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Gold: Weekly Forecast 7th November 2021Despite the dollar has strengthened, the gold marked a strong weekly gain and breaks towards the upside. This could certainly help the gold to climb further but it will face strong resistance at the top of the symmetrical triangle and a strong supply level at 1828 which could provide a good short-term sell opportunity. After which, we will look for a buying opportunity again as the price pulls back towards 1807, follow by 1790 which is near the bottom of a newly formed rising channel. As such, we will have both buying and selling opportunities and this week's movement will give us a better idea whether the gold is ready for another bullish run or remain range-bound within the symmetrical triangle.
FX_IDC:XAUUSD
by AlgoVenture
1
EURUSD: Weekly Forecast 7th November 2021EURUSD was ranging and attempting a recovery but was dismissed by a strong NFP, causing the price to break towards the downside. However, the price was able to find support at a previous low at 1.1527 and may climb a little further before resuming falling. As the Fed has started tapering while the ECB is still holding to a low rate stance, following a strong NFP and even lower unemployment rate is going to help push the price even lower substantially. This week, we will be looking to sell as the price pulls back a little towards 1.1580, followed by 1.1590, targeting the previous low again and eventually breaking lower and towards the 16-month demand level at 1.1450.
Short
by AlgoVenture
EURUSD Broke Bullish ChannelEURUSD began climbing at the beginning of the week but lost the handle and fell through the ground. The price has clearly broken below the bottom of a bullish channel as well as the demand zone at 1.1610 area. We expect the price to drop further towards the demand level at 1.1570 and shall wait for further upside pullback towards 1.1620 -1.1630 to sell again Should the price falls without any pullback, we will also consider going long at the demand level of 1.1570
Short
by AlgoVenture
EURUSD: Weekly Forecast 24th October 2021Following a strong rebound from a 15-month low, EURUSD continued to climb last week and found constant support at 1.1620 before the market closes. Apart from the demand level, the price is also climbing within a rising channel and is moving towards the top of a falling wedge. As such, we expect EURUSD to continue its recovery this week and will be looking to buy at the beginning of the week. However, we do expect a probable fake-out and will also aim to buy at 1.1610 area.
by AlgoVenture
Gold Ranging, Buy at DemandGold was up over 22 USD but threw most away through the US session. We can see that the market structure is an upward ranging one thus any gains could easily lose momentum and return to the lower band of the range. Right now, the price seems to have found support at 1768, but there's still quite a bit downside to reach the range bottom at 1760. We will be looking for buying opportunity at the current level should the price continues to stay supported. Otherwise, the best price would definitely comes after a fake-break of the current low and reach the demand level from 1764 to 1760. Target wise we will aim for 1784 supply level.
FX_IDC:XAUUSDLong
by AlgoVenture
1
Gold: Weekly Forecast 17th October 2021Gold climbed further just as forecast last week, except that it plunged on the last day and wiped out most gains. Despite so, both the high and closing prices are higher than the previous week and there's no change in the entire market structure. In fact, the price fell just enough to stay supported at a newly formed rising channel. This week, we may attempt to buy at the beginning of the week at the current price, or perhaps a further drawback towards the 1754 demand level. The target will be 1830 supply level and the top of the current symmetrical triangle.
FX_IDC:XAUUSDLong
by AlgoVenture
1
EURUSD: Weekly Forecast 17th October2021EURUSD broke above the top of a falling channel and a supply zone at 1.1590, marking an end of the current short-term bearish trend. The market may falling into a ranging market or reverse into a short-term bullish trend towards the top of a 5-month falling wedge. At the same time, the dollar is retreating from its high amid the market has already priced in a Fed tapering and needs more clue towards rate hike before dollar will strengthen again. This week, we will be focusing on buying the bullish reversal, awaiting a pullback towards 1.1570 demand level.
