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EURUSD: Weekly Forecast 20210613EURUSD continued to face resistance at the neckline level of 1.2185 and the price eventually fell. The short-term trend is pointing towards bearish as selling pressure continues to build up from near-high of the entire market range between 1.2340 - 1.1700 amid early tapering sentiment from the Fed due to persistently high inflation. This week, we will continue to look for selling opportunities until it reaches the current equilibrium level at 1.2000, as well as the bottom of the 2-month rising channel. If 1.2000 is not able to hold, we will see a stronger selling towards 1.1800. Otherwise, we can expect a rebound back to 1.2170.
Short
by AlgoVenture
WTI: Weekly Forecast 20210606Oil went for the 2nd weekly gain after it broke out from a symmetrical consolidation. Demand for oil continues to rise as major economies open up and traveling returns. In a post-pandemic period, the global economy will be on a strong footing on a recovery cycle and we are probably far from over. While oil prices have continued to climb through the week, we are expecting some sort of major pullbacks as it is about to reach the 21st-century equilibrium level. This week, we will continue to be patient and wait for significant pullbacks towards the 67 - 66 demand zone before buying again.
TVC:USOILLong
by AlgoVenture
Nasdaq: Weekly Forecast 20210606Nasdaq made a comeback after it lost its handle at 13766 and managed to close a little higher for the week. The market may start a bullish run earlier than expected as the sentiment with the Fed quickly shifted to a hold-off from tapering amid weaker than expected NFP. We have also seen a successful rebound from the demand zone at 13500 and a breakout of a falling trendline within a rising wedge. This week, we shall look for buying opportunities at the beginning, first entry at 13660, followed by 13620.
