Weekly Technical Forex Forecast 19-23.02.2018


EUR/USD

After the resistance level test of 1.2520, EUR/USD showed a rapid fall and is trading near the support level 1.2368 – 1.2382. So, now the price is in the local consolidation between these two levels. It should also be noted that there is a large volume accumulation in this range, so the exit of the price from it will be an excellent signal for entering the market.

volume euro tfxi
The breakout movement must be sharp and supported by the large volume, which will insure us against false breakdown and will be a more reliable signal for entering the market.
While the price is locked in the consolidation, it is better to stay out of the market.

trade euro tfxi

GBP/USD

The Pound also corrected down, however, given that the volume during the fall was small, we can not consider short positions at the moment. Thus, purchases are still in priority with this currency pair.

volume gbp tfxi
Long positions can be opened after the end of the price correction and the resumption of the sharp growth on the large volume, which will be a more accurate and reliable signal for entering the market. A stop loss should be placed under the movement. The potential of the deal is more than 150 points.

buy gbp tfxi

USD/JPY

Despite the price correction upward on Friday, short positions are still in priority with the Yen, as the price growth was smooth and on the small volume. Moreover, a strong downtrend is still actual with this instrument.
Sales should be opened after the end of a correction and the resumption of the fall of the price on the large volume. A stop loss should be placed a little above the start of a sharp drop of the price. The potential of the deal is more than 120 points.

sell jpy tfxi

USD/CAD

The Canadian dollar was not able to finally break down the support, after which the price corrected upwards and is now located within the local consolidation between the support level 1.2354 and the resistance 1.2675.
Thus, the best solution is to wait for the price to come out of this range, after which we will be able to consider new deals with the Canadian dollar. The breakout movement must be sharp and supported by the large volume.
While the price is trading within the range, it is better to stay out of the market.

trade cad tfxi

AUD/USD

The Australian dollar also tested the resistance level, but could not break it, after which the price corrected down and is locked inside the local consolidation now. The boundaries of the consolidation: the support 0.7770 and the resistance 0.7987.
Thus, we can consider new deals only be after a sure breakout of one of the boundaries of the range. The breakout movement must be sharp and supported by the large volume, which will be a more reliable signal for entry.
While the price is within the consolidation, it is better to stay out of the market.

trade aud tfxi
XAU/USD

Gold showed a fairly sharp drop and is testing the support level of 1346.10 – 1349.00 at the moment. It should be noted that the price fall was on the small volume and given the previous strong price growth, we still should give preference to purchases with this instrument.

volume gold tfxi
Long positions can be opened after a sharp rebound of the price from the support level upwards and the resumption of a confident growth. A stop loss should be placed slightly below the support. The potential of the deal is more than 120 points.

buy gold tfxi
The sentiment: this indicator confirms our deals with the Pound, Yen and gold, which is an excellent additional signal. With the remaining instruments, we must wait for consolidation breakouts.

sentiment