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FXTechstrategyT

Daily Technical Strategy On Currencies & Commodities

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AUDUSD Weakens On Further Pullback Threats. 

AUDUSD weakens on further pullback threats as it saw price extension during early trading on Tuesday. On the upside, resistance stands at the 1.7200 level. A cut through here will turn attention to the 0.7250 level and then the 0.7300 level. A violation will set the stage for a retarget of the 0.7350 level. Support resides at the 0.7100 level where a breach will aim at the 0.7050 level. Below here will set the stage for a run at the 0.7000 level with a cut through here targeting further downside pressure towards the 0.6950 level. On the whole, AUDUSD faces further downside threats.

AUDUSDDaily-2.png

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USDJPY Eyes The 109.88 Resistance Zone And Beyond

USDJPY eyes the 109.88 resistance zone beyond as it looks to resume its upside pressure. On the upside, resistance comes in at 110.00 level. A turn above here will turn attention to the 110.50 level. Further out, we expect a possible move towards the 111.00 level if the earlier resistance is invalidated out. The next resistance resides at the 111.50. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 109.50 level where a break will target the 109.00 level. Below that level will turn focus to the 108.50 level and then lower the 108.00 level. On the whole, USDJPY faces further upside pressure on corrective recovery.

 

USDJPYDaily-1.png

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GOLD Continues To Trade Below Key Resistance At 1,298.55

GOLD continues to trade below key resistance at 1,298.55 as it remains in consolidation mode. On the downside, support comes in at the 1,280.00 level where a break will turn attention to the 1,270.00 level. Further down, a cut through here will open the door for a move lower towards the 1,260.00 level. Below here if seen could trigger further downside pressure targeting the 1,250.00 level. Conversely, resistance resides at the 1,290.00 level where a break will aim at the 1,298.55 level. A turn above there will expose the 1,310.00 level. Further out, resistance stands at the 1,320.00 level. All in all, GOLD looks to move further higher on correction but with caution.

XAUUSDDaily-3.png

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USDCHF Remains Vulnerable Below Key Resistance At 1.0007 Zone

USDCHF remains vulnerable below key resistance at 1.0007 zone. Resistance stands at the 1.0050 level as the next upside target. A break of here will clear the way for more gain towards the 1.0100 level. Above here, resistance comes in at the 1.0150 level and then the 1.0200 level. Its daily RSI is bearish and pointing lower suggesting more weakness. On the downside, support is seen at the 0.9900 level. A turn below there will set the stage for more decline towards the 0.9850 level. And then the 0.9800 level. All in all, USDCHF faces further downside pressure on price pullback.

 

USDCHFDaily.png

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EURGBP Faces Price Recovery Extension Towards 0.8724 Zone

EURGBP faces price recovery extension towards 0.8724 zone. On the downside, support stands at the 0.8650 level where a violation will turn focus to the 0.8600 level. A break below here will aim at the 0.8550 level. Conversely, resistance lies at the 0.8850 level. A violation if seen will turn risk towards the 0.8900 level. Further up, resistance comes in at 0.8950 level followed by the 0.9000 level. Its daily RSI is bullish and pointing higher suggesting further upside pressure. All in all, EURGBP remains biased to the upside on further corrective upside pressure
 

EURGBPDaily.png

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EURUSD Targets Further Upside Pressure On Price Extension

EURUSD targets further upside pressure on price extension as it retains its upside pressure. Support comes in at the 1.1450 where a violation will aim at the 1.1400 level. A break below here will target the 1.1350 level. Further down, support lies at the 1.1300. Its daily RSI is bullish and pointing higher suggesting further strength. On the upside, resistance resides at 1.1550 level with a break through there opening the door for further upside towards the 1.1600 level. Further up, resistance comes in at the 1.1650 level where a violation will expose the 1.1700 level. All in all, EURUSD continues to threaten further upside pressure.
 

