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Gold - Weekly Forecast 29th April - 3rd MayThe gold has climbed last week as it proceeded with the retracement after breaking below the neckline of a head n shoulder. This is also considered a break-below of a range at the top of the 34-month symmetrical triangle which will bring forth a bearish market. In this week, we will observe the price closely at its current level and as it creeps into the supply zone at 1288 and the broken neckline. Since the dollar has taken a bullish stance after it broke its previous high, it will boost the case of a bearish gold in the coming week.
FX:XAUUSDShort
by AlgoVenture
EURUSD - Weekly Forecast 29th April - 3rd MayEURUSD fell and broke below a 2-month low at 1.1196 and it managed to close below despite strong rebound at 1.1120. The technical chart clearly favours a bearish market now and there will be a selling opportunity again this week. In the H4 chart, the price has completed a wave of retracement and awaiting the 2nd wave to be completed. In this week, we will wait patiently for the price to retrace towards the breakout level and find an opportunity to sell just below 1.1200.
Short
by AlgoVenture
Dollar - Weekly Forecast 29th April - 3rd MayLast trading week was an eventful one as the dollar finally broke a new high in 5 months. It was a clean break as it closed above the previous high with a strong bullish day candle and the retracement was shallow and the price still sits on to of a 23-month supply zone. However, it is unlikely that we will see the dollar climb straightaway towards the 24-month supply zone above 99. The dollar is expected to make a series of climbing and retracing, supported by a rising trendline. In this week, if we were to take a look at the H4 chart, the short-term trend actually favours a bearish market. The price is most likely to retest the previous high at 97.6 and only when the retest is successful, the price will continue to rise to a new high again.
TVC:DXYLong
by AlgoVenture
USDJPY: Trend Reversal, Broke of Rising StructureJust when we are ready to follow the trend and continue to buy, a strong supply came in and near the 4-month supply zone. The price has broken below a 1-month rising trendline as well as the bottom of a range, and it is even clearer if we look at the strong bearish candle in the Day chart. The structure has changed into a bearish market and the price has also retraced to the bottom of the range which is a good price to sell now.
Short
by AlgoVenture
AUDUSD Buy - Strong Support on Bullish TrendWhen was the last time you have taken a look at the monthly or weekly chart of AUDUSD? If you do so, you would realise 2 things: 1) AUDUSD is way undervalued. 2) Price is already at the bottom of a 4 years range. Under these 2 conditions, there's very little reason for us not to focus on buying AUDUSD. Previously, the price has already broken above a 4-month falling trendline, signalling for a turn into a bullish trend. The price climbed and retraces within a rising channel and it is now about to reach the bottom of the channel. Furthermore, the price will also find support at the previously broken falling trendline, as well as the 50% Fibonacci level, just enough for a bullish trend to resume.
Long
by AlgoVenture
EURUSD Sell - Retracement Channel Under CompletionSince EURUSD has broken below both rising trendline and bottom of a range with a strong bearish candle, the price went into consolidation since last Friday. The consolidation has carried on till now where the 2nd wave of retracement is most likely to be completed by the US session. Once the retracement channel is completed, we can look for a sign of a stop for any further upward movement and look for selling opportunity at 1.1258 - 1.1270. If price persists to consolidated further upwards, we will wait for 1.1280 which is the breakout level on the bottom of the previous range.
Short
by AlgoVenture
Gold- Weekly Forecast 22nd - 26th AprilThe gold continues to break lower as US stocks market continued to climb steadily. The neckline of an HnS was successfully broken creating the case for further bearish movement. And looking at the weekly chart, the price has also closed below a range at the top with a significantly bearish candle. In the first trading day of the week, we can expect further retracement before the price resumes depreciation. Look for selling opportunity within the supply zone of 1284 - 1289.
FX:XAUUSDShort
by AlgoVenture
EURUSD- Weekly Forecast 22nd - 26th AprilEURUSD took an unexpectedly bearish turn as a lack of demand failed to maintain the price higher and a weak Euro data caused a snapped in the shared currency. The price broke 2 higher lows in one wave thus making a strong case for further bearish movement to follow. Due to Easter Day, volatility will be low and the price may continue to retrace higher. We can wait for a selling opportunity near 1.1280 just above the Fibonacci level 50% and short towards 1.1180.
Short
by AlgoVenture
Dollar - Weekly Forecast 22nd - 26th AprilThe dollar has made a comeback last week as a lack of sellers after breaking below a range and a strong retail sales caused the dollar to rise. Based on the current movement, the dollar is most likely to retest the 23-months supply zone at 97.6. Volatility will be low on the first trading day throughout Asia and Euro session due to East Monday which is most likely to cause the dollar to retrace lower towards the rising trendline. If the price is able to maintain above 97, it is likely to rebound during the US session on Monday or probably the following trading day. However, the dollar will still face strong resistance at the top of the symmetrical triangle which will still cause the dollar to range further since last year September. Therefore this week, we will need to watch the range between 97 and 97.6 closely and see where will the price break.
