Eur/usd, Gbp/Usd & Gold Forecast (17June 2009)

GOLD H4 GRAPH

Gold is being traded below level 944 (below the neckline of
“head and shoulders” trend-turning figure),
what speaks in favor of getting to target level 903 in nearest future .
Resistance is found at level 944 once again.

GBP/USD H4 GRAPH
Level 1.6240 has unleashed its force again making the pair
go for a correction. But current trend is still a downtrend
with the lowering target set to level 1.5900. The pair is supposed
to find a resistance at level 1.6580, but also it may start going
down before getting to this level. Unlike the rest of main pairs,
GBP has lesser down-trending impulse against dollar owing
to the picture over EUR/GBP, where we can see a rapid dropping of that pair.
In order to reinforce the pair’s down-trending attitude, it needs to get
under support 1.6240, and then under level 1.6100.
After that the pair will get to 1.5900 .

EUR/USD H4 GRAPH
The pair is being traded along a downtrend having the lowering

target set to levels 1.3550 and 1.3450. A slight correction takes
place now, caused by the bounce off level 1.3800 .
Levels 1.3953 and 1.4000 (gap level) are the resistances,
the pair is supposed to turn from those levels soon.
To gain a continuing down-trending impulse, the pair needs to
get down below levels 1.3800 and 1.3700 again,
what will lead to dropping to target levels 1.3550 and 1.3450.
However, this lowering may be quite wavy,
since the pair is moving along the 4th correctional wave
(this is clearly seen on daily graph).