The following is weekly EURUSD and Gold technical analysis with limit orders for the week of February 20 to 24. See the previous week’s results and our new Forex limit orders.
19 February, AtoZForex – We start this week’s Forex outlook with a short recap of fundamental developments from last week. We had inflation and growth data for the top developed economies, including Japan’s Prelim GDP, German Prelim GDP, along with UK and US CPI.
The data out of the US proved to be the most supportive. However, fear of more verbal interventions against the expensive USD from the Trump administration has likely capped any broad USD rallies fuelled by better than expected fundamental data.
This week on Wednesday we’ll have FOMC Meeting Minutes. They will help us to assess the probability of next interest rate hike by the Fed. Investors are already eyeing March FOMC meeting for it.
Moving on to our last week’s technical Forex analysis, from the two limit orders the AUDUSD at 0.7725 was triggered with precision and reached our TP at 0.7670 by the end of the week. Meanwhile, the second Gold limit order was not triggered and it remains one of our limit orders for next week.
Based on this week’s Forex technical analysis, we have the best risk reward Forex limit orders for Gold and EURUSD currency pair.
EURUSD technical analysis and limit orders
Let’s start with EURUSD technical analysis. The underlying trend for the pair is strongly bearish. Both weekly and daily MACD and Stochastic indicators suggest further downside. Therefore, the scope is for a retest of Fibonacci 100% retracement level at 1.052.
As such, risk reward favours selling EURUSD on bullish rallies. In particular, we could look to sell the Euro from a nearby resistance level at 1.070; using a stop loss of approximately 50 pips.
Gold technical analysis and limit orders
Looking into our Gold technical analysis, we saw some further bullish price developments this week, as we had expected. Particularly, we had additional Gold trade opportunities from the major 1220 support level.
From indicators point of view, however, weekly Stochastic Oscillator remains to trade higher above the 80 level. Suggesting that a rebound is inevitable. Therefore, we might see Gold trade higher supported by bullish weekly and daily MACD but we should expect the precious metal to be increasingly sensitive to nearby resistance level.
As such, we could look to sell Gold from 1250 and 1265.5 resistance levels, aiming back towards 1245 and 1256 areas accordingly.
Weekly live Forex market analysis
Note: A correction at 5th minute, GBPUSD fell approximately 100 pips following the release of UK Retail Sales.
Forex limit orders for EURUSD and Gold
The following are our two Forex limit orders based on this week’s EURUSD and Gold technical analysis:
EURUSD sell limit order @ 1.0695 with SL at 1.0732 and TP at 1.0630.
Gold sell limit order @ 1265.5 with SL at 1270.5 and TP at 1256.
Lastly, keep your eyes on Analysis with entry and exit levels Forum thread for additional Forex limit orders throughout the trading week.
What is your weekly technical outlook? Share your view in the comments section below.