FOREX market review/prognosis from Forex Cloud – 10/14/12
Last week the Australian dollar fulfilled its expectations. The correction took place in the AUD/USD and AUD/ZND pairs, and brought a profit of two hundred pips to me and my clients. Thus the pairs EUR/USD and GBP/USD finished the week in the negatives, and NZD/USD drew a dodge on the weekly chart. At this moment all my positions are closed and I abstain from making any forecasts, as the situation of the market is uncertain, with a slight angle towards a risky purchase.
The EUR/USD pair is a the top border of the horizontal channel, but whether it will roll back of break through it on Monday is not clear. I will buy this pair only when an above-named event approaches, I do not even think of selling it.
The AUD/USD pair rolled back on Friday everything that it gained on Thursday and is lower than the border of the ascending correctional channel. A further decrease is pushing at a strong level of resistance of 1.020. We will await a clearing of the picture.
It is logical to expect a continuation of the growth of the AUD/NZD pair, but in its way is a strong level of resistance of 1.2600, this is why I will wait till it comes down to 1.2450 or will break 1.2600 to go into a long position.
The USD/JPY pair also remains in a hover. In my opinion the chances of a recoil to 78.00 or a growth to 79.00 are equally probable. Lets wait...
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