19 February, AtoZForex, Vilnius – This weekend’s Forex entries session covers technical analysis for AUDUSD, EURUSD, GBPUSD, NZDJPY, Gold and Crude oil.
Our analysis is mostly based on Real Fibonacci Waves, on a ‘Top to Bottom’ approach: starting weekly time frames, then moving towards hourly frames.
AUDUSD dynamic resistance
AUDUSD found its resistance at 110% Fibonacci retracement zone at 0.7210 zone.
On daily time frames, moving averages are sloping upwards, however, the price action is in range mode. Meanwhile I am convinced that the pair is set to move on bullish mode soon. Nonetheless, the following would be my pending AUDUSD order with 50% usual risk:
AUDUSD LONG (BUY Limit) @ 0.7000, SL@ 0.6960, TP1@ 0.7100. TP2@ 0.7170, TP3@ 0.7260
GBPUSD has broken below its triangle formation from the bottom side. Thus we are expecting more bearish power to take control at the moment. If you are selling GBPUSD, your targets should be at 1.4180 zone which falls onto 110% Fibonacci retracement zone.
The following are our pending GBPUSD order:
GBPUSD LONG (BUY Limit) @ 1.4174, SL@ 1.4140, TP1@ 1.4215, TP2@ 1.4300, TP3@ 1.4400
EURUSD is having trouble breaking below its range support at 1.11 zone, thus we are looking for a bullish push for the pair and break above its dynamic resistance zone.
The following is our pending EURUSD order:
EURUSD LONG (BUY Stop) @ 1.1135, SL@ 1.1094, TP1@ 1.1157, TP2@ 1.1198, TP3@ 1.1295
Bullish Gold pressure
Gold is currently being pushed by the safe heaven sentiment as the worries about the global economic structure keep on growing. The biggest boost for gold is expected to come from the Syrian conflict, as Saudi Arabia and Turkey are planning to have ground action inside the country. We shall look for opportunities to long gold at 1200 level.
For the time being it is recommended to watch the USD index as well to get a better overview of the market. As the US presidential elections race is picking up and moving to the main stage, we would see the USD fluctuating as well.
Extra: Traders’ Weekend Checklist
The biggest fundamental concern is the global banking system. Any negative announcements from banks globally pushes the Stock Indices down, while pushing Gold even higher.
Crude oil trouble
Crude oil discussions between Saudi Arabia, Russia and Iran could not sustain the black gold’s bullish trend much longer. Nonetheless, we have seen the smaller oil depended countries taking drastic steps; the last being Venezuela.
The president of Venezuela, has announced that the country will have another round of Venezuelan Peso devaluation and eliminate the state subsidy on petrol. Nicolás Maduro used his decree powers to raise petrol prices for first time in 20 years as much as 6000%.
There are now high-level discussions that the leading oil giant of the world, Saudi Arabia could default in 2018, should the oil prices stay at this level.
Finally, we are looking for mixed signals in crude oil market, but the picture will be clearer by Tuesday. Make sure to register for the live market discussion next week.