Forex Majors Game Plan For Week of Feb. 10, 2020

Cory Mitchell, CMT

EURUSD Highlights

Broke support to the downside. Downward bias. Awaiting the next pullback-consolidation-and downside-consolidation-breakout for the next shorting opportunity.

GBPUSD Highlights

Consolidating near support. Only interested in short-term trades at the moment, as the price is moving mostly sideways on the daily chart and in a mostly narrowing pattern.

USDJPY Highlights

Consolidating near resistance. Downside breakout provides room for price to fall to support starting near 108.50. There is resistance above the consolidation, so an upside breakout is only tradable on the small timeframes at the moment, unless we start climbing above Dec. highs.

Also see USDNOK Nears Resistance, Watch for Breakout or Failure.

USDCHF Highlights

Price has already rallied off support. For a trading opportunity, it either needs to return to support or rally into the 0.9850 to 0.99 region and consolidate there. 

USDCAD Highlights

Consolidating at the top of a descending wedge. Upside breakout—currently in play—is ideally traded on short timeframes with a trailing stop loss. Ideally, price breaks the consolidation to the downside, leaving lots of room to run down into support, starting at 1.30.

Also see USDCAD at Top of Descending Wedge.

AUDUSD Highlights

Right near major support and consolidating. Upside breakout provides some room to run, but be conservative on the profit target. Downside breakout leaves no support. I prefer to use a trailing stop loss exit on this one.

Also see AUDNZD Forming a Bottom and Near Upside Breakout Levels.

NZDUSD Highlights

Downward momentum. Awaiting the next pullback-consolidation-downside-breakout in order to get short again.

By Cory Mitchell, CMT. Join me on Twitter @corymitc.

Disclaimer: Nothing in this article is personal investment advice, or advice to buy or sell anything. Trading is risky and can result in substantial losses, even more than deposited if using leverage.

Comments

Forex Analysis

FEATURED
COMMUNITY