GOLD,EUR/USD & GBP/USD H4 FORECAST (15 JUNE 2009)

GOLD H4 graph
Gold had dropped below level 940 (below the neckline),

stating that “head and shoulders” trend-turning figure had been executed.
Now the market has its target set to level 903,
which is supposed to be reached in nearest future.
Besides, gold is being traded below the lower bound of daily uptrend,
what confirms this scenario is likely to take place.

EUR/USD H4 graph

The pair’s correction continues along trend by forming
the right shoulder of a “head and shoulders” trend-turning figure.
The higher bound of the shoulder is still at resistance level 1.4150,
and the pair bounces off it once again.

To develop a confident downtrend with the target set to level 1.3430,
the pair still needs to get down below level 1.3920,
what will clear the way for lowering to support level 1.3800.
Next, it will need to drop below level 1.3760,
what will lead to execution of the “head and shoulders” figure and,
hence, will give a possibility of lowering to target level 1.3430.

GBP/USD H4 graph

The pair attempted to update the maximum 1.6671,
but after dropping below level 1.6480 it had broken an up-trending line,
what cleared the way for forming a downtrend.

It’s seen on H1–H4 graphs that a “head and shoulders”
trend-turning figure is being formed now. If the pair drops below level 1.6340
in nearest future, the figure will be executed and a confident downtrend
will start to develop. After that, the pair will get some support at level 1.6240.
Then, while it will be continuing to drop to level 1.6220 and lower,
the pair will get an impulse for getting down to target level 1.5830.
But before hitting the target, there will be one more support
at level 1.6030 on the way, the resistance for this support
is supposed to be found at level 1.6240.