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Dailyforecast

Gold: Intraday Short upon Completion of ABCDHalf of the first trading day has passed and the gold price has been climbing gradually towards the middle of the current range. The gold is expected to consolidate throughout the first half of this trading week while anticipating for the Fed's decision. The completion of the current ABCD formation could just determine the top of the day range for today which will then provide an intraday short opportunity. If you choose to sell, be sure to take profit when the price drops and retest the demand zone near the range bottom. On the other hand, if you are reluctant to sell the gold, you will have to wait patiently for the price to retest the range bottom the same before you go in for a buy.
FX:XAUUSDShort
by AlgoVenture
1
GBPUSD: Bottomed with Completion of Bullish BatThe price has bottomed within a 1-year range with multiple signs of reversal. A bullish bat pattern was formed while the price has broken above an immediate falling trendline. Besides, the current price could also be the beginning of the 2nd shoulder of an inverse head and shoulder. Aside from the technical aspect, the pound is simply undervalued for a long time and BOE hasn't shown any signs to consider cutting rate. The pound will always stand a chance to rally as long as 1.25 doesn't break.
Long
by AlgoVenture
1
EURUSD: Short the Pullback, AgainAs the U.S. called a truce with China on the trade war, the dollar has begun to recover together with a technically oversold dollar. EURUSD since peaking at 1.1410 has retraced close to 10 cents after the 2nd wave of bearish movement has begun early this morning. Since the US-China trade war has temporary halted and while the market is still anticipating whether the Fed will cut rate this month or in September later this year, the dollar is most likely to recover further thus we will probably see EURUSD dip lower below 1.13. For intraday trade, we can wait for the price to pull back from the current bearish trend and look for sell opportunity at 1.135 which is around the bottom of the previous consolidation.
Short
by AlgoVenture
EURUSD: Day Short the PullbackAfter forming 4 consecutive days of bullish candles, EURUSD was resisted at the top of a rising channel as it completed an AB=CD pattern. Just as I shared in my weekly forecast for this week, the upside for EURUSD is already limited. The price has fallen and yesterday, forming a bearish engulfing, showing that the price may continue to fall and pull back further. More take profits may happen as today is Wednesday and institution traders may look to exit more buy orders to reduce cost for swap rate. Wait for the price to climb back to 1.1377 for selling opportunity.
Short
by AlgoVenture
Gold: Consolidation Before the Next Bullish WaveThe gold has gained tremendously since last Friday and continue so for the first 2 trading days this week. The fell into a consolidation after a strong pullback since it reached the highest at 1344, a strong supply zone in the weekly chart. At the same time, the dollar also showed strong support at 97 and further pullback is expected which will cause the gold to retrace further too. Wait for the price to retrace towards 1322 demand zone to look for a buy opportunity.
FX:XAUUSDLong
by AlgoVenture
1
EURUSD: Rising from Bottom of Range; Approaching Supply ZoneEURUSD has climbed for the 2nd consecutive days and is about to approach its previous high at 1.1215. Based on the previous wave of rising trend, the price is expected to climb beyond 1.1215 and test the supply zone just above 1.1220. As of now, the price might experience a short period of consolidation between 1.1190 and 1.1160. It would not be a good price to make any trade since its trading in the middle of the 1-month range between 1.1260 and 1.1120. Wait for the price to break out of the consolidation and test the supply zone from 1.1120 onward and look for selling opportunity. We will continue to monitor and observe the development of the current rising trend for the time being.
Short
by AlgoVenture
Gold: AB=CD Pattern, Awaiting 2nd Wave of Bullish TrendThe gold has retraced through the week after the 1st bullish trend has completed from 1273 to 1287. The retracement has formed an AB=CD pattern and the price is slowly breaking away from the bearish structure as seen in H1 chart. The candle bodies have shrunk as it fell towards point D of ABCD pattern which is a sign of weakening sellers. It is a good time to consider buying the gold now with a stop loss around 1271.
FX:XAUUSDLong
by AlgoVenture
Gold: 2nd and Strong Breakout of Falling TrendlineSince the first breakout of the 3-Month falling trendline, the gold fell all the way close to the previous low and found support at 1273.2. The price consolidated for about 2 trading days and yesterday it finally jumped and broke above the falling trendline for the second time. This is also fundamentally caused by falling stock prices and weakening of the dollar as it found resistance at the previous high which is largely the cause of the US-China trade war. The dollar is most likely to fall further resulting in a stronger gold price in the short to mid-term perspective. Wait for the price to retrace lower and look for buy opportunity again when the price is closer to 1280.