TVC:DXYLong
by AlgoVenture
EURUSD Sell - Lack of Demand, Poor Euro DataEURUSD plunged through the bottom of its current range a well as a rising trendline as weak euro data caused euro to weaken. It was also probably due to the lack of demand to support the price after a second retest of the breakout level. Based on the current movement, the seller is clearly in control of the trend and will most likely fall further. During the U.S. session later, we can wait for the price to pull back towards the breakout level at 1.128 for a retest and look for a reversal signal to sell.
Short
by AlgoVenture
Gold Sell - HnS Neckline Broken, Sell the PullbackGold has finally broken below the neckline of an HnS which has been forming since the beginning of the year. This is a clear sign of a bearish trend but we always avoid chasing after the trend whenever a breakout happens. Instead, wait for the price to pull back and retest the breakout level (neckline) to see if there's any more demand left and if there's more supply to keep pushing the price lower. Let's wait for the retest from 1.284 and we can look for a selling opportunity if there's a clear sign of a stop.
FX:XAUUSDShort
by AlgoVenture
1
USDCAD Sell - Top of Sym Tri and Supply ZoneUSDCAD rebounded strongly yesterday after strong demand appeared at the bottom of a 1-month symmetrical triangle. The price closed above the middle of the whole ranging structure signalling that the price may climb further. The price is likely to climb higher with some remaining demand and will retest the top of the symmetrical triangle where the price will face with very strong resistance. Wait for selling opportunity within the supply zone at 1.3420.
Short
by AlgoVenture
EURUSD Buy - Continuous Range Breakout and RetestEURUSD has reached the bottom at 1.1188 and fell into a range. The range was broken above last week and the price fell into another minor range while sitting on to of the previous range. On the last trading day, the range was broken once again and therefore we will most likely experience another short-term range. As long as the price is seated on top of the range, it will most likely rebound higher as it gets closer to the rising trendline. Look for buying opportunity between 1.1288 and 1.1276.
Long
by AlgoVenture
Gold - Weekly Forecast 15th - 19th AprilThe gold has climbed for the first 3 trading days of last week which it found resistance at a falling trendline. The resistance has translated into a very bearish movement and broke through the bottom of a rising channel in the H4 chart. On the last trading day, gold fell into a range and there's one hour where buyers did try to push up the price but failed miserably, leaving a long upper shadow (H1 chart). The price went on to inch lower and finally closed right at the previous low. Therefore, we are expecting that the sellers will continue to take control and this time it may finally break through the neckline of the head n shoulder. Once the break happens, we hope to see that the price, with strong demand at the bottom, will retrace back to the neckline to retest and that's where we want to get ready to sell.
FX:XAUUSDShort
by AlgoVenture
1
EURUSD - Weekly Forecast 15th - 19th AprilEURUSD started off last week with a strong bullish candle that broke above a 1-week range. On the 3rd day, it retested the range but buyers are strong enough to hold off the sellers thus leaving a long lower shadow. on the 4th day, the price attempts to fall again but it was obviously one without commitment. The buyers came in strong as sellers are worn off and the price closed higher with a strong bullish candle. Therefore, we are strongly expecting EURUSD to continue its bullish trend and thus we will be waiting for levels to long along the way.
Long
by AlgoVenture
Dollar - Weekly Forecast 15th - 19th AprilAfter more than a week of ranging near the top, the dollar has broken below the range. On the first day of the breakout, the price pulled back strongly the following day back into the supply zone. However, on the last trading day last week, the dollar fell through the floor, showing that the sellers are now in control. Therefore in this week, we are clearly expecting the dollar to display more bearish movement towards the bottom of a 7-month ascending triangle
TVC:DXYShort
by AlgoVenture
USDCHF Sell - Ending 3 Consecutive Days of RetracementUSDCHF has stubbornly climbed for the past 3 consecutive days. Yesterday has however shown that price has met with strong resistance within the supply zone. It is important to note that the price is considered to be very high as it is getting very close to a 27-month supply zone. It is also obvious that the buying strength is not particularly strong as compared to the previous downtrend. Therefore, today which is also the last trading day of the week, there's a high possibility that institutional traders will begin the process of distribution. In conclusion, whether is it the technical patterns or the consideration of supply and demand, the price is most likely to proceed into a bearish trend.
Short
by AlgoVenture
USDCHF Sell - Supply Zone at 618 LevelUSDCHF diverges from the dollar during the euro session and continues to climb within a rising wedge when the dollar starts to fall again. If we compare both dollar and USDCHF in the D1 chart, we will see that both are trading within an ascending triangle and that sellers are more in control then the buyers. The dollar has already started to fall while USDCHF is seen completing its retracement and will soon reach a key supply zone at 618 level. Wait for the price to pierce through the top of the rising wedge and look for strong signs of sellers.
Short
by AlgoVenture
Gold- Weekly Forecast 8th - 12th AprilGold has ranged throughout last week and still maintained above the demand zone at 1282 but also below 1300. The bearish bat pattern has already taken effect as the gold did fall, and at the same time, a head and shoulder was formed too. Since the price failed an attempt to break the neckline, it leaves a possibility for the price to pull back and climb into the supply zone just above 1300. Should gold choose to pull back, it should happen in the first 2 trading days this week. If it doesn't, the price should have no issue with breaking through the neckline and head towards the 4-month demand zone below 1250.
FX:XAUUSDShort
by AlgoVenture