but we can expect this movement next Monday or Tuesday. There is a possibility that the market may reach the lower border of an “oversold zone”.

EUR/JPY

The EUR/JPY currency pair has been consolidating for the last several weeks, the upper border of the trading range is limited by the daily Super Trend’s line. The price has already rebounded from the 3/8 level twice. In the near term, we can expect the price to continue falling down to the 0/8 level.

At the H1 chart the price is trying to break the 5/8 level. If the price enters the channel between the 5/8 and 3/8 levels and then breaks the 3/8 one, the market will continue moving toward the 0/8 level. The forecast for the next several days is still bearish.

GBP/JPY

After rebounding from the 4/8 level and making a strong descending movement, the price is consolidating. We may assume that the correction is about to be finished soon near the 3/8 level. In the near term, we can expect the price to rebound from this level and continue moving downwards to the 0/8 one.

At the H4 chart the price faced the resistance at the 5/8 level and is trying to rebound from it. After that we can expect the price to fall down to the 0/8 level. If this level is broken, the pair will move even lower.

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Analysis for December 23^rd, 2011

USD/CHF

It looks like the local correction has been finished and the market is about to start growing inside the third wave. However, starting today traders’ minds are filled with oncoming Christmas holidays, that’s why we shouldn’t expect the market to be very active these days.

Taking into consideration the fact that the market activity is decreasing, we should expect the price to form wedge pattern slowly in wave (1). There is a possibility that the pattern may be finished on Friday. In the future we can expect the local correction to start.

EUR/USD

It looks like wave (2) has been completed in the form of a usual zigzag pattern, and currently the market is about to strengthen Dollar against Euro. On the minor wave level the price is forming initial descending impulses. In the near term, we can expect the price to continue falling down.

As we can see at the H1 chart, wave 1 is taking the form of wedge pattern. Taking into consideration the fact that the market activity is decreasing due to oncoming Christmas holidays, we shouldn’t expect the price to move much. The market will “rest” during the next several days.

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Analysis for December 22^nd, 2011 From RoboForex

USD/CHF

As we expected earlier, the price started the formation of the third rising wave. There is a possibility that the market may break the maximum of wave [1] before New Year. The target for the bulls is the level of 0.9700.

As we can see that on more detailed wave markings, which are shown on the H1 chart, the price completed wave [2] in the form of zigzag pattern, and now is forming an initial rising impulse in wave (1). During the day we can expect the price to continue growing.

EUR/USD

We may assume that zigzag pattern in wave (2) has been successfully completed, and now the price is forming initial waves inside the third one. The forecast of the price movement is still bearish. There is a possibility that the market may reach a new local minimum within the next several days. The target level for the bulls is 1.2600.

As we can see at the H1 chart, the price made a strong descending movement, thus completing wave C of (2) and starting wave 1. It looks like the market will continue moving downwards on Thursday. Euro may test the level of 1.2900 before the end of the week.

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Forecast for December 21^st, 2011

EUR/USD

Despite our expectations, the EUR/USD currency pair started the correction. Currently at the daily chart of the pair the closest resistance line is the broken neckline. One can consider selling the pair from the level of 1.3165 during the test of the neckline.

At the H4 chart of the pair the price continues forming the descending pattern, but with new targets in the area of 1.2555. The area of sales is the one of 1.3207. If the price breaks the channel’s upper border, this case scenario will be cancelled. The test of the trend’s descending line at the RSI is a signal to sell the pair, one can try to do it at the current prices.

DOLLAR INDEX

At the weekly chart of Dollar Index the price has formed “head & shoulders” reversal pattern with the target in the area of 89.33. Currently the price is testing the broken neckline, we should expect it to rebound from the line and start moving upwards. If Index breaks the level of 77.65, this case scenario will be cancelled.

At the H4 chart of Index the RSI indicator was supported by the trend’s rising line. We shouldn’t exclude the possibility that Dollar may grow against other currency pairs from the current levels.

USD/CHF

Franc also fell down. At the moment the price is testing the rising channel’s lower border, one can consider buying the pair with the tight stop. The closest target of the growth is the area of 0.9700. If the price breaks the level of 0.9255, this case scenario will be cancelled. One should consider increasing the amount of long positions only after the price breaks the level of 0.9340.

USD/CAD

At the daily chart of the USD/CAD currency pair we can see the formation of “triangle” pattern. The RSI indicator is supported by the trend’s rising line. There is a strong possibility that the price may break the pattern upwards. The closest target of the growth is the area of 1.1185.

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Forecast for December 20^th, 2011

EUR/USD

The EUR/USD currency pair continues moving inside the descending pattern with the target in the area of 1.2830. At the moment the RSI indicator is testing the trend’s descending line, we should expect it to rebound from the line and start moving downwards. One can consider selling the pair with the tight stop.

At the H1 chart of the pair the price has left the rising channel. Currently the price is in the area for sales, one can consider opening short positions with the stop above 1.3075. The target of the fall is the area of 1.2764.

USD/CHF

In case of Franc we have rising expansion pattern forming, the target of the growth is the area of 0.9665. At the moment the price is in the area for purchases, one can consider opening long positions with the tight stop below 0.9345 and increase the amount of purchases only after the price breaks the level of 0.9405.

EUR/GBP

The EUR/GBP currency pair is moving inside the descending channel. Currently the price is testing the area of the 5^th pivot point, one can consider selling the pair with the tight stop. If the price breaks the upper border and leaves the descending channel, this case scenario will be cancelled. The final target of the fall is the area of 0.8312. The test of the trend’s descending line at the RSI is an additional signal to sell the pair.

GOLD

Gold continues falling down. The price it testing the channel’s upper border, we should expect it to rebound from the border and start moving downwards with the target in the area of 1554. If the price grows higher than 1610, this case scenario will be cancelled. One can consider selling the instrument with the tight stop.

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