FX:XAUUSDLong
by AlgoVenture
USDJPY: An Intraday Buy after Mini ABCDUSDJPY has just completed a mini ABCD, a consolidation of 2 waves of movement in the same direction of equal time and volume, and is likely to climb further to close the gap left uncovered since 6th May. The price has closed above the breaking point at 110.30 with a strong bullish candle, signalling that it is likely to climb further. Also, This buy setup came after a failed sell setup which therefore leads to the belief that there's currently no sellers until the gap is closed.
Long
by AlgoVenture
USDCHF: Break of Consolidation, Trend ContinuesUSDCHF has turned bearish ever since it fell and broke below a previous low at 1.0130. The retracement has started and lasted for the whole of last week and finally found itself broken yesterday by a strong bearish full-bodied candle. It fell a little further to confirm the break before it retraced again and retested the supply zone and the breaking point around 1.0115. The retest seems successful as of now as the price fell again in the last hour. Therefore, this could be a good opportunity to sell after the retracement. Furthermore, the dollar has climbed back above 98 while the U.S. is still in the midst of an intensified trade war with China. I doubt that the U.S. government will remain silent about the dollar at this point of time.
Short
by AlgoVenture
USDJPY: Three Waves of Retracement CompletedUSDJPY has turned bearish since it broke below a 4-month rising trendline. The price has fallen for extensively for close to another 2 weeks before it begins its retracement since last week. The price has retraced significantly and completed 3 equal waves, a sort of ABCD pattern with the extension of EF. There is a good reason to believe that the price may start to fall now asides from the retracement. It is unlikely for the price to return back to the level of 111 where many orders are trapped due to the break below of the 4-month rising trendline. The price will fall again in order to wipe out any remaining buyers.
Short
by AlgoVenture
Gold: Bullish Bat After Double BottomThe intention to long the gold just like the post yesterday stays the same. We are supposedly expecting an ABCD pattern near 1290 and that price will continue to climb. However, the price fell too fast and more than what's needed, yet another formation appears which still favours the bulls - a bullish bat pattern. The completion of the bat pattern is part of a retracement after a successful double bottom. The bat pattern is now seen completed at the previously broken rising trendline. Thus, now would be a good opportunity to buy gold.
FX:XAUUSDLong
by AlgoVenture
Gold: Trend Turned Bullish, Awaiting RetracementThe gold has broken above the key price of 1300 soon after it has broken above a 3-month falling trendline. The trend has clearly turned bullish brought forth by a significantly bull strength. Since the price broke above 1300, it fell into a consolidation yesterday and the price continues to retrace lower. A retracement channel has been plotted to determine the end of the retracement which can be seen right at a rising trendline and the breaking point of 1290. Thus, wait for the price to complete the retracement channel and look for buy opportunity at the bottom around 1290.
FX:XAUUSDLong
by AlgoVenture
EURUSD: 2nd Wave of Bullish Trend in ProgressionSince the price climbed and closed with a very bullish candle on 9th May, the price has undergone a stage of consolidation up till now. In fact, there's a prominent bearish ABCD pattern completed from 1.1136 to 1.1250, yet the price only started to crept lower from last Friday and selling pressure is still absent. The obvious reason here is that there's a major ABCD pattern that's started since 26th April from 1.1120 and the 2nd wave is still in the midst of completion. The 2nd wave of bullish trend is still clearly on track in comparison to the volume and duration of the 1st wave of bullish trend. I am expecting that the price will retrace lower and we can look for buying opportunity right at the demand zone at 1.1215. Nevertheless, there always lies a possibility of a delayed bear strength so be quick to react if things go south.
Long
by AlgoVenture
EURUSD: Short-Term Trend Turned BullishIt is mostly confirmed that the short-term trend has turned more favourable to the bulls. The price faced strong resistance after it attempted to break above 1.1215 together with the falling trendline. The day closed with a long upper shadow yet there's no sign of sellers today even as we are already entering into the euro session. If the seller has shown no interest at the current price, it would simply mean that they are still waiting for a higher price to sell. Wait patiently for the price to retrace lower again towards the supply turned demand zone to buy again.
Long
by AlgoVenture