Forex majors analysis – 13th February 2017

Today we’ll be doing an analysis on the major currency pairs. These key levels highlighted are fantastic opportunities for people to scalp some quick good pips off as I have found many confluence levels on them. Feel free to look up the various forex scalping strategies you can utilize when price reaches these points. It is also a good idea, if you’re holding slightly longer positions, to trade in the general direction of the strategies.

DXY Daily Key Elements

DXY major level of resistance:
103.40 (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance)

DXY major levels of support:

92.00 (Fibonacci retracement, horizontal overlap support)

DXY technical indicators:

RSI (34) is seeing strong bearish divergence vs price.

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AUDUSD Daily Key Elements

AUDUSD major levels of resistance:
0.7790 (Fibonacci extension, Horizontal resistance)

AUDUSD major levels of support:

0.7510 (Fibonacci retracement, Horizontal overlap support)

0.7140 (Swing low support)

AUDUSD technical indicators:

RSI (34) is seeing resistance at the 67% level.

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AUDUSD Strategic View: Bouncing nicely, remain bullish

Buy above 0.7600. Stop loss at 0.7510. Take profit at 0.7790.

Reason for the trading strategy:

Price is bouncing nicely above our buying entry from last week. This week we remain bullish above 0.7600 support (Fibonacci retracement, horizontal overlap support) for a push up to 0.7790 resistance (Fibonacci extension, Horizontal resistance).

RSI (34) is seeing support at the 53% level which would hold price up.

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GBPUSD Daily Key Elements

GBPUSD major levels of resistance:
1.3470 (Fibonacci retracement, multiple horizontal swing high resistance)

1.2850 (Fibonacci retracement, Fibonacci projection, horizontal overlap resistance)

GBPUSD major levels of support:

1.1920 (Swing low support, rejection candlestick support)

GBPUSD technical indicators:

Stochastic (55,5,3) is approaching strong resistance at the 79% level where we expect a reaction from as historically that level has correspondingly reacted really nicely with price.

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GBPUSD Strategic View: Remain bullish above major support

Buy above 1.2415. Stop loss at 1.2250. Take profit at 1.2850.

Reason for the trading strategy:

Price is approaching our buying area once again as we remain bullish above 1.2415 (Fibonacci retracement, Fibonacci projection, horizontal overlap support) to play a bounce up to 1.2850 which is our long term resistance. From there, we can expect a bearish reaction.

Stochastic (55,5,3) is seeing strong support above the 8% level.

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EURUSD Daily Key Elements

EURUSD major levels of resistance:
1.0850 (Fibonacci retracement, horizontal pullback resistance, bearish candlestick rejection level)

EURUSD major levels of support:

1.0435 (Long term Fibonacci projection, horizontal support)

1.0350 (Fibonacci projection, bullish candlestick reversal)

EURUSD technical indicators:

Stochastic (21,5,3) is seeing major support at the 3.75% level and is approaching major resistance at the 91% level where we have seen price correspondingly react off multiple times in the past really well.

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EURUSD Strategic View: Dropping nicely towards our profit target, remain bearish

Sell below 1.0700. Stop loss at 1.0850. Take profit at 1.0510.

Reason for the trading strategy:

Price reacted nicely from our selling area last week and is dropping nicely towards our profit target. We remain bearish below 1.0700 resistance (Fibonacci retracement, horizontal overlap resistance, pullback resistance) for a further push down to 1.0510 support (Fibonacci retracement, horizontal support).

RSI (34) is seeing strong resistance below our 61% level and has also made a bearish exit, signalling a change in momentum to bearish.

Stochastic (21,5,3) is seeing strong resistance below our 90% level and has also made a bearish exit, signalling a change in momentum to bearish.

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XAUUSD Daily Key Elements

XAUUSD major levels of resistance:
1250 (Fibonacci retracement, horizontal overlap resistance)

XAUUSD major levels of support:

1120 (Fibonacci retracement, recent swing low support)
1040 (Fibonacci retracement, major horizontal pullback support, swing low support)

XAUUSD technical indicators:

RSI (34) is seeing ascending support pushing price up

Stochastic (13,5,3) is seeing resistance at 92% which could signal a short term resistance

 

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XAUUSD Strategic View: Remain bearish testing major resistance

Sell below 1250.00. Stop loss at 1310.00. Take profit at 1125.00.

Reason for the trading strategy:

We remain bearish below 1250 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a push down to 1125 support (swing low support, Fibonacci extension, Fibonacci retracement).

RSI (34) has made a bullish exit and warns off a potential further rise.

Stochastic (21,5,3) is seeing major resistance at 94% where we expect a reaction from.

xauusd-d1

 

USDJPY Daily Key Elements

USDJPY major levels of resistance:
121.80 (Fibonacci retracement, horizontal swing high resistance)

118.60 (Fibonacci retracement, horizontal pullback resistance)

USDJPY major levels of support:

111.35 (Fibonacci retracement, horizontal pullback support)

USDJPY technical indicators:

RSI (34) is seeing major resistance at the 64% level.

Stochastic (21,5,3) is on major support at 6% where we expect to see a bounce from.

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USDJPY Strategic View: Bouncing nicely, remain bullish

Buy above 112.60. Stop loss at 111.35. Take profit at 115.30.

Reason for the trading strategy:

USDJPY has bounced nicely off our support at 111.35 previously. We now remain bullish above 112.60 support (Fibonacci retracement, horizontal overlap support) for a further push up to 115.31 resistance (Fibonacci retracement, horizontal overlap resistance).

RSI (34) is seeing strong support above our 36% level and also displays bullish divergence vs price. A recent bullish exit signals a further acceleration in price upwards.

usdjpy-h4

 

USDCAD Daily Key Elements

USDCAD major levels of resistance:
1.3600 (Fibonacci projection, Fibonacci retracement, horizontal overlap resistance, swing high resistance)

USDCAD major levels of support:

1.2200 (Fibonacci retracement, swing low support)

1.2040 (Fibonacci retracement, Fibonacci projection, swing low support)

1.1400 (Fibonacci projection)

USDCAD technical indicators:

RSI (34) has made a bearish pullback to its resistance line where we expect another reaction from.

usdcad-d2

USDCAD Strategic View: Remain bearish

Sell below 1.3180. Stop loss at 1.3600. Take profit at 1.2500.

Reason for the trading strategy:

We remain bearish below 1.3180 resistance (Fibonacci retracement, bearish pullback) especially with the break of our long term ascending-turned-resistance line signalling a bearish exit to be seen for a drop towards at least 1.2500 support (major swing low support, Fibonacci projection).

MACD has broken a key support-turned-resistance line signalling a drop is expected.

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