Daily Technical Forex Forecast 22.02.2018


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EUR/USD

The price is still trading in the global consolidation between the level of support 1.2209 and the level of resistance 1.2520, so that our previous scenario remains the same: we should wait for a confident and sharp exit of the pair from the range. The breakout movement must be supported by the large volume, which will be a more reliable signal for entering the market. Only after that we can consider new deals here.

Until that, it is better to stay out of the market.

volume euro

GBP/USD

The Pound fell down quite sharply yesterday. Moreover, the downward movement was supported by the increased volume, which is a good bearish signal. So our previous trading scenario became irrelevant and we should give preference to short positions.

volume gbp

We can enter the market after a smooth and small correction of the price up, in order to obtain a more profitable entry point. A stop loss should be placed above the yesterday’s maximum. A potential of the deal is up to 200 pips.

sell gbp

USD/JPY

Nothing has changed here as the volume on the market is still small. Besides it there are both the global downtrend and the local uptrend, which makes trading the Yen a very tough task.

That’s why, the best decision with this instrument is to stay out of the market until the large volume appears and new levels will be created.

trade jpy

USD/CAD

The Canadian dollar continued its growth and broke out the previous resistance level/upper limit of the consolidation, which is a good signal for opening long positions. Moreover, the breakout movement was sharp and on the large volume. Also it is necessary to allocate the new volume support level 1.2629 – 1.2642, which was formed yesterday. Thus, now it is worth considering only purchases with this instrument.

We can enter the market after a small and smooth correction of the price down to get a better entry point to the market. A stop loss should be placed just below the fresh support level. The potential of the deal is more than 120 points.

buy cad eng

AUD/USD

The Australian dollar continued falling and now the price is located a little bit above the support level 0.7770. Given that the drop of the pair was sharp and supported by the large volume, we should consider the scenario of the breakdown of the support, which will allow us to open sales.

The move must be abrupt and supported bu the large volume, in order to insure us from fake breakout. A stop loss should be placed above the breakdown volume bar. A potential of the deal is more than 100 pips.

sell aud

XAU/USD

The price also fell down sharply and on the large volume yesterday. Also we need to point out the new resistance level 1333.40 – 1335.80. Given all these factors, we should state that short positions must be in priority today.

volume gold

Sales can be opened after a smooth upward correction of the price in order to get a better entry point. A stop loss should be placed above the new level of resistance. A potential of the deal is more than 150 pips.

sell gold

The sentiment: this indicator confirms our scenario with the Canadian dollar which is a great additional signal. With all other instruments this indicator does not show a clear picture as almost all of them are located in ranges.

sentiment