Short term trading strategy for major foreign exchange currencies on February 20th
Technically speaking, the US dollar index encountered resistance below 107.40 on Wednesday and was supported above 106.85, indicating that the US dollar may maintain its upward trend after a short-term decline. If the US Composite Index stabilizes above 106.90 today, the target for future gains will be between 107.45 and 107.65. Today, the short-term resistance of the US index is between 107.40 and 107.45. The important short-term resistance is between 107.60 and 107.65. The short-term support of the US index is between 106.90 and 106.95. The important short-term support is between 106.65 and 106.70
The EUR/USD fell above 1.0400 on Wednesday and received support, while its rise was blocked below 1.0465, indicating that it may maintain a downward trend after a short-term rise. If today's rise encounters resistance below 1.0460, the target for future decline will be between 1.0395-1.0370. Today's short-term resistance is 1.0455-1.0460. The important short-term resistance is 1.0485-1.0490. Today's short-term support is 1.0395-1.0400. The important short-term support is 1.0370-1.0375
Gold's decline above 2918.00 on Wednesday was supported, while its rise below 2947.00 encountered resistance, indicating that gold may maintain its upward trend after a short-term decline. If gold stabilizes above 2918.00 today, the target for future gains will be between 2947.00 and 2961.00. Today, the short-term resistance of gold is between 2946.00 and 2947.00. The important short-term resistance is between 2960.00 and 2961.00. The short-term support for gold is between 2918.00 and 2919.00. The important short-term support is between 2904.00 and 2905.00
The short-term trend of the US dollar today is mainly to buy on dips, break down and stop losses. If there is a profit of more than 30 points, set a stop win and withdraw all pending orders that have not been executed before the US market opens. This strategy is suitable for margin trading and can be used as a reference for actual trading.
The US dollar index: You can buy at the lower limit of the range of 107.40 to 106.90, with an effective break of 25 points to stop loss, and the target is at the upper limit of the range.
EUR/USD: You can sell within the upper limit of the range of 1.0460-1.0395, effectively breaking the 30 point stop loss and targeting the lower limit of the range.
GBP/USD: You can sell at the upper limit of the range 1.2630-1.2550, with an effective break of 40 points and a stop loss at the lower limit of the range.
USD/CHF: You can buy at the lower limit of the range from 0.9055 to 0.9020, with an effective break of 20 points to stop loss, and the target is at the upper limit of the range.
USD/JPY: You can buy at the lower limit of the range from 152.15 to 151.10, with an effective break of 40 points and a stop loss at the upper limit of the range.
AUD/USD: You can sell at the upper limit of the range of 0.6370-0.6330, with an effective stop loss of 20 points below the level, and the target is at the lower limit of the range.
USD/CAD: You can buy at the lower limit of the range from 1.4260 to 1.4185, with an effective break of 40 points to stop loss, and the target is at the upper limit of the range.
Gold: You can buy at the lower limit of the range from 2947.00 to 2918.00, with an effective stop loss of $10 and a target at the upper limit of the range.
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