Financial markets weekly overview for February 25 – March 1

We make up a weekly medium-term trade list based on technical analysis. The overview provides a description of the technical condition of the market on the most popular financial instruments.

COT reports going forward from December 21, 2018, will be published in chronological order beginning with the report previously scheduled for release on Friday, December 28, 2018 (based on data from Monday, December 24, 2018). The CFTC published this report on Friday, February 1, 2019. After this, the CFTC expects to publish one report on Tuesday and another on Friday of each week until the reports are current as per the normal schedule.

Key topics

• E-Mini S&P500 (ESH19)
• Dollar Index (DXY)
• Euro (EURUSD)
• Swiss Franc (USDCHF)
• British Pound (GBPUSD)
• Japanese Yen (USDJPY)
• WTI Crude Oil (CLJ19)
• Canadian Dollar (USDCAD)
• Gold (XAUUSD)
• Silver(XAGUSD)
• Australian Dollar (AUDUSD)
• New Zealand Dollar (NZDUSD)
• Russian rouble (USDRUB)
• Conclusions

If you want to get more information on the pullback trading tactics and other aspects of trading in the market, watch the «Horizontal levels in trading» video course.

E-Mini S&P500 (ESH19)

The market remains in the uptrend. The correction came to an end last week and the pullback buying opportunity was formed. Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of February 21 – 22.

Dollar Index (DXY)

The market remains in the uptrend. The correction came to an end last week and the pullback buying opportunity was formed. Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of February 19 – 21.

Euro (EURUSD)

EURUSD currency pair remains in the downtrend. The correction came to an end last week and the pullback selling opportunity was formed. Short positions will remain relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of February 19 – 21.

Swiss Franc (USDCHF)

USDCHF currency pair remains in the uptrend. The correction came to an end last week and the pullback buying opportunity was formed. Long positions (USDCHF) will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of February 19 – 21.

British Pound (GBPUSD)

GBPUSD currency pair remains in the downtrend. The correction came to an end last week and the pullback selling opportunity was formed. Short positions will remain relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of February 19 – 21.

Japanese Yen (USDJPY)

USDJPY currency pair remains in the uptrend. The correction came to an end last week and the pullback buying opportunity was formed. Long positions (USDJPY) will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of February 14 – 20.

WTI Crude Oil (CLJ19)

The market remains in the uptrend and the impulse wave develops. A pullback buying opportunity will appear after the correction formation on the Daily timeframe. Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of February 7 – 12.

Canadian Dollar (USDCAD)

USDCAD currency pair remains in the downtrend. The correction came to an end last week and the pullback selling opportunity was formed. Short positions (USDCAD) will remain relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of February 21 – 22.

Gold (XAUUSD)

The market remains in the uptrend. The correction came to an end last week and the pullback buying opportunity was formed. Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of February 11 – 15.

Silver (XAGUSD)

The market remains in the uptrend. The correction came to an end last week and the pullback buying opportunity was formed. Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of February 13 – 15.

Australian Dollar (AUDUSD)

AUDUSD currency pair remains in the downtrend. The correction came to an end last week and the pullback selling opportunity was formed. Short positions (AUDUSD) will remain relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of February 19 – 21.

New Zealand Dollar (NZDUSD)

NZDUSD currency pair remains in the downtrend. The correction came to an end last week and the pullback selling opportunity was formed. Short positions (NZDUSD) will remain relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of February 19 -21.

Russian rouble (USDRUB)

The support level was broken on the Daily timeframe on Friday, the trend (USDRUB) is bearish now and the impulse wave develops.
A pullback selling opportunity will appear after the correction formation on the Daily timeframe. Short positions (USDRUB) will remain relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of February 14 – 18.

Conclusions

In terms of medium-term trading, financial instruments with the correction close to completion on the Daily timeframe and with potentially the most promising risk-reward ratio are USDCHF, GBPUSD, EURUSD, USDCAD and silver.

In the near future, gold and EURJPY can become noteworthy depending on the market correction depth.

Other financial instruments in the trade list may be also interesting, but in these markets pullback signals on the Daily timeframe are likely to occur no earlier than a week.

More information on the topic:

• The role of support and resistance levels in the trading plan
  
• Trading tactics. Breakout trading and pullback trading
• How to use CFTC reports in trading. General concepts
• How to use CFTC reports in trading. The logic of large speculators

Good luck in trading!