Daily Technical Forex Forecast 27.02.2018


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EUR/USD

The Euro continued trading in the global consolidation between the level of support 1.2209 and the level of resistance 1.2520. As before, large volume is concentrated inside this range, so the best trading scenario is just to wait for a sure exit of the price from this consolidation.

The breakout move must be abrupt and supported by the large volume, in order to avoid a fake breakout + it will be a more reliable signal for entering the market.

While the price is located within this range, we should skip this instrument from our trading plan.

volume euro

GBP/USD

The pair fell down significantly yesterday, but is still trading inside the local consolidation between the support of 1.3795 and the resistance of 1.4140. As can be seen from the volume chart below, large volume is concentrated in this consolidation, so its breakout will be a good signal for opening new deals here.

The breakout must be sharp and supported by the large volume, which will be a more accurate sign for entering the market.

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

volume gbp

USD/JPY

The Yen is also trading in the local consolidation right now, but given the presence of the strong downtrend with it, we can regard a scenario of opening sales. We can enter the market after the price resumes it fall on the large volume, which will be a great bearish signal and will consent us to open short positions. A stop loss should be placed above the beginning of the abrupt drop. The target is the local minimum.

sell jpy

USD/CAD

The Canadian dollar tested the level of support/lower limit of the range 1.2629 – 1.2642 and rebounded upwards sharply. Now the pair is locked in the local consolidation between this level and the resistance of 1.2750.

Thus, our trading scenario is quite simple: we need to wait for the confident exit of the price from the consolidation and only after that we will be able to regard new positions here.

While the pair is within the range, we should skip this instrument from our trading plan.

trade cad

AUD/USD

The situation with this currency pair remained the same as the price is still located in the local consolidation between the level of support 0.7770 and the level of resistance 0.7987. Given this fact, we should state that our previous scenario is still actual. We can enter the market only after a sure and sharp exit of the price from the range. The breakout must be supported by the large volume.

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

trade aud

XAU/USD

The price broke out the previous resistance level/the upper limit of the consolidation, after which gold fell swiftly and is trading in the local range again. Consolidation limits: the support level of 1321.50 and the new resistance level of 1340.50.
So it is necessary to note the presence of large volume accumulation in the consolidation, so the exit of the price from it will be an excellent signal for opening new deals with this instrument.
The breakout movement must be sharp and confident, and also necessarily supported by the large volume, which will insure us against false breakdown and will be a more reliable signal for entering the market.

volume gold eng
While gold is locked within the local consolidation, it is better to stay out of the market.

The sentiment: this indicator does not show a clear picture as all our instruments are in consolidations. Only the scenario with the Yen is confirmed.

sentiment


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