EURUSD, XAUUSD and USDJPY TA – February 20 2017

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EURUSD intra-day analysis

 

EURUSD (1.0615): EURUSD’s reversal on Friday saw prices breaking down below 1.0644 by the end of the day. Although this morning’s price action is a bit bullish, EURUSD could be seen testing 1.0600 here support is likely to be found. A bounce of the 1.0600 support could signal a continuation to the upside targeting 1.0700 followed by a move towards 1.0800. Alternately, failure to establish support at 1.0600 could mean further decline in prices as EURUSD could slide towards 1.05550 support.

XAUUSD intra-day analysis

XAUUSD (1233.88): Gold prices were seen retesting 1241 resistance last week, but failure to break out higher has signaled a near-term push lower. A breakdown below 1235.50 could signal near-term declines as gold prices could be seen testing the lower support once again at 1220.00 – 1217, which was briefly tested last week and was met with strong rejection at these levels. Price action on the 4-hour chart also shows a possible double top pattern being formed which could mean that a breakdown below 1220 could signal further declines towards 1200.00 at the very least.

USDJPY intra-day analysis

USDJPY (113.12): USDJPY is looking to post a reversal after falling to 113.00 support last week. The rebound from the support zone at 113.00 – 112.50 could signal a short-term move to the upside in USDJPY which could see prices potentially rally back to target 115.36. The 4-hour chart also shows a hidden bullish divergence at the current level, meaning that USDJPY could see some consolidation within 113.00 – 112.50 following which an upside move can be expected. This bullish bias will be invalidated on a close below 112.50.

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About Author

John is a market analyst for Orbex Ltd. and is a forex and equities trader having been involved in trading since late 2009. John makes use of a mix of technical and fundamental analysis and inter-market relationships. The analysis present here is a mix of intra-day analysis while considering the long term outlook of the markets as well. For any comments or questions, John can be reached at [email protected]

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