Forex Trading Technical Analysis for February the 17th
By Dorin D
Published On February 17, 2021
Technical Analysis (XAUUSD)
The Forex trading technical analysis indicates that the price of gold (17th of February) was around 1794.2 USD/Ounce early today. Under 1-hour-chart technical analysis, it plummeted yesterday (16th), expanding the falling scale after dropping below the 1800 USD mark. The candlestick is currently rebounding from deep and lying below the middle Bollinger Band. The bands are facing downwards and expanding, so it is likely to decline again after rebounding to the resistance level.
Currently, the short-swing upper resistance level lies between 1805.0~1808.0. The current support level lies between 1780.0~1783.0. Investors who wish to sell short could consider selling between 1797.0~1799.0 in the short-term and setting the stop loss above 1802.5.
Technical Analysis (EURUSD):
The price of EUR/USD (17th of February) was around 1.21020 early today. Under 1-hour-chart technical analysis, the candlestick pulled back sharply after surging again as predicted yesterday (16th). It is currently lying between the middle and lower Bollinger Bands. The bands are facing downwards and expanding, so it is likely to decline again after rebounding to the resistance level.
Currently, the short-swing upper resistance level lies between 1.21050~1.21150. The current support level lies between 1.20750~1.20850. Investors who wish to sell short could consider selling between 1.20960~1.21000 in the short-term and setting the stop loss above 1.21080.
Technical Analysis (GBPUSD):
The price of GBP/USD (17th of February) was around 1.39017 early today. Under 1-hour-chart technical analysis, as USD rallied sharply yesterday (16th), the candlestick is currently lying between the middle and lower Bollinger Bands after pulling back strongly. The bands are facing downwards, so it is likely to drop again after continue rebounding to the resistance level.
Currently, the short-swing upper resistance level lies between 1.39000~1.39100. The current support level lies between 1.38400~1.38500. Investors who wish to sell short could consider selling between 1.38850~1.38880 in the short-term and setting the stop loss above 1.39050.
Technical Analysis (AUDUSD):
The price of AUD/USD (17th of February) was around 0.77493 early today. Under 1-hour-chart technical analysis, the candlestick pulled back after surging yesterday (16th), it is currently lying between the middle and lower Bollinger Bands. The bands are facing downwards, so it is likely to continue falling.
Currently, the short-swing upper resistance level lies between 0.77700~0.77750. The current support level lies between 0.77100~0.77150. Investors who wish to sell short could consider selling between 0.77600~0.77650 in the short-term and setting the stop loss above 0.77730.
Technical Analysis (USOUSD):
The price of USO/USD (17th of February) was around 60.33 this morning. Under 1-hour-chart technical analysis, the candlestick continued falling yesterday (16th), it is pulling back and fluctuating around the middle Bollinger Band. The bands are facing dowards, so it is likely to continue declining.
Currently, the short-swing upper resistance level lies between 60.40~60.50. The current support level lies between 58.80~58.90. Investors who wish to sell short could consider selling between 59.80~59.90 in the short-term and setting the stop loss above 60.10.
Technical Analysis (Nas100):
The NASDAQ (17th of February) was around 13762.5 this morning. Under 1-hour-chart technical analysis, the candlestick pulled back sharply yesterday (16th), it is currently rebounding from the bottom and standing on the 5-day and 10-day MA, so it is likely to rebound.
Currently, the short-swing upper resistance level lies between 13810.0~13840.0. The current support level lies between 13700.0~13730.0. Investors who wish to go long could consider buying between 13750.0~13770.0 in the short-term and setting the stop loss below 13730.0.
Economic Calendar (17th of February)
(Source: uk.investing.com)
| Time | Currency | Data | Importance | |
| 1. | 08:00 | GBP | CPI (MoM) (Jan) | ★★ |
| 2. | 08:00 | GBP | RPI (MoM) (Jan) | ★ |
| 3. | 14:30 | USD | Retail Prices (MoM) (Jan) | ★★★ |
| 4. | 14:30 | USD | PPI (MoM) (Jan) | ★★★ |
| 5. | 14:30 | CAD | CPI (MoM) (Jan) | ★★ |
| 6. | 15:15 | USD | Industrial Production (MoM) (Jan) | ★★ |
| 7. | 16:00 | USD | NAHB Housing Market Index (Feb) | ★ |
| 8. | 16:00 | USD | Business Inventories (MoM) (Dec) | ★★ |
(Importance: maximum three stars ★★★)
The views or opinions as expressed in the above article represent the personal views or opinions of the author and do not represent those of Gemini Capital LLC (“GC”). GC has no obligation to independently check or verify the author of the article and the information provided in the article. Accordingly, GC does not take responsibility for such article.
This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. GC is not authorized to provide investment advice. No opinion given in the material constitutes a recommendation by GC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
Trading with GC can result in losses that exceed your deposits. Consumers should ensure they understand the risk and seek independent financial advice if necessary.
Gemini Capital LLC is a company duly incorporated in Saint Vincent & The Grenadines and registered by the Financial Services Authority (‘FSA’) under Number 228 LLC 2019. Our registered address is located at Hinds Building, Kingstown, Saint Vincent and the Grenadines.
Our Partners
we will assist you 24/5
Request Call-Back
All investments entail risks and may result in both profits and losses. In particular, trading leveraged derivative products such as Foreign Exchange (Forex) and Contracts for Difference (CFDs) carries a high level of risk to your capital. All these derivative products, many of which are leveraged, may not be appropriate for all investors. The effect of leverage is that both gains and losses are magnified. The prices of leveraged derivative products may change to your disadvantage very quickly, it is possible for you to lose more than your invested capital and you may be required to make further payments. It is important that you understand that with investments, your capital is at risk. Past performance is not a guide to future performance. It is your responsibility to ensure that you make an informed decision about whether or not to invest with us. Before deciding to invest in any financial product, you should carefully consider your investment objectives, trading knowledge and experience and affordability. You should seek independent professional financial advice if you do not understand the risks involved. You should only trade in Forex and CFDs if you have sufficient knowledge and experience of the risks involved in trading such products and if you are dealing with money that you can afford to lose. GC assumes no liability for any loss sustained from trading in accordance with a recommendation. This website, including the information and materials contained in it, are not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in the United States or any other jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation.
GC Markets is a Trading Name of Gemini Capital LLC. Gemini Capital LLC (“GC”) is a company duly incorporated in Saint Vincent & The Grenadines and registered by the Financial Services Authority (‘FSA’) under Number 228 LLC 2019. GC is also registered as a Money Services Business (“MSB”) with the Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”) under Number M20513484 and registered with National Futures Association (“NFA”) of United States of America under Number 0533039. Our registered address is located at Hinds Building, Kingstown, Saint Vincent and the Grenadines.
Head Office
- Our registered address is located at Hinds Building, Kingstown, Saint Vincent and the Grenadines.
- +44-203808500
- 818-674-1177
- [email protected]
Site Links
Menu