Weekly Technical Forex Forecast 12-16.02.2018


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EUR/USD

After the formation of the new support level of 1.2280, in which the large volume is concentrated, EUR/USD adjusted upwards. Now the price is in the local consolidation between the new support level and the resistance level of 1.2411 – 1.2426.

volume euro tfxi
Thus, the best scenario with this instrument is just to wait for the price to come out of this range, which will be an excellent signal for entering the market. The breakout movement must be sharp and supported by the large volume.
Also it is worth noting  that the pair is trading near support, so I still tend to breakdown of this particular level.

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GBP/USD

The Pound also showed significant growth on Friday. The upward movement was sharp and supported by the increased volume. Despite this, the pair is trading in the local consolidation 1.3790 – 1.3908 at the moment. As can be seen from the volume chart below, the large volume is concentrated in this range.

volume gbp tfxi
Therefore, the best scenario with this instrument will be to wait for a confident and sharp exit of the price from the consolidation on the large volume, which will be an excellent signal for entering the market.
While the pair is trading within this range, it is better to stay out of the market.

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USD/JPY

The situation with the Yen has not changed, as the price is locked in the local consolidation between the support of 105.43 and the resistance of 107.83. Thus, our previous scenario remains relevant – new deals can be opened after a sharp exit of the price from this range. The breakout movement should be supported by the large volume, which will be a more reliable signal for entering the market.
While the pair is within this range, it is better to stay out of the market.

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USD/CAD

The Canadian dollar showed a precipitous drop and is testing the lower limit of consolidation/support level of 1.2818 now. It is worth noting that the price decrease was on the large scale, which allows us to consider the scenario of  th breakdown of this mark.
The breakdown should be sharp and on the increased volume, which will be a more reliable signal for entering the market. A stop loss should be located just above the breakdown volume bar. The potential of the deal is about 150 points.

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AUD/USD

The Australian dollar is also within the local consolidation of 0.7717 – 0.7878. Nevertheless, given the sharp increase of the price on the large volume and the fact that the pair is trading just below the upper limit of the consolidation, we can consider the scenario of a breakdown of this mark.
The breakout movement must be sharp and on the increased volume, which will be a more accurate signal for entering the market. A stop loss should be set under the breakout volume bar. The target is the level of 0.7980.

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XAU/USD

With gold we should allocate the new volume support level of 1313.50 – 1317.50, which was formed on Friday. After its appearance, the price sharply adjusted upwards and is locked in the local consolidation between this support and  the resistance of 1340.00.

volume gold tfxi
As can be seen from the volume chart overhead, the large volume is concentrated in this range, so the best solution with gold will be to wait for the price to come out of the consolidation. The breakout movement must be sharp and supported by the large volume, which will be a more reliable signal for opening new deals.
Until that, while gold is trading within the range, it is better to stay out of the market.

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The sentiment: this indicator confirms only our scenario with the Australian dollar, which is not surprising, because most instruments are trading in consolidations, so we need to wait for the resumption of local trends.

sentiment


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