Long
by AlgoVenture
1
Gold: Weekly Forecast 10th October 2021The gold is still in a huge consolidation phase since it peaked at 2075 an ounce. It is notable that the closing prices are getting higher and that the price should be able to make another bull run towards the top of the consolidation. In recent weeks, gold has broken above a falling trendline with a strong rebound and has now pulled back downwards significantly for another buying opportunity. This week, we will first focus on buying at 1747 - 1742 demand level, targeting 1790, followed by 1810. Stay tuned for more daily trading ideas!
FX_IDC:XAUUSDLong
by AlgoVenture
7
EURUSD: Weekly Forecast 10th October2021It's been close to 5 months since EURUSD embarked on a downtrend. The current market conditions favour a bear market both fundamentally and technically. On the technical aspect, the price is trading well below all moving averages where all of the fast MAs are below their slow MAs respectively. The price is now less than a hundred pips from the FR50% level and right underneath is a 15-month demand zone, followed by the golden ratio. Therefore, the current trading plan should be more accommodative towards selling, with 1.1680 - 1.1710 as the best supply level for entry. Stay tuned for more daily trading ideas on EURUSD in the coming week!
Short
by AlgoVenture
1
GBPUSD Finishes CorrectionGBPUSD has consolidated throughout the entire week and the price is now coming off from the to the range. The price is also seen breaking out from a upwards corrective channel and fell through during the Asian session. It's very likely that the price will continue the trend into the euro session, potentially bringing the price back to the range bottom at 1.3570. What happen next will be very unpredictable as NFP will be releasing tonight. If it's good for the dollar, we are going to see further selling, breaking out of the consolidation and eventually reaching 1.3500 demand level.
Short
by AlgoVenture
Gold Extends GainThe gold climbed further at the beginning of the week, following a strong bullish rebound from last week. By now, there are multiple breakouts of falling trendlines and highs which also resulted in the formation of higher lows and higher highs. We will wait for an opportunity to buy the pullback, expecting the price to retrace to 1755 - 1750 demand level. If it goes beyond it will be back to 1745. Otherwise, a bullish continuation will see the price to 1780 supply level.
FX_IDC:XAUUSDLong
by AlgoVenture
Gold: Weekly Forecast 3rd October 2021Gold was trending downwards at first but managed to rebound strongly at 1720. It was managed to break above a falling trendline and created a higher high against two previous lower highs. This is a strong sign that the gold will be able to recover further this week and therefore we can look to buy again if the price does pulls back lower before another jump. This week, we will wait for a pullback towards 1750 demand level to look for buying opportunities.
FX_IDC:XAUUSDLong
by AlgoVenture
1
EURUSD: Weekly Forecast 3rd October2021EURUSD has broken below yet another important demand level at 1.1630 and closed with a very bearish weekly candle. The dollar is clearly strengthening amid tightening expectation from the Fed grew stronger. The trend is clearly bearish and thus we will continue to wait for selling opportunities. If the market continues to find support at the beginning of the week, we could expect a pullback towards 1.1670 to sell, targeting 1.1520, then 1.1440.
Short
by AlgoVenture
Gold keeps breaking new lowGold has opened to more downside since the weekly demand level 1760 was taken out. We now have little doubt that gold will retest its 14-month demand level just under 1700. Therefore, we plan to keep selling the pullback on every visible short-term downtrend. For today, we will be waiting for the pullback to the trendline at 1744 to sell. A spike or a final push towards the upside should be taken into account where we will find another selling opportunity at 1750.
FX_IDC:XAUUSDShort
by AlgoVenture
GBPUSD: Weekly Forecast 19th September 2021GBPUSD broke out of a minor range and headed south, essentially reversing the course of a short-term bullish trend. Overall, the market is still seen trading within a range between 1.3960 and 1.3610 and it is most likely to continue heading down towards the bottom. We can also see a symmetrical triangle forming so the rebound from the bottom may take place a little earlier at 1.3680 which could also be a buying opportunity. This week, we will focus only selling, awaiting pullback towards at least 1.3770.
