18.02.202111:22 Forex Analysis & Reviews: Fractal analysis of major currency pairs on February 18

Outlook on February 18:

Analytical review of popular currency pairs on the hourly chart:

The key levels for the EUR/USD pair are 1.2170, 1.2114, 1.2082, 1.2060. 1.2028, 1.1990, 1.1936 and 1.1913. We consider the downward trend that started from February 16 as a large initial condition. Here, the price is expected to continue its decline after the level of 1.2028 is broken. The target is set at 1.1990. The price may consolidate around this level. Once this target is broken, the strong downward movement will continue towards the potential target of 1.1913. There will be a price consolidation in the range of 1.1913 - 1.1936, from which an upward pullback may also possibly occur.

A short-term growth, in turn, is likely in the range of 1.2060 - 1.2082. If the last value is broken, the movement will continue to the key support level of 1.2114. The breakdown of which will lead to the formation of local initial upward conditions. In this case, the potential target is 1.2170.

The main trend is the downward trend from February 16.

Trading recommendations:

Buy: 1.2060 Take profit: 1.2081

Buy: 1.2083 Take profit: 1.2114

Sell: 1.2028 Take profit: 1.1992

Sell: 1.1988 Take profit: 1.1936

The key levels for the GBP/USD pair are 1.4037, 1.3998. 1.3971, 1.3909, 1.3880, 1.3837, 1.3801 and 1.3747. The price has been rising since February 4. We expect this trend to continue after the price breaks through the range of 1.3880 - 1.3909. The target is set at 1.3971. Meanwhile, a short-term growth and consolidation is possible in the range of 1.3971 - 1.3998. The final upward target is 1.4037. After reaching this level, the price may consolidate and pullback downwards.

On the other hand, a short-term decline is expected in the 1.3837 - 1.3801 range. If the level of 1.3801 is broken, a deep correction will occur. The target is seen at 1.3747. Strong initial conditions for a downward trend will likely form before reaching this level.

The main trend is the upward trend from February 4, correction stage.

Trading recommendations:

Buy: 1.3910 Take profit: 1.3971

Buy: 1.3999 Take profit: 1.4036

Sell: 1.3837 Take profit: 1.3802

Sell: 1.3798 Take profit: 1.3750

The key levels for the USD/CHF pair are 0.9063, 0.9051, 0.9024. 0.9010, 0.8993, 0.8974, 0.8962 and 0.8943. The price has been moving up since February 16. In this case, we expect growth to continue after the level of 0.8993 is broken. The target is located at 0.9010. At the same time, a short-term upward movement and consolidation are possible in the 0.9010 - 0.9024 range. If the last value breaks down, the price will strongly rise to the target of 0.9051. The final upward target is seen at 0.9063. After reaching this level, the price can consolidate and pullback downwards.

Meanwhile, a short-term decline is possible in the range of 0.8974 - 0.8962. The breakdown of 0.9862 will lead to a deep correction. The target is set at 0.8943, which is also the key support level.

The main trend is the upward trend from February 16.

Trading recommendations:

Buy: 0.8995 Take profit: 0.9010

Buy: 0.9011 Take profit: 0.9024

Sell: 0.8974 Take profit: 0.8963

Sell: 0.8960 Take profit: 0.8945

The key levels for the USD/JPY are 106.96, 106.80, 106.45, 106.27, 105.80, 105.58 and 105.28. The price has been moving in a bullish trend since February 10. In this case, we can expect a short-term growth in the range of 106.27 - 106.45. If the last value is broken, strong growth will continue towards the 106.80 level. The final upward target is 106.96. After reaching this level, the price may pullback below.

A short-term decline is likely in 105.80 - 105.58 range. If the level of 105.58 breaks down, a deep correction will occur. The target is set at 105.28, which is also the key support level.

The main trend is the upward trend from February 10.

