Weekly Forex Review – 20th to the 24th of February

Welcome to this week’s edition of the Weekly Forex Outlook and Review, this edition of the review for the 20th to the 24th of February Forex Market. Aspects highlighted in the review include highlighting potential opportunity zones in the market, management points and targets.

Pairs and Markets Analysed this Week Include: EURUSD, GBPUSD, NZDUSD, USDCHF, USDJPY ( 4 Hour ), AUDCHF, EURAUD, AUDNZD and  CADJPY.

Multiple markets last week tested important zones, areas that were highlighted last week in the review. Some of those markets include EURUSD, AUDUSD, NZDUSD, USDCHF, EURCAD and USDCAD.

Both trend continuation zones and counter trend zones highlighted this week in the review.

 
Above Video – Weekly Forex Outlook and Review for the 20th to the 24th of February Forex Market

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eurusd daily trading areas on chart

Above – Highlighting on EURUSD this week that if the market retests the 1.0550 zone this week that this is still a great area on this market to look for bullish evidence and a potential move to upside from this area.

For those holding buy trades on this market from last week: Potentially this market could continue higher all the way up to retest to those previous highs or potentially all the way up to the 1.0863 zone area.

eurusd 4 hour trading areas on chart

Above – Same zones shown on EURUSD on the 4 hour chart showing previous test of the 1.0550 zone area ( potential bullish evidence area highlighted last week in the review ).

nzdusd daily trading zones on chart

Above – Highlighting on NZDUSD this week a potential management point ( previous low area ) and target to the downside ( 0.7124 zone area ) for those holding sell trades on this market, as well as highlighting that the 0.7124 zone area is a great area to the downside on this market to look for bullish evidence and a potential move to the upside from this area.

The 0.7235 zone area where the market recently tested and declined, was an area that I highlighted last week in the review as a potential bearish evidence area on this market.

USDJPY 4 hour trading areas on chart

Above – Highlighting on USDJPY where the market is testing right now which is the 112.63 zone area as a great area on this market to look for bullish evidence and a potential move to the upside from this area.

AUDCHF daily trading area on chart

Above – Highlighting on AUDCHF this week a potential pullback area on this market which is the 0.7616 zone, a great area on this market to look for bullish evidence and a potential move to the upside from this area.

Midweek Forex Reviews

Come back and check this space for potential upcoming Midweek Reviews in the week ahead. They will be added here.
Have great trading week everyone and Happy Trading.

About Timon Weller

Timon Weller is the professional Writer and Trader behind the blog Forex Reviews. Timon Weller is also a professional Teacher of Price Action Trading and creator of the popular Training Series teaching people how to trade Price Action effectively called The Engulfing Trader. For other Forex Training available here at Forex Reviews click here.

For more on Timon Weller Click Here. To Learn more about How to Trade the Market and get updates Click Here.

Comments

  1. Robin Dowd says:

    Thanks Timon, Well done.

  2. Thank you Timon for an excellent weekly review. Grateful to you highlighting some profitable short term trades last week. Hoping EURUSD will become a positive trade during the coming week. Cheers mate. JOhnR

  3. Good day. Thank you Timon for an excellent weekly review. Grateful to you highlighting some profitable short term trades last week. Hoping usd will become a positive trade during the coming week. Cheers mate. Ibrahim

  4. Thanks, what is your view on gold, will there be a re test of 1242.52 zone to look for bearish evidence? Anyways, thanks for the review.

    • Same question here, what is your view on gold: https://postimg.org/image/vrz66pz3x/

    • Hey Fred and Eelko,
      Yeah, there could another retest of that area that week. My main bias on gold at the moment is looking for pullback zone areas to the downside to look for bullish evidence and potential bullish opportunities. The 1218.57 ( previous high area on this market ) zone area being great areas to the downside on this market at the moment to look for bullish opportunities.
      To the upside the bears have been defending multiple times now is the 1242.79 area on this market so this is also another good area on this market, in this case a potential bearish evidence area.

      Above – 4 Hour Chart – Click Chart for larger view

  5. Good day, great job 👍🏽

  6. Thanks for the weekly update. I purchased your Engulfing Trader course, and I need to do some back-testing. Do you know of a good software you can recommend?

    • You’re welcome J. Abrams. Thanks for getting access to The Engulfing Trader.
      Yeah sure, the program I use for testing and recommend that traders check is Forex Tester 3.
      Forex Tester 3 allows for long term testing, changing time frames during testing ( switching between time frames on market ) and adjusting the speed of the market.
      Regards,

  7. Hi Timon
    Thank you for weekly review.
    Could you analyse USD/JPY and EUR/JPY in Daily time frame?

    • You’re welcome Shahin,
      Yeah sure. Below is my daily chart view of USDJPY. The preferred trading area on this market at the moment is the 115.11 zone area which is a potential bearish pullback area on this market to upside.

      Above – USDJPY Daily – Click chart for larger view

      As for EURJPY, the 121.22 zone area to the upside is a great area on this market to look for bearish evidence and a potential move to the downside from the area on tests of this important area. At the moment this market is in a downtrend so this is the more preferred area on this market.

      eurjpy daily

      Above – EURJPY Daily – Click chart for larger view

  8. Thank you for your video with areas and levels to watch. Good insight.

  9. Thanks Timon, your weekly review is appreciated. Have a great trading week.

  10. Thank you Timon for another great review and happy Trading.

  11. Thanks for the review Timon,

    Is there other strategy or indicators that can possibly tell u that price is bouncing from resistance or it’s breaking it…?
    so we can open a sell trade for example as soon as price hits resistance and put stop loss on top of resistance…

    • You’re welcome Falisco..
      Yeah, good question, never seen any indicator help with that aspect, the reason being is that indicators follow price. So as an example if a indicator is going up it is because the market is going up first and not the other way round. Important also to note that indicators get there calculations from price movements and averages and that is why they are often referred to as ‘lagging indicators’.

      Indicators can be used as an extra optional confluence ( extra evidence to improve probability ) in trading such as when a market tests a important zone and a valid setup presents itself in that area with indicator also aligning with that setup, however I do not suggest using them in any other way if using. Reason being like I described above.

      Example: Valid price action setup at support zone with oversold stochastic aligning as an extra confluence.

      Regards,

  12. Hi Timon

    Really appreciate what you do on your site.

    I’ve spent over a year teaching myself forex. I found that I got to a point where all I needed was someone with a bit of experience to confirm that I was going about things the right way.

    You just highlighting key areas has helped me more than you can imagine.

    Thanks very much

  13. Hi
    Just wondering, when you speak of the zones does that mean the candle reaching those zones or the stick? Please clarify. Thanks

    • Hey Robert, hope you are having a great trading week!
      Yeah good question, I assume you are referring to when I say test of an area, what does that mean?
      I am referring to price testing in anyway that area whether a quick test and rejection or deep test and rejection in that important area.
      Regards,

  14. Forex Update: EURUSD retests and holds the 1.0550 bullish evidence zone area again this week. Expecting more potential continuation on this market higher to the upside after that recent test of this important area on this market.

    Above – EURUSD Daily Chart – Click for larger view of this market.

    Regards,

  15. Hi Timon,
    Please make canal or group on Telegram App. Members can easily communicate together.

    Thanks

  16. Thanks Timon good work.

    Regards

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