Saturday Forex Analysis - 2018-02-17
Saturday Forex Analysis - Feb 17th, 2018
The strategies discussed below are suitable for swing traders.
This is a continuation analysis from:
- https://steemit.com/forex/@liberviarum/forex-trades-update-2018-02-14
- https://steemit.com/forex/@liberviarum/saturday-forex-analysis-2018-02-10
usdJPY
On the last forex analysis, I wrote that strangely usdJPY is taking 105.5 as a support / resistance line, not the rounded 105.00. This is proved to be true by looking at the Friday closing. The current price action indicates a reversal. The price almost "touched" the 105.50 support line and made a hammer candlestick pattern. People who like to take riskier move, could just buy at Monday. However, let's take a conservative approach and get a confirmation. Let's wait one or two days for the price to close above this hammer before executing any buy position.
GBPusd
Our GBP position is quite profitable currently. Looking at the H4 chart, if the price is closing another H4 candle above the last candle's high, it might be a continuation of bull. People who can take more risk, could enter another new buy (averaging up) after such candle is formed on the H4 chart. Otherwise, just wait and ride the trend.
AUDusd & NZDusd
AUD continues to make a sharp "V" with it's price, which I don't think a healthy movement. The overall feeling is, AUD going to go with the bull market. However such a sharp movement makes me uncomfortable. NZD is also making a sharp "V" movement, but with smaller range. The price also makes a divergence with the MACD, which makes me very uncomfortable. Let's skip these two for a while and wait for a clear signal.
EURusd & usdCHF
Both EUR and CHF are making divergences with their MACDs. Those are signs for a reversal. Will EUR & CHF move back to their MA? Let's just stand on the sideline, let's see and wait.
usdCAD
CAD makes no substantial movements. It's nearing it's equilibrium and could go up or down although there's 200 EMA resistance at the top.
Conclusion
Only JPY and GBP have good signal so far compared to the other major pair. Although we still need to proceed with caution with both of them, waiting for a confirmation signal.
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