Trading recommendations:

Buy: 106.27 Take profit: 106.45

Buy: 106.48 Take profit: 106.80

Sell: 105.80 Take profit: 105.58

Sell: 105.56 Take profit: 105.28

The key levels for the USD/CAD pair are 1.2852, 1.2802, 1.2772, 1.2739, 1.2722, 1.2672, 1.2643, 1.2606, 1.2539 and 1.2510. The price continues to move in a downward trend starting from January 28, but it is currently going into correction and forms an upward potential from February 16. We expect the upward movement to resume after the price breaks through the noise range of 1.2722 - 1.2739. The target is set 1.2772. In turn, a short-term growth and consolidation are in the 1.2772 - 1.2802 range. The ultimate upward target is located at 1.2852. From this level, a downward pullback can be expected.

A short-term decline, in turn, is expected in the range of 1.2672 - 1.2643. Once the last value is broken, the downward trend will develop further. The first target is set at 1.2606. Its breakdown will continue the strong decline towards the target of 1.2539. The final downward target is 1.2510, wherein an upward pullback may occur.

The main trend is the downward trend from January 28, correction stage.

Trading recommendations:

Buy: 1.2740 Take profit: 1.2772

Buy: 1.2774 Take profit: 1.2802

Sell: 1.2670 Take profit: 1.2644

Sell: 1.2641 Take profit: 1.2606

The key levels for the AUD/USD pair are 0.7882, 0.7865, 0.7841, 0.7824, 0.7784, 0.7751, 0.7729, 0.7702 and 0.7683. The price has been ascending since February 2. This trend will extend if the price successfully breaks through the level of 0.7784. If this happens, the next target set at 0.7824 will be considered. In turn, the price may consolidate in the range of 0.7824 - 0.7841. If the last value breaks down, the growth will continue towards 0.7882. A consolidation and a downward pullback are closer to this level.

A short-term decline is expected in the range of 0.7751 - 0.7729. If the level of 0.7729 is broken, a deep correction will follow. The target here is set at 0.7702. The key support is in the range of 0.7702 - 0.7683.

The main trend is the upward trend from February 2, correction stage.

Trading recommendations:

Buy: 0.7785 Take profit: 0.7824

Buy: 0.7841 Take profit: 0.7865

Sell: 0.7750 Take profit: 0.7730

Sell: 0.7727 Take profit: 0.7702

The key levels for the EUR/JPY pair are 128.40, 127.82, 127.56, 127.23, 126.99, 126.55 and 126.20. The price, which continuously moves in an upward direction starting from February 4, is currently in a correction and is forming a downward potential from February 17. Therefore, we expect a short-term decline to continue in the 127.23 - 126.99 range. If the last value is broken, a deep correction will occur. The target is set at 126.55. The final downward target is 126.20. After reaching this level, the price may consolidate and pullback upwards.

Alternatively, a short-term growth is possible in the range of 127.56 - 127.82. If the level of 127.82 is broken, the local upward trend will most likely form. In this case, the potential target is 128.40.

The main trend is the upward structure of February 4, correction stage

Trading recommendations:

Buy: 127.56 Take profit: 127.80

Buy: 127.84 Take profit: 128.40

Sell: 127.23 Take profit: 127.00

Sell: 126.96 Take profit: 126.55

The key levels for the GBP/JPY pair are 149.15, 148.15, 147.73, 147.19, 146.32, 145.66 and 144.87. The price has been moving in a bullish trend starting from February 4. This trend will extend if the price breaks through the level of 147.19. If so, the target will be set at 147.73. On the other hand, short-term growth and consolidation are considered in the range of 147.73 - 148.15. The final upward target is the level of 149.15. If this level is reached, the price may pull back downwards.

In turn, a short-term decline is expected in the 146.32 - 145.66 range. A breakout of the last value will result in a deep correction. The target is set at 144.87, which is also the key support.

The main trend is the upward trend from January 18, the local upward trend from February 4.

Trading recommendations:

Buy: 147.20 Take profit: 147.73

Buy: 148.16 Take profit: 149.15

Sell: 146.31 Take profit: 145.67

Sell: 145.64 Take profit: 144.88