Weekly Technical Forex Forecast 12-16.02.2018


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EUR/USD

The Euro tested the local minimum/support level 1.2209, but failed to break it and then corrected upwards. We must note that the growth of the pair was smooth and on the small volume, so we cannot regard long positions now. Given the previous sharp fall of the price and the presence of a large volume accumulation at the top of the chart, it is still worth giving advantage to sales.

volume euro

We can enter the market after the sharp breakdown of the support level on the large volume, which will be a more reliable and strong signal for opening short positions. A stop loss should be placed just above the breakdown volume bar. The potential of the deal is more than 100 points.

sell euro

GBP/USD

The Pound broke down the previous support level, which is a good bearish signal, but then the price corrected upwards. It should be noted that the fall of the price supported by the increased volume, while the upward move was on the small one. Thus,we should give advantage to short positions with this pair.

volume gbp

Sales can be opened after the resumption of the price drop on the large volume, which will be a more reliable and accurate signal for entering the market. A stop loss should be placed at the level 1.3905. The potential of the deal is more than 100 points.

sell gbp

USD/JPY

The price broke down the previous local minimum/support level, but failed to continue the movement down and then showed an upward correction. It is necessary to point out that the price fall was on the increased volume, while the growth –  on the small one. Therefore, we should give preference to sales with the Yen.

We can enter the market after a breakdown of the local minimum. The breakdown movement must be sharp and swift. A stop loss should be placed just above the breakdown bar. The potential of the deal is more than 100 points.

sell jpy

USD/CAD

We must allocate the new level of resistance 1.2675, in which the increased volume is concentrated. After the creation of this mark, the price has corrected downward and is trading in a small consolidation between the resistance and the support level 1.2488 at the moment.

Thus, it is worth waiting for a confident exit of the price from this range and only after that we can consider new deals. The breakout movement should be supported by the large volume, which will be a more reliable signal for entering the market.

While the price is located within the consolidation, it is better to stay out of the market.

trade cad

AUD/USD

AUD/USD is corrected upwards at the moment, but given that the price growth was on the small volume, it is not worth considering purchases with this instrument. Moreover, there is a strong local downtrend with the Australian dollar, so we should still give preference to short positions.

Sales can be opened after the resumption of the fall of the price on the large volume, which will be a more accurate signal for entering the market. A stop loss should be placed a little above the beginning of a sharp decline. The potential of the deal is 80-90 points.

sell aud

XAU/USD

Gold is locked in the local consolidation between the support level 1307.80 and the resistance 1333.70 – 1337.20. Thus, we need to wait for the price to come out of this range and only after that we can open new deals.

volume gold

The breakout movement must be sharp and supported by the large volume, which will be a stronger signal for entering the market + will insure against false breakdown.

While the price is within this consolidation, it is better to stay out of the market with gold.

The sentiment: the sentiment of the market confirms our scenario with USD/JPY, so this instrument should be in priority today. With other pairs, the situation has not changed, so we are waiting for additional signals, after which it is possible to enter the market.

sentiment