Short
by AlgoVenture
WTI: Weekly Forecast 19th September 2021WTI has continued with its bullish trend as it defied a rejection from a falling trendline and went ahead to breakout of it completely. By now, it is becoming clear that the oil market will continue to rise as demand continues to rise as well during this recovery period. This week, we will wait for a pullback beyond 71 and look for a buying opportunity in the demand zone around 70 which should potentially reach 74, then 76. If the rebound doesn't happens after the pullback and price continues to go south, the next key demand is seen at 67.
TVC:USOILLong
by AlgoVenture
Gold: Weekly Forecast 22nd August 2021The selloff of the gold continued through last week and trades steadily below 1800. A rebound that came last Friday was easily wiped out, essentially trapping more buyers. The market is clearly feeling bearish and we expect a revisit of the 15-month demand at 1700 in the upcoming week or the next. We could still see a potential upside back to 1770 - 1780 area while it consolidates at the beginning and that's where we are looking to sell. We could still look for intraday buy opportunity as long as 1750 stays unbroken.
FX_IDC:XAUUSDShort
by AlgoVenture
EURUSD: Weekly Forecast 19th September 2021EURUSD has extended fall last week, resulting in a 2nd consecutive bearish week. The price has now reached a strong demand zone from 1.1730 onwards to 1.1700. At this point, an inverse HnS could still be formed since the right shoulder support isn't completely broken. Besides, the market is already trading at a low of the entire range and there will definitely be an opportunity for buyers. This week, we are expecting a rebound from the current demand zone as it dip a little lower to the Fibo 78.6% level. If the price fails to rebound at all, the next key level is 1.1700. On the upside, we expect the price to be able to reach 1.1820 before any strong resistance will be seen, followed by the neckline of a probable inverse HnS at 1.1880.
Long
by AlgoVenture
Gold: Weekly Forecast 22nd August 2021The gold fell just a little after a very bullish recovery from the week before amid a strengthening dollar. The gold has ranged throughout the week as it stayed resisted by the supply level at 1795. The dollar has strengthened through the week on a hawkish Fed to start tapering this year and most pairs against the dollar had turned bearish but gold was somewhat resilience continued to stay supported within a range. However, both highs and lows are notably becoming lower and we can expect the gold to start the week with a bearish tone at the beginning. This week, we will look for selling opportunities as it pulls back to the top of its current range but expecting a strong rebound at the demand level at 1750.
FX_IDC:XAUUSDShort
by AlgoVenture
2
EURUSD: Weekly Forecast 22nd August 2021EURUSD had another bearish week right after a short recovery from the week before, essentially breaking new low again. While reviewing our past weekly forecast, it actually followed an ABCD pattern based on the weekly timeframe and shall be completed this week should the price drops further into the demand level at 1.16. The dollar has been strengthening weeks before the Fed has turned hawkish where it now stands ready to taper this year, thus potentially bring about a reverse effect when it does taper. This week, we shall follow the current trend and look for selling opportunity starting from 1.1710 supply level, and aiming for the demand level at 1.16. Otherwise, we will be observing for a clear reversal signal as an ABCD in the weekly timeframe completes at 1.16.
Short
by AlgoVenture
1
Bitcoin: Weekly Forecast 22nd August 2021Bitcoin has remained bullish for the 5th consecutive week and it has now regained more than 50% of its previous losses. There's been a growing sentiment that the crypto-market has resumed a bullish trend as demand for crypto payment is growing in different sectors. but right now, bitcoin is about to face a very key supply level around 50,000 mark and may bring about another phase of selloff. If history is off any guidance, the major correction is still far from over and could still potentially find itself sink deeper beyond 30,000 again. this week, we will wait for clear signs of reversal at the supply level around 50,000 before we start looking for selling opportunities. Otherwise, following the frenzy right and buy the pullback from every bullish wave could prove rewarding as well especially for day trading.
BITSTAMP:BTCUSDLong
by AlgoVenture
2