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Dow Jones Breaking Away from Bullish StructureThe Dow climbed at first and broke previous high but started to reverse and fell steadily throughout the last two trading days. The bearish trend has resulted in the breakaway from a bullish structure as it broke below the bottom of a rising channel. Previously, the price has also broken below the bottom of a rising wedge thus the recent break has put a stop to the recovery. In the H1 chart, the price has fallen extensively and could pull back significantly before attempting to fall further. This could also lead to a period of ranging market before the market truly reverses and establish a new bearish trend. This week, traders can wait for the price to pull back, preferably towards 24000 or slightly beyond to sell at a higher price. Otherwise, if the direction is unclear, just sit back and observe for more clues.
FX:US30Short
by AlgoVenture
Gold Double-Top at Top of ChannelThe gold fell and trade lower amid a double top last week but pulled back significantly on the last trading day. About two months ago since the huge selloff, the price took about one month to recover and even broke higher. The recovery was definitely extensive and overbought which led to a 3-week range up till now. Since it is clear that the price is trading at the high, we will focus on selling the gold with some potential downside. From the perspective of moving averages, the price has a tendency to trade beyond the 50MA, showing that there's enough downside to form a short-term bearish trend. Besides, a double top was forming in the daily chart at the overbought zone as well as the top of the rising channel. The pullback last Friday has most likely taken out most sellers who attempted to sell amid the double top and thus it is a good price to sell currently.
OANDA:XAUUSDShort
by AlgoVenture
EURUSD Bearish Flag Cont'dEURUSD reversed and climbed throughout the entire week but faced strong resistance as it approached the top of a bearish flag. The price has been consolidating within a bearish flag for the past 6 weeks since the plunge from 1.15 to near 1.06. The current bearish trend is no doubt part of the 6-week consolidation and should not be recognised as a newly established bullish trend. Moreover, the price is also trading within a major falling channel started since May 2018 and the consolidation is slowly bringing the price closer to the top of the channel. This week, the price is most likely to reverse and fall again, either right from the beginning of this week or after a fake-break of the top of the bearish flag. Nevertheless, the price is definitely facing strong resistance base on the current price action, and also the fact that it's currently trading within the moving averages while just below the 200MA.
Short
by AlgoVenture
1
Can Dollar Remains Bearish?The dollar ended the week with a strong-bodied bearish candle as it fell every day throughout the week. The price is seen breaking below the bottom of an ascending triangle which was formed after the previous bearish trend started from the highest price at 103.8. Seeing how bearish the trend is last week and the fact that it also broke below a consolidation structure, the price could continue to fall in this coming week. The price may fall to a certain extend of the previous bearish trend and possibly complete the CD leg of an ABCD pattern. If the price does continue to fall, watch out for the two demand zone below, around 98 and 96.5 as plotted in the chart. Should the price pulls back upwards, look for an opportunity to sell again at the minor supply zone from 100 onward. Nevertheless, as bearish as last week seems, the price did not break the previous low which could mean that it may continue to range within 98.8 and 100.9.
TVC:DXYShort
by AlgoVenture
Dow Jones Consolidates Before a Big MoveThe Dow Jones started to recover and climbs since 23rd March, forming a 1-month rising wedge in the process. Last week, the price finally broke below the rising wedge and created a lower low. However, the price took a pause quickly and fell into a consolidation. The price retraced throughout the last half of the week, seemingly forming a retracement channel too. This week, the price may resume falling again as soon as the week starts or it may pull back a little further towards 24100 first. We expect the price to fall and reach 22400, and if the rebound is weak, the price may fall even faster and reach beyond 21000.
OANDA:US30USDShort
by AlgoVenture
2
EURUSD Continues to Trade LowerEURUSD was trading with little volatility but managed to fall throughout the week. Both highs and lows also continued to drop lower but there are clearly some strong buyers emerging from the demand zone between 1.0721 and 1.0782. Nevertheless, thee MAs are still showing a strong bearish-bias market and the price is expected to fall eventually. This week, we will look for selling opportunity with caution as the price may continue to climb in the beginning. If the price starts to climb, wait for it to meet resistance from 1.0880 onward.
Short
by AlgoVenture
Gold Rise but Remain Resisted Amid Bearish ButterflyThe gold was little changed at first but rose steadily during the 2nd half of the week. However, the price was resisted and reversed shortly and broke below a rising trendline once again. Sellers started to take control on the last trading day during the US session. As of current, the price has shown resistance and trading near the top while both highs and lows started to drop lower. This week, the gold is expected to reverse and fall further towards a demand zone below 1688 where price could be supported by a rising trendline. Should the price continue to break higher early in the week, it may continue to rise and reach an 8-year resistance level at 1788.
FX:XAUUSDShort
by AlgoVenture
1
Dollar Climbs Slowly but SteadilyThe dollar climbed and created both higher highs and lows throughout the entire week. The fast MAs are also bending upwards while staying moderately above the 200 MA, showing an increasingly bullish-bias market. Besides, the price has recently broken above a bullish pennant which signifies for the dollar to continue its uptrend. This week, we expect little pullbacks before the price continues to climb. The price is expected to reach a supply zone around 102. However, should the price falls unexpectedly, it will most likely found strong support at 99.40.
