Weekly Forex Chart Outlook for February 20th – 24th 2012

Weekly Forex Chart Outlook for February 20th – 24th 2012

EURUSD

The EURUSD ended last week on a bullish note after forming a bullish rejection pin bar strategy on Thursday and continuing the up move modestly into Friday. This week, we are sideways to bullish biased on this market as long as price stays above 1.2975 on a closing basis. Near-term resistance is seen near 1.3325 and longer term resistance is near 1.3500.

USDJPY

The Japanese yen has been extremely weak against the other majors recently as risk appetite has improved after monetary easing by Japan last week and new hopes that Greece will secure a second bailout. We can see in the weekly chart below that the USDJPY is sitting at a critical resistance level near 79.50. Traders could look to get long the USDJPY, EURJPY, or GBPJPY this week on rotations lower into the daily 8 / 21 EMA support layer; don’t chase a run away train though…wait for a rotation lower into support and then watch for a price action buy signal to form there.

USDCHF

The USDCHF has been on a downward track recently, as evidence from the 8 / 21 day EMAs on the chart below reflects. Most recently, price has pulled back into resistance and formed a bearish pin bar rejection setup there. If price stays under the high of this pin bar we could see a resumption of the negative momentum, a break of near-term support near 0.9100 would open the door for a larger downward move as there is not much support beyond that level until about 0.8550.

Gold

The spot Gold market has seen consolidation recently, after its recent up thrust. We see potential for price to resume its uptrend in the near-term and we can see a nice bullish pin bar has formed showing rejection of the 21 day EMA level and near-term support near $1700.00. If price can remain above support at $1700.00 on a closing basis, we see potential for a resumption of the uptrend this week.

Check out my latest trading lesson: Nial Fuller’s 5 Steps to Successful Forex Trading

February Special Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more – For More Information Click Here.

jamal jber said,

February 21, 2012 @ 11:16 pm

thankes so much you are a great man thank you

Grace Muthua said,

February 22, 2012 @ 3:34 pm

Hi Neil

The weekly charts are great. Am always on eurusd and by the weekly analysis, am able to decide my trades for this week. The market has been on a consolidation making it hard to trade but am waiting for a breakout or a shift. Your analysis Neil are excellent. i have not yet become a member but am planing to do so the soonest possible. Thanks a thousand times Niel for the little help i get even when am not a member yet.

A great day

Grace

RSS feed for comments on this post · TrackBack URI