19.02.202110:22 Forex Analysis & Reviews: Fractal analysis of major currency pairs on February 19

Outlook on February 19:

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. The price has been moving in a downward trend since February 16. We expect this trend to extend after the level of 1.2028 is broken. In this case, the target is 1.1990. The price may consolidate near this level. If this target breaks down, the strong downward movement will continue towards the potential target of 1.1913. A price consolidation is possible in the 1.1913 - 1.1936 range, from which an upward pullback can be expected.

A consolidated movement, in turn, is possible in the range of 1.2082 - 1.2114. If the level of 1.2114 is broken, it can lead to the local upward initial conditions. Here, the potential target is 1.2170.

The main trend is the downward trend from February 16.

Trading recommendations:

Buy: 1.2083 Take profit: 1.2114

Buy: 1.2116 Take profit: 1.2170

Sell: 1.2028 Take profit: 1.1992

Sell: 1.1988 Take profit: 1.1936

The key levels for the GBP/USD pair are 1.4214, 1.4155, 1.4108, 1.4042, 1.3992, 1.3925, 1.3880 and 1.3826. The price has formed a local potential for the next development of an upward trend. So, we expect a short-term growth in the range of 1.3992 - 1.4042. Once the last value is broken, strong growth will resume towards the target of 1.4108. This will be followed by another short-term upward movement and consolidation in the 1.4108 - 1.4155 range. The final upward target is 1.4214. After reaching this level, which, the price may make a downward pullback.

On the other hand, a short-term decline is expected in the range of 1.3925 - 1.3880. If the level of 1.3880 is broken, the downward trend will develop further. In such a case, the first target is 1.3826.

The main trend is the upward trend from February 4, local upward potential from February 17.

Trading recommendations:

Buy: 1.3992 Take profit: 1.4040

Buy: 1.4043 Take profit: 1.4108

Sell: 1.3925 Take profit: 1.3881

Sell: 1.3880 Take profit: 1.3826

The key levels for the USD/CHF pair are 0.9063, 0.9051, 0.9024. 0.9010, 0.8993, 0.8974, 0.8962, 0.8943 and 0.8912. The price has been rising 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 range of 0.9010 - 0.9024. 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.

The price may consolidate after breaking through the range of 0.8974 - 0.8962. If the last value is broken, a deep correction will occur. The target is set at 0.8943, which is also the key support level. Its breakdown will lead to a strong decline towards the potential target of 0.8912.

The main trend is the upward trend from February 16, correction stage.

Trading recommendations:

Buy: 0.8995 Take profit: 0.9010

Buy: 0.9011 Take profit: 0.9024

Sell: 0.8960 Take profit: 0.8945

Sell: 0.8941 Take profit: 0.8914

The key levels for the USD/JPY are 106.96, 106.80, 106.45, 106.27, 105.98, 105.58 and 105.28. The price has been moving up since February 10. Therefore, we expect it to continue its growth after the level of 105.98 is broken. The first target is seen at 106.27. Meanwhile, a short-term growth is possible in the 106.27 - 106.45 range. Once the level of 106.45 is broken, a strong growth will follow towards 106.80. The ultimate upward target is the level 106.96. After reaching this level, a downward pullback can be expected.

A short-term decline, on the contrary, is possible in the 105.58 - 105.28 range. A key upward reversal can be expected from it.

The main trend is the upward trend from February 10, correction stage.

Trading recommendations:

Buy: 105.98 Take profit: 106.27

Buy: 106.27 Take profit: 106.45

Sell: 105.56 Take profit: 105.30

Sell: Take profit:

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 bearish trend starting from January 28, but it is currently going into correction and forms an upward potential from February 16. In this case, we expect growth to resume after the price breaks through the noise range of 1.2722 - 1.2739. The target is set 1.2772. There is a short-term growth and consolidation in the 1.2772 - 1.2802 range. The final 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 manages to break 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. Once 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 trend since 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.

The price may consolidate in the range of 127.56 - 127.82. If the value is broken, the local upward trend may form. The potential target is 128.40.

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

Trading recommendations:

Buy: Take profit:

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 150.26, 149.55, 149.15, 148.15, 147.73, 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 147.73 - 148.15 range. In such a case, the target will be set at 149.15. The price may consolidate in the range of 149.15 - 149.55. The final upward target is 150.26. After reaching this level, the price may pullback 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: 148.16 Take profit: 149.15

Buy: 149.55 Take profit: 150.26

Sell: 146.31 Take profit: 145.67

Sell: 145.64 Take profit: 144.88