TVC:DXYLong
by AlgoVenture
Dow Jones Making a Turn?The Dow Jones has been climbing for the past month since it tumbled to the lowest amid COVID-19. In the process of recovery, it formed a rising wedge which was seen thoroughly broken below last week. This week, the price pulled back from the fall but found itself resisted at the 618 retracement level. The price then fell and broke below a minor rising trendline which was formed during the pullback earlier. Besides, the 2 faster MA are both currently trading below the 200MA. Traders can wait for the price to retrace further and look to sell at the 50% retracement level of the earlier bearish trend.
OANDA:US30USDShort
by AlgoVenture
1
Gold Reversal Amid Bearish ButterflyThe gold peaked twice at 1739 and started to fall amid a bearish butterfly formation. Gold continued its bullish stance from the previous week as it climbed steadily in the first 2 trading days last week. After peaking at 1747, a strong pullback took place and price started to fall and lower highs were formed while still supported at 1710. On Thursday, the price jumped and broke through the lower highs but was rejected and smashed down at 1739. The bearish wave continued through and broke below a 1-month rising trendline which was formed throughout the formation of a bearish butterfly. The multiple breakdowns have strongly suggested a bearish stance in this coming week. The best course of action is to wait for a pullback towards the 1711 - 1720 breakout area. An inside bar breakdown has taken place in the H4 chart as the price broke below support level 1710.
FX:XAUUSDShort
by AlgoVenture
1
Dollar Faced Resistance From Inside Bar BreakdownThe dollar climbed but wiped out most gains after facing strong resistance at 100.30, a breakdown area of a previous inside bar formation. At the beginning of last week, the price continued to fall and broke lower. It started to climb quickly from the week low at 98.80 but rejection followed soon and the momentum was broken. The price fell into a range which still somewhat allowing the price to break a little higher but mostly rejected again as it faced strong resistance from the breakdown of a previous inside bar formation. A new inside bar formation was formed on the last trading day with a bearish inverted hammer which certainly favours the bear in the coming week. Since there's been multiple failed attempts to make a breakthrough of the supply zone from 99.95, there's a good chance that the price will start to fall in the beginning of this week. However, the price will meet with strong support at between 99.3 and 98.8 which could revive the bull. Should the price successfully break lower, this could lead to the continuation of a strong bearish trend following the major bearish trend which began on 23rd March 2020. Otherwise, we are most likely to experience a ranging week between 101 and 98.4.
TVC:DXY
by AlgoVenture
Dollar: Weekly Forecast 13th - 17th April 2020The dollar completed 2 minor bullish waves and started to fall last week. Looking at the bigger picture, the dollar actually started to fall again from the top of the near 2-year rising channel. The dollar is no longer strengthening as the US economy undergone a huge setback in the face of the pandemic. The fed is currently printing an unlimited amount of money to support the economy and increased supply of the dollar will naturally weaken the dollar eventually. Just before the market closes last week, the price fell and broke below an inside bar candlestick formation, signalling that price has more to fall. In this week, we can wait for the price to retrace upwards and look for selling opportunities again between 99.8 - 100.
TVC:DXYShort
by AlgoVenture
Gold: Weekly Forecast 6th - 10th April 2020The gold fell on the 2nd trading day last week as it broke below the bottom of a minor range between 1640 and 1590. However, a strong pullback occurred at 1560 which eventually send the price back to where it started at the end of the week. Despite the prolonged pullback, we expect the price to continue falling this week as most sellers trapped at the bottom chasing after the falling trend should be wiped out mostly. Trades can look to sell anywhere from the current price to 1630 but watch closely for more selling pressure. A break below of 1606 will allows a stronger trend to continue and the first target is seen at 1585 to 1575.
FX:XAUUSD
by AlgoVenture
1
Dollar: Weekly Forecast 6th - 10th April 2020The dollar climbed through the week despite extremely weak employment data. The NFP result was pretty much expected and the market could already have digested the fact way before the release. During a pandemic where businesses stop running and people stop working across the globe, it's natural that the labour market will suffer a huge blow. The dollar had rebounded off and climbed steadily from a critical demand zone around 98, forming a rising channel in the process. The price is currently positioned at the top of the channel with a sign of resistance but lacking in selling pressure. In this week, the dollar is likely to climb further and possibly breaking through the top of the channel and go deep into the supply zone around 101. If the price continues to climb, strong resistance will definitely be seen as it reaches beyond 102. If the price were to come off at first, there will be an opportunity to go for intraday long at 100.3 - 100.1.
