Weekly Technical Forex Forecast 18-22.02.2019


EUR/USD

The Euro corrected upwards after the formation of the new level of support 1.1243. This mark contains the pretty large volume. Nevertheless, given the presence of a strong local downtrend, we can consider a scenario of the breakdown of this level, which will allow us to open short positions.

The breakout movement should be sharp and confident, and also supported by the large volume, which will be a more accurate signal to enter the market. A stop loss should be placed slightly above the breakout volume bar. A potential of the deal is more than 100 points.

GBP/USD

The Pound showed a significant growth on Friday. At the moment, the pair is trading in the local consolidation between 2 strong volume levels. They are the support 1.2776 and the resistance 1.2982.

Thus, we can consider new positions only after a confident and abrupt exit of the price from the range. The movement should be supported by the large volume, which will be a more reliable and strong signal to enter the market.

While the pair is trading inside the consolidation, it is better to stay out of the market.

USD/JPY

The Yen continues trading within the local range between 2 strong levels. They are the support 109.35 and the resistance 111.09. Thus, our previous scenario remains relevant: we can enter the market only after a steady exit of the price from the consolidation. Moreover, the breakout movement should be supported by the large volume, which will be a more accurate signal to enter the market.

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

USD/CAD

The Canadian dollar corrected downward after the test of еру resistance level 1.3323. Now the pair is trading within the local range between this mark and the support level 1.3075. Considering these factors, we can open new positions only after a confident and abrupt exit of the price from the consolidation. The movement should be supported by the large volume, which will insure us against a false breakout.

While the pair is within range, it is better to stay out of the market.

AUD/USD

The Australian dollar showed a significant rise on the increased volume and is currently testing the resistance level/upper limit of the local range 0.7138. Thus, we can consider a scenario of the breakout of this mark, which will allow us to open long positions. An upward movement must be rapid and on the large volume. A stop loss should be placed slightly below the breakout volume bar. The potential of the deal is about 90-100 points.

XAU/USD

Gold also showed a sharp rise of the price on the increased volume on Friday. At the moment, the pair is trading near the resistance/upper limit of the local range 1325.80. Thus, we should consider a scenario of the breakout of this mark, which would be an excellent bullish signal.

The breakout movement must be confident and rapid, and also supported by the large volume, which will be a more reliable signal to enter the market. A stop loss should be placed slightly below the breakout volume bar. The potential of the deal is more than 150 points.

The sentiment: this technical indicator confirms our trading scenarios with the Euro, the Australian dollar and gold, which is an excellent additional signal for us (trading against the “crowd”). As with the rest of currency pairs, we should wait for a confident exit of prices from local ranges.

Potentially good deals: EUR/USD, AUD/USD, XAU/USD

While out of the market: GBP/USD, USD/JPY, USD/CAD

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