Charts Weekly Trade Opportunities For Feb. 13-17

FTSE100 gains likely to stall at 7275.00

 

FTSE100 gains likely to stall at 7275.00

EURUSD: EURUSD fell to 1.0611 last week but we can expect a near term retracement is price doesn’t continue lower towards 1.059 – 1.057 support level. In this instance, there is a strong chance for EURUSD to rally back to 1.0711 where the breakout from the pitchfork will be retested and thus offering new levels to short EURUSD from. The support near 1.0590 – 1.0570 is quite likely to be tested and if EURUSD continues lower, then this support is ideal to go long from.

EURUSD could possibly retrace to 1.0711

EURUSD could possibly retrace to 1.0711

XAUUSD: The rally in gold prices are showing signs of exhaustion. This was evident after last week, President Trump promised that he would soon announce tax reform plans, that is positive for the U.S. dollar and risk assets. Gold prices are most likely to see another modest leg to the upside with 1239.56 coming in as the main resistance level. A retest to this level will form a double top pattern on a bearish divergence on the Stochastics. A reversal near 1239.56 will signal the downside towards 1214.56 initially followed by 1209.56.

Gold prices likely to dip to 1200

 

Gold prices likely to dip to 1200

USDJPY: USDJPY rallied towards 113.60 last week before giving up some of the gains. The bias is building up to the upside following the breakout of the falling wedge pattern. Expect the near term declines to slide towards 112.60, from where USDJPY could be seen posting a strong rally towards 113.85 at the very least. A continuation above 113.85 will see USDJPY test the previous high near 114.70. Alternately, a break down below 112.60 and towards 112.09 will signal an invalidation of the bullish bias.

USDJPY upside bias on the triangle breakout

 

USDJPY upside bias on the triangle breakout

Fundamental Outlook

The week ahead will see inflation figures coming out of the UK, the U.S. and China. Inflation is expected to rise across the board, but traders will be focusing on the inflation figures from the U.S. and the U.K. Consumer prices in the UK are expected to rise 1.9%, closer to the BoE’s 2% inflation target rate. Besides the inflation report, the monthly retail sales and jobs report from the U.K. will also be coming out this week.

View single page >> |

I/We do not have any positions in the above mentioned instrument.

How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.