TVC:DXY
by AlgoVenture
Gold: Weekly Forecast 30th March - 3rd April 2020Can the gold price continue to appreciate? Or is the price too high and unattractive to investors OR perhaps it's another good opportunity to liquidate gold for cash in the face of another probable market crash? We have seen the gold has been ranging throughout the week since it recovered and broke above the key retracement level 61.8%. The demand to store value in gold came as the price was hit very hard, diminishing close to 15% of its highest value in just a matter of one week. It was a pretty good bargain to invest in gold again just a couple of weeks ago. However, will the panic remain contained? Has the stock market started to truly recover? Was the gold price really cheap to invest at all? To the above questions, unlikely NO! When we see that every government and central bank are coming out with so much stimulus package and fiscal policies to hold the market from crashing, we know that this is far from over. The gold price will drop again and it's very unlikely it can break higher this time. For all you know, the gold price could come tumbling down when the market opens this week. Should the price continues to climb, we can look to sell again from 1650 to 1670, targeting 1540, 1495 and 1460.
FX:XAUUSDShort
by AlgoVenture
1
Dollar: Weekly Forecast 30th March - 3rd April 2020The dollar had one of the biggest falls in more than a decade but not with surprise. It had one of the biggest surges just the week before and therefore the magnitude of the pullback is just understandable. The dollar was in high demand due to large liquidation of gold for cash caused by plunging stock prices. Last week, the stock market rebounded and recovered strongly as the Fed relaunched QE in an unlimited volume, thus calming the market and improve confidence. Gold rebounded as well and naturally demand for the dollar dropped as a result, falling from a peak of 103 to 98. This week, the dollar is most likely to keep supported and range for awhile within the crucial demand zone around 98. Should the price rebounded, the first target is seen at 99.6, follow by 101. Otherwise, if the price breaks below the current demand zone, the next target will be 97.6 and finally 96.
TVC:DXYLong
by AlgoVenture
Gold: Weekly Forecast 23rd - 27th March 2020The gold continued to plunge first since it broke below the bottom of a 10-month rising channel. It quickly found support and pulled back strongly just above 1450 and a 7-month demand zone. The rebound also caused a falling trendline in the H1 chart to be broken which led gold into a range between 1450 and 1550. Although the price has continued to create lower highs in the range, the lows have also started to inch higher with strong rebounds. The gold is most probably oversold and a stronger upwards pullback could be required before the next wave of a selloff, which is most likely coupled with the next big plunge of the stock market. Should the price pulls back, we can look to sell again at the supply zone from 1580 onward, which is also the bottom of the previously broken rising channel.
FX:XAUUSD
by AlgoVenture
2
Dollar: Weekly Forecast 23rd - 27th March 2020"Not until the dollar breaks above 100, we will keep a bearish stance" was what I've mentioned in the previous forecast. Apparently, once it broke 100 psychological level, the price surged all the way to 103.8, deep into a 3-year supply zone. Although the Fed has cut rate to almost zero, the demand for the dollar was still high amid panic selling of the stock market due to the coronavirus. Many central banks have also been reducing rates or easing monetary policy and one of the most prominent ones was the ECB which has relaunched and full-scale QE. A double is currently seen forming within the 3-year supply zone and could cause the dollar to pull back further into the previous rising channel. Look for support and rebound as the price enters into the demand zone around 101 for a buying opportunity again and aim at the previous high of 103.8, or even higher.
TVC:DXYLong
by AlgoVenture
EURUSD: Weekly Forecast 16th - 20th March 2020EURUSD fell for 4 consecutive days after facing strong resistance at a 13-month supply zone just before 1.15. The price was saw supported twice around 1.1060 which is also the Fibo retracement 61.8%. However, the price did close more bearish by the time the market close and is most likely to dip lower. Look for buy opportunity as the price pulls back into the demand zone around 1.10, which also coincides with the top of the previously broken 21-month falling channel.
Long
by AlgoVenture
Dollar: Weekly Forecast 16th - 20th March 20202 things happened as our forecast last week: 1) The dollar broke new low and reach the 17-month demand zone around 95 2) The dollar pulled back into the supply zone sitting above 97. But what was unexpected was the consecutive gain up to 4 days which caused the dollar to recover more than 75% of the previous bearish trend. It seems that the outbreak of the coronavirus has continued to cause more fear and drove demand for safe-haven assets such as the dollar again. Nevertheless, the dollar is about to face strong resistance from 99 onwards. The Fed is also expected to cut rate by another 0.25%-0.5% in the coming Fed Fund rate decision. Not until the dollar breaks 100, we will keep a bearish stance and look for opportunities to sell the dollar again.
TVC:DXYShort
by AlgoVenture
Gold: Weekly Forecast 24th - 28th February 2020The gold achieved the highest closing price in 85 months last week. The price has climbed continuously throughout the week and regained all losses from the previous week. It is worth to note that three major central banks announced a rate cut in the same week, with one of them been an emergency rate cut and it was none other than the Fed. This is already a very major sign of a worsening economic downturn globally and risk sentiment will continue to increase with the spread of the coronavirus, jeopardising business activities on a global scale. At the current rate, the gold is expected to climb much further than what was expected in late 2019. It was first projected to peak at 1620 but was very soon surpassed, and the current projection can easily hit 1800. In fact, the gold could break its historical high of 1920, should the current situation develops into the next financial crisis since 2008. This week, we expect the gold to pull back at first as the dollar rebounds off from a low. We will be watching the current demand zone around 1640 to buy the gold.
FX:XAUUSDLong
by AlgoVenture
6