EURUSDDaily-4.png

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USDCHF Eyeing Further Upside Pressure Despite Price Hesitation

USDCHF eyes further upside pressure despite price consolidation on Friday. Resistance comes in at the 1.0000 level. A break of here will clear the way for more gain towards the 1.0050 level. Above here, resistance lies at the 1.0100 level and then the 1.0150 level. Its daily RSI is bullish and pointing higher suggesting more strength. On the downside, support is seen at the 0.9900 level. A turn below there will set the stage for more decline towards the 0.9850 level. And then the 0.9800 level. All in all, USDCHF faces further upside pressure on price recovery

USDCHFWeekly.png

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EURUSD Pulls Back Ahead Of Key Resistance

EURUSD pulls back ahead of key resistance at 1.1569 level with risk of more weakness. Support comes in at the 1.1400 where a violation will aim at the 1.1350 level. A break below here will target the 1.1300 level. Further down, support lies at the 1.1250. On the upside, resistance resides at 1.1500 level with a break through there opening the door for further upside towards the 1.1550 level. Further up, resistance comes in at the 1.1600 level where a violation will expose the 1.1650 level. All in all, EURUSD continues to threaten further upside pressure but with caution pf pullback.
 

EURUSDWeekly.png

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USDJPY Looks To Extend Gain Above Key Resistance

USDJPY looks to extend gain above key resistance located at 109.99 zone and beyond. On the upside, resistance comes in at 110.50 level. Above here will turn attention to the 111.00 level. Further out, we expect a possible move towards the 111.50 level if the earlier resistance is taken out. A break of here will open the door for more gain towards the 112.00. On the downside, support comes in at the 109.50 level where a break will target the 109.00 level. Below that level will turn focus to the 108.50 level and then lower towards the 108.00 level. On the whole, USDJPY faces further upside pressure.

USDJPYDaily.png

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GBPJPY Tumbles Lower On Price Reversal

GBPJPY tumbles lower on price reversal with further weakness expected in the days ahead. On the downside, support comes in at the 142.00 level where a violation will aim at the 141.50 level. A break below here will target the 141.00 level followed by the 140.50 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance is seen at the 142.50 level followed by the 143.00 level. A cut through that level will set the stage for a move further higher towards the 143.50 level. Further out, resistance resides at the 144.00 level. All in all, GBPJPY faces further downside pressure on price sell off.
 

GBPJPYDaily.png

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EURUSD Bear Pressure Remains Intact

EURUSD bear pressure remains intact as it looks for price extension. Support stands at the 1.1350 where a break will aim at the 1.1300 level. A break below here will target the 1.1250 level. Further down, support lies at the 1.1200. On the upside, resistance resides at 1.1400 level with a break through there opening the door for further upside towards the 1.1450 level. Further up, resistance comes in at the 1.1500 level where a violation will expose the 1.1550 level. All in all, EURUSD continues to threaten further downside pressure.
 

 

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GBPUSD Remains Vulnerable To The Downside On Bear Pressure

GBPUSD remains vulnerable to the downside as more weakness is expected in the days ahead.Support is seen at 1.2900 level. Further down, support comes in at the 1.2850 level where a break will turn focus to the 1.2800 level. Further down, support lies at the 1.2750 level. Below here will set the stage for more weakness towards the 1.2700 level. On the upside, resistance stands at the 1.3000 with a turn above here allowing for additional strength to build up towards the 1.3050 level. Further out, resistance stands at the 1.3100 level followed by the 1.3150 level. On the whole, GBPUSD faces further downside pressure on further weakness.

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GBPJPY Eyes Upside Pressure On Further Corrective Recovery

GBPJPY eyes upside pressure on further corrective recovery as it retain its bull pressure. On the downside, support comes in at the 142.50 level where a violation will aim at the 142.00 level. A break below here will target the 141.50 level followed by the 141.00 level. Conversely, resistance is seen at the 143.00 level followed by the 143.50 level. A cut through that level will set the stage for a move further higher towards the 144.00 level. Further out, resistance resides at the 144.50 level. All in all, GBPJPY looks to recover higher

 

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EURGBP Remains Weak And Vulnerable To The Downside

