Based on my personal 2 MA trading strategy Forex analysis I share with you technical outlook and setups for five currency pairs.
17 August, AtoZForex – The following is my 2 MA Forex trading strategy analysis for EURUSD, GBPUSD, AUDUSD, NZDUSD, and USDCAD major currency pairs.
EURUSD analysis: Bullish
Current Forex analysis for EURUSD on H1 timeframe is bullish. The view is confirmed by daily price close yesterday above 100 SMA. For now, I expect the pair to retrace back to 1.1232 support level and then continue to trend upwards.
2MA strategy Forex analysis for EURUSD (click to zoom in)
FX pending BUY LIMIT @1.1232 with Stop Loss: 1.1160 and Take Profit: 1.1310
GBPUSD analysis: Neutral – Bullish
Although we have a bullish price action on H1 timeframe, I would recommend to be cautious on this pair because of upcoming major news today. Nonetheless, I see the pair trading towards 1.3120 in the upcoming days
2MA strategy Forex analysis for GBPUSD (click to zoom in)
FX pending BUY LIMIT @1.3023 with Stop Loss: 1.2935 and Take Profit: 1.3120
AUDUSD analysis: Range – Neutral
Despite the bullish price action yesterday, the bulls didn’t manage to sustain the pair higher. On daily chart we can see bullish price action development as well and I expect the pair to reach 0.7596 (20 Daily SMA) and continuous the upward move towards 0.7730 level. However, the outlook is neutral for now.
2MA strategy Forex analysis for AUDUSD (click to zoom in)
NZDUSD analysis: Range – Neutral
As we can see from NZDUSD H1 chart, the pair rallied higher yesterday after bouncing from 50 hour SMA. But has now fallen between 20 and 100 SMAs and we could expect the pair to fluctuate within a range.
Nonetheless, on daily chart we can see bullish price action development as the price is above both 20 and 100 SMA. Therefore, it is likely that the pair will fall lower to 0.7146 support but then continuous trending higher. For now, the outlook for the pair is neutral and I don’t recommend any entry at this given moment.
USDCAD analysis: Neutral – Bullish
Based on my 2 MA trading strategy Forex analysis for USDCAD, we can see bearish price action on H1 timeframe. However the pair is currently above 20 SMA and I expect it to reach 1.2937 during the day and then continuous lower once again because on both H1 and D1 charts 100 day SMA is slopping to the downside and the overall trend is bearish.
However, there is no trade setup for this pair based on my strategy for now.
Also see: 3 Forex Technical Analysis for 17th of August
Think we missed something? Let us know in the comments section below.