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21.02.202210:57 Forex Analysis & Reviews: GBP/USD, AUD/USD, USD/CHF, USD/CAD simplified wave analysis and outlook for February 21

GBP/USD

Analysis:

The English pound chart has been dominated by an uptrend for the last two years. The incomplete section in the main direction has been counting down since January 27. Within this wave, a correction in the form of a horizontal plane is nearing completion.

Outlook:

Over the next 24 hours, the flat mood is expected to end and the price rally is expected to resume. The estimated resistance is at the lower boundary of the potential reversal zone of the large scale.

Potential reversal zones

Resistance:

- 1.3670/1.3700

Support:

- 1.3580/1.3550

Recommendations:

Opening long positions from the support zone is recommended on the pound's major chart today. It is worth considering the limited potential of the upcoming rise. It is safer to reduce the trading lot.

Exchange Rates 21.02.2022 analysis

AUD/USD

Analysis:

The incomplete wave pattern of the Australian dollar chart is ascending as of today. It traces back to January 28. The wave has reversal potential. Quotes have now reached the lower boundary of the strong resistance of the large timeframe.

Outlook:

In the upcoming trading sessions, the price is expected to move in a corridor between the closest encounter zones. After pressure on the resistance zone, a change of vector can then be expected, with a drop in prices to the support area.

Potential reversal zones

Resistance:

- 0.7230/0.7260

Support:

- 0.7160/0.7130

Recommendations:

Short-term pipsing trades with fractional lots are possible on the pair's market today. Signals for opening short positions should be monitored in the range of estimated resistance.

Exchange Rates 21.02.2022 analysis

USD/CHF

Analysis:

Since June last year, quotations for the main Swiss franc pair have formed a descending horizontal plane. The incomplete section started on January 27. Since the beginning of the current month, the price has been correcting, forming a horizontal pennant pattern.

Outlook:

The general sideways direction of movement is expected to continue in the coming day. In the first half of the day the downward vector is likely to end and a reversal is likely to be formed. Then we can expect the price to rise to the upper boundary of the formed corridor.

Potential reversal zones

Resistance:

- 0.9250/0.9280

Support:

- 0.9180/0.9150

Recommendations:

Today, trading in the franc market is possible only within individual trading sessions with small lots. Buying of the instrument from the support area is more prospective.

Exchange Rates 21.02.2022 analysis

USD/CAD

Analysis:

The direction of the short-term trend of the Canadian currency major is set by the ascending wave algorithm from May 18, 2021. On January 13, the final section, which is still incomplete, started. In the last three weeks, quotes have been moving sideways, forming an intermediate retracement (B) on the chart.

Outlook:

A continuation of the sideways movement of the pair dominating the last few days is expected today. A bullish vector is more likely in the first half of the day. By the end of the day, we can expect a return to a downward vector.

Potential reversal zones

Resistance:

- 1.2760/1.2790

Support:

- 1.2690/1.2660

Recommendations:

Short-term small lot trades within individual trading sessions are the most secure in the pair market in the near future. Opening long positions will become possible after the appearance of confirmed signals of a reversal.

Exchange Rates 21.02.2022 analysis

Explanation: In simplified wave analysis (SVA), waves consist of 3 parts (A-B-C). The last unfinished wave is analysed. The solid arrow background shows the structure formed. The dotted arrow shows the expected movements.

Attention: The wave algorithm does not take into account the duration of the instrument movements over time!

*Analisis pasar yang diposting disini dimaksudkan untuk meningkatkan pengetahuan Anda namun tidak untuk memberi instruksi trading.

Isabel Clark,
Analytical expert of InstaSpot
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