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  • Sunday 16 February 2020

    Forex Weekly Setups, 17th February to 21st February 2020

    The market has closed in a very positive state in which the dollar has been the major benefiting currency. This week we might get to see the more continuation on the dollar but might be the last unless the dollar index is able to break above 99.650 August 2019 high.

    Last week there was hardly any reliable fundamental activity on the markets which made us not to include Fundamental Analysis on our previous weekly article.

    Fundamental OutLook
    This weeks we have four news event opportunities to trade which are as follows.

    1. CPI (CAD), On Wednesday we looking for a Bearish Impact on the Canadian Dollar as the given forecast and previous value is above the Estimate Average Range.

    2.  Retail Sales (CAD), On Friday we looking for a Bearish Impact on the Canadian dollar.

    Technical Setups

    USD Index
    The dollar Index has broke above above the OTE zone and we will be looking for price to push further to the August 2019 high at 99.650.

    The Euro Yen pair has broken the bullish trend line which exposes the pair to a bearish market in which we are much likely see price dropping much further during the week. the current target based on our strategy is 150pips from current prices.

    The Euro dollar has been selling strongly last week causing the pair to break the 2019 lows by moving below 1.0899 and we are expecting a further drop as due to the dollar strengthening and brexit.

    Recommended Article: The Fall Of The EurUsd Explained

    The Dollar Chf has faced a lot of bullish movement in the previous weeks as the dollar has experienced a lot of bullish momentum causing the pair to move over 200pips last week.
    Previous Setup

    The New Zealand dollar has just experienced a rejection at Fib level 50.0 and we will be looking for a continuation to the Optimal Trade Entry zone before we can expect to see any bullish activity on the pair.

    We believe these setups will help you produce excellent results in your trading, please use proper risk management in all your trading to ensure profitability.

    Sifiso Nkwanyana

    Author & Editor

    I hope you have recieved all the information you seek and thank you once more for browsing our website we hope to hear from you soon.


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