Forex Weekly Outlook for February 12th, 2018

Forex Weekly Outlook for February 12th, 2018

Forex Weekly Outlook for February 12th, 2018

The Forex Weekly Outlook is designed to help traders remain aware of intermarket correlations of global market relationships. You can become more profitable if you know how to get ahead of the trends and understand that these relationships can potentially expand your portfolio. Utilizing the predictive indicators and intermarket relationships in VantagePoint Intermarket Software can help traders find the right trades and the right times to enter and exit those trades. Let’s look at the charts for the U.S. Dollar and the major pairs.

Forex and the U.S. Dollar

The U.S. Dollar Index is the backbone of forex trading. The bulk of the trades involves buying or selling the U.S. dollar. Understanding the movements of the individual market will greatly benefit forex traders as they will be able to better predict the movements of the pairs based on the IDX market movement.

Key levels and market movements:

There has been a fresh EMA crossover and the indicators are pointing higher. As long as the key level of 89.87 holds, the Dollar index should continue to advance.

What do the indicators say?

The VantagePoint predictive 18-day moving average is at 89.857 and the VantagePoint PRSI is at 68.8.

Forex Weekly Outlook for Major Pairs

The major pairs are where most Forex traders trade the market. In the Forex Weekly Outlook we take a look at the most popular pairs analyzing price action, news events and/or risk off scenarios that could play a role in market movement, and a series of VantagePoint charts that best present information that can assist traders in determining where the market may move in the week ahead.

Euro/U.S. Dollar (EUR/USD)

Key Levels and market movement:

As long as gold moves lower so is this pair. VantagePoint continues to show weakness in this currency pair. Additionally, there is no indication in VantagePoint that this new trend direction is going to reverse anytime soon.

What do the indicators say?

The predictive 18-day moving average is 1.2292 and the PRSI is at 29.3.

U.S. Dollar/Swiss Franc (USD/CHF)

Key Levels and market movement:

This pair needs to break above .9426 for a bigger move to the upside. And the EUR/USD needs to hold below the 1.23 level to make that happen.

What do the indicators say?

The predictive 18-day moving average is at .9426 and the PRSI is at 60.3 and the

British Pound/U.S. Dollar (GBP/USD)

Key Levels and market movement:

The Bank of England was quite hawkish this week so this pair does have a chance to recover again. Traders should monitor the signals in VantagePoint to monitor for a reversal. But for now, the indicators are saying this pair is moving lower.

What do the indicators say?

The VantagePoint predictive 18-day moving average is at 1.3934 and the PRSI is at 28.7.

U.S. Dollar/Japanese Yen (USD/JPY)

Key Levels and market movement:

The main correlation between this pair is the equity markets. There is significant support around the 108 area. The VantagePoint indicators have yet to say this pair is going to reverse higher.

What do the indicators say?

The PRSI is at 31.4 and the predictive 18-day moving average is at 109.649.

The Commodities Currencies

U.S. Dollar/Canadian Dollar (USD/CAD)

Key Levels and market movement:

This pair has solid support down around the 1.2270 area. The VantagePoint indicators turned positive and the pair leveraged off of that. As the commodities markets across the board continue to move lower, this pair will likely move higher.

What do the indicators say?

The VantagePoint predictive 18-day moving average is 1.2476 and the PRSI is 75.1.

Australian Dollar/U.S. Dollar (AUD/USD)

Key Levels and market movement:

The lower for the week is coming in around .7750. Traders should look for a move lower than that to confirm going short for this pair.

What do the indicators say?

The predictive 18-day moving average is .7952 and the PRSI is 43.3.

New Zealand Dollar/U.S. Dollar (NZD/USD)

Key Levels and market movement:

Shorts are favorited while under the .7277 level. The majority of the VantagePoint indicators still look relatively bearish.

What do the indicators say?

The predictive 18-day moving average is .7277 and the PRSI is 43.4.

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By |2018-02-12T16:59:55+00:00February 12th, 2018|Forex|0 Comments

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