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FX.co ★ Fractal analysis of major currency pairs on February 17

Fractal analysis of major currency pairs on February 17

Outlook on February 17:

Analytical review of popular currency pairs on the hourly chart:

Fractal analysis of major currency pairs on February 17

The key levels for the EUR/USD pair are 1.2219, 1.2197, 1.2170, 1.2142, 1.2114, 1.2096, 1.2068, 1.2050, 1.2028 and 1.2015. The price has been moving in the upward trend since February 5, but it is currently in a correction stage and forms the potential for a downward trend from February 16. In this case, we can expect the price to make a short-term decline in the range of 1.2068 - 1.2050. If the last value is broken, a strong decline will continue towards the target of 1.2028. The price may consolidate in the range of 1.2028 - 1.2015.

A short-term growth, in turn, is possible in the range of 1.2096 - 1.2114. If the last value breaks down, the movement will extend to the level of 1.2142. A breakout of this level will lead the price to the first potential target of 1.2170.

The main trend is the upward trend from February 5, correction stage.

Trading recommendations:

Buy: 1.2096 Take profit: 1.2112

Buy: 1.2116 Take profit: 1.2141

Sell: 1.2068 Take profit: 1.2052

Sell: 1.2048 Take profit: 1.2028

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Fractal analysis of major currency pairs on February 17

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 ascending since February 4. We expect this trend to continue after the price breaks through the 1.3880 - 1.3909 range. 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.

Alternatively, a short-term decline is expected in the range of 1.3837 - 1.3801. 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

Fractal analysis of major currency pairs on February 17

The key levels for the USD/CHF pair are 0.8993, 0.8974, 0.8953, 0.8943, 0.8921, 0.8907, 0.8886, 0.8859, 0.8846 and 0.8827. The price has formed a strong upward potential from February 16. Thus, we expect the growth to resume after the price breaks through the noise range of 0.8943 - 0.8953. In this case, the target is 0.8974. The price may consolidate around this level. The final upward target is 0.8993. Once this level is reached, a pullback into the correction may occur.

Meanwhile, a short-term decline is possible in the range of 0.8921 - 0.8907. If the last value is broken, a deep correction may follow. The target is set at 0.8886, which is also the key support level.

The main trend is the downward trend from February 5, formation of upward potential from February 16

Trading recommendations:

Buy: 0.8954 Take profit: 0.8974

Buy: 0.8976 Take profit: 0.8993

Sell: 0.8920 Take profit: 0.8908

Sell: 0.8905 Take profit: 0.8888

Fractal analysis of major currency pairs on February 17

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

Fractal analysis of major currency pairs on February 17

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 upwards 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

Fractal analysis of major currency pairs on February 17

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 rising since February 2. This trend will extend if the price successfully breaks through 0.7784 level. In such a case, the target is set at 0.7824. 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 occur. 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

Fractal analysis of major currency pairs on February 17

The key levels for the EUR/JPY pair are 129.14, 128.64, 128.20, 127.82, 127.50 and 127.16. The price has been moving in an upward trend since February 4. Therefore, we expect it to extend after the level of 128.20 is broken. In this case, the target is 128.64. The price may consolidate within the vicinity of this level. The final upward target is set at 129.14. After reaching the level, the price may make a downward pullback.

A short-term decline is possible in the range of 127.82 - 127.50. If the level of 127.50 breaks down, a deep correction will follow. The target is located at 127.16, which is also a key support level.

The main trend is the upward trend from February 4.

Trading recommendations:

Buy: 128.20 Take profit: 128.64

Buy: 128.66 Take profit: 129.14

Sell: 127.80 Take profit: 127.52

Sell: 127.48 Take profit: 127.16

Fractal analysis of major currency pairs on February 17

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. Meanwhile, short-term growth and consolidation are considered in the 147.73 - 148.15 range. 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 range of 146.32 - 145.66. 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

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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