In our February 9 Forex Market outlook video analysis, we have covered 4 main instruments: AUDUSD, GBPUSD, EURUSD and Gold.
If we look at the AUDUSD pair from the weekly Fibonacci wave point of view, we can see that the pair has bounced off the 161.8% Fibonacci retracement zone and risen to 110% custom Fibonacci retracement zone. Meanwhile on daily time frame Aussie dollar has created what we call a fake reversal candlestick formation yesterday, which is a sign that today’s market movement is likely to be on the bearish side as a trend continuation.
AUDUSD, should continue its bearish move towards 0.7011 zone, however there is a chance that the pair could be reversing from this level as we have the 138.2% Fibonacci retracement zone as well as the 0.70 psychological support zone.
Moving on to GBPUSD big picture, we can see that our previous targets have been accomplished from the last week where we were shorting the pair from 1.4660 zone, our current targets remain at 1.4340 zone (just above the 88% custom Fibonacci retracement zone).
The pair is looking for Janet Yellen’s testimony tomorrow in order to define its direction. Meanwhile, we have a mix of trend indication from our 200 and 50 hour SMAs for the intraday trend direction. However, a break above the 50 hour SMA, will bring the bulls back to the pair, where our targets will be focused on the 1.4870 level.
The most traded currency pair, EURUSD meanwhile, has broken above the 1.0930 level out of the triangle formation. However, due to the lack of momentum after the NFP figures, the pair is locked between the 138.2 and 110% Fibonacci retracement levels, with most definite bullish targets remaining initially towards 1.1360 level.
The safe heaven asset of all times, gold has been once again in favor of the bulls as we have the global economic instability weighing on the rest of the tradeable instruments, mostly supported by last week’s disappointing NFP figures as a risk averse instrument.
Currently there is a possibility that the precious metal could rise as high as 1222 based on the Candlestick Trading Strategy, meanwhile from Fibonacci analysis point of view, a rise above $1197 zone will bring 1216 as our immediate Take Profit targets which is right on 161.8% Fibonacci retracement zone.
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