EURGBP remains weak and vulnerable to the downside as it looks for more decline. On the downside, support stands at the 0.8700 level where a violation will turn focus to the 0.8650 level. A break below here will aim at the 0.8600 level. Its daily RSI is bearish and pointing lower suggesting further decline. Conversely, resistance lies at the 0.8800 level. A violation if seen will turn risk towards the 0.8850 level. Further up, resistance comes in at 0.8900 level followed by the 0.8950 level. All in all, EURGBP remains biased to the downside on further corrective pullback pressure
 

EURGBPDaily.png

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USDCHF Faces Further Weakness On Close Lower

USDCHF faces further weakness on close lower following its past week losses. Resistance comes in at the 1.0050 level. A break of here will clear the way for more gain towards the 1.0100 level. Above here, resistance lies at the 1.0150 level and then the 1.0250 level. On the downside, support is seen at the 0.9950 level. A turn below there will set the stage for more decline towards the 0.9900 level. And then the 0.9850 level. Its daily risk is bearish and pointing lower suggesting further weakness. All in all, USDCHF faces further downside pressure on price pullback threats.

USDCHFWeekly-1.png

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    • USDCHF Faces Further Weakness On Close Lower USDCHF faces further weakness on close lower following its past week losses. Resistance comes in at the 1.0050 level. A break of here will clear the way for more gain towards the 1.0100 level. Above here, resistance lies at the 1.0150 level and then the 1.0250 level. On the downside, support is seen at the 0.9950 level. A turn below there will set the stage for more decline towards the 0.9900 level. And then the 0.9850 level. Its daily risk is bearish and pointing lower suggesting further weakness. All in all, USDCHF faces further downside pressure on price pullback threats.
    • While at the gym today, I remembered that I passed on 2 trades this morning that both turned out to be high runners. I literally had the thought "this one is no good" as if I would know the future.  It's easy to overlook it but this is where the awareness and probabilistic mindset comes into play. I realize I have been trying to filter out losers instead of taking the setups. Next week, I will focus on taking all trades instead of filtering. 
    • I traded alot today. 9 trades, 8 losers and BEs, 1 runner that paid for them all. Gotta keep swinging! totaled 240 bps before commission. The first winner on W, I did not count - it was a mistake that led to profit. I felt like a machine, kept pulling the trigger, watch the 1min chart, see it doesn't go anywhere, take my small loss... over and over... then one takes off... Let it run... the whole time I was thinking I hope that the one winner will pay for all the losers. I was tempted to close out the winner early. I had no idea that the payoff distribution for this strategy would be so extreme - 8 tiny losses before hitting a big win. Pays to keep the losses tiny and keep swinging. 
    • Date : 22nd February 2019.

      MACRO EVENTS & NEWS OF 22nd February 2019.



      FX News Today Both Topix and Nikkei, declined during the Asian session, with -0.25% and -0.18% respectively. Overall, stock markets in Asia struggled through most of the session as subdued inflation data rekindled concerns about a lack of demand and flagging growth and after Wall Street closed in the red. News that US President Trump will meet with China’s top trade negotiator today in Washington seems to have helped Chinese markets to stage a late rally and CSI 300 and Shanghai Comp are up 1.76% and 1.51% respectively and the Hang Seng also managed to claw back losses and is up 0.11%. US stock futures are posting marginal gains and the April WTI future is trading at just over USD 57 per barrel. USDCAD rallied over 1.32 to 1.3225, as Oil inventories rose, with the US at record production levels. Oil price is now back around the $57 mark. Japanese CPI data same as forecasts, pushing the Yen higher. Charts of the Day


      Main Macro Events Today EU CPI Inflation – Core inflation is expected to be confirmed at 1.1% y/y while the overall inflation rate is expected to have stood at 1.4% in January. Canadian Retail Sales – Retail Sales are expected to have declined by 0.3% m/m in December, an improvement from the 0.6% declined observed in November. Mario Draghi Speech – The ECB President is due to speak to the University of Bologna where he will accept an honourary degree. Support and Resistance
       
      Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

      Please note that times displayed based on local time zone and are from time of writing this report.

      Click HERE to access the full HotForex Economic calendar.

      Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

      Click HERE to READ more Market news.

      Dr Nektarios Michail
      Market Analyst
      HotForex

      Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
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