Saturday Forex Analysis - 2018-02-10
Saturday Forex Analysis - Feb 10th, 2018
The strategies discussed below are suitable for swing traders.
GBP
Sterling is nearing it’s supports, both the 50-ema and the trendline support. Since it’s last double top pattern, sterling has moved downward quite nicely. Meaning the downward movement should be somewhat satisfy some parties. The current price could be considered as in equilibrium. So, GBP is a “buy with caution” for me.
AUD & NZD
Aussie and New Zealand dollars have a strong correlation because they are geographically closed.
Both AUD & NZD are bouncing the EMAs. NZD is bouncing the 50 ema while AUD is bouncing the 200 ema. AUD is also nearing the uptrend support channel (the green channel on the pic below) which can be tracked since 2015. It can be said that both AUD and NZD are in equilibrium, in balance. I myself expect a rebound to the top, but since it’s in equilibrium, the price could also go down. So, both of them are “buy with caution” for me.
EUR & CHF
Since Swiss is a part of European countries, both currencies are having a strong mirror correlation.
Euro is still far from it’s EMAs support. There’s also a trendline support since April 2017. The current price pattern could be an indication that EUR is forming the right shoulder of top head and shoulder pattern. CHF is also the same, it is still quite far from it’s resistance. The downward movement of CHF was also quite extreme, almost vertical without any decent break until this several days. Since both of them are “in the middle of nowhere”, I would leave them alone and come back when there’s a clear entry signal.
CAD
Canadian dollar is making a hammer candlestick pattern this last Friday. It is a reversal patter. The wick of the candle is also nearing it’s 200 ema and the trendline (since May 2017) resistance. For me, CAD is “sell if solidly break below the 50 ema.”
JPY
Japanese’s Yen is an odd one. It’s been moving in a channel of 108.5 – 114 since 2016. The current price is nearing the lower channel. So, JPY would be a “Strong Buy with tight stop loss” for me.
Things to watch for
Next Friday, Feb 26th, 2018 is the Chinese / Lunar New Year. It’s actually a huge deal, because Most Chinese, Korean, Japanese, and all the Chinese diaspora all around the world will celebrate this holiday. Before this holiday, people will be holding cash to buy gifts and feasts. Which means, after the Lunar New Year, those people will start putting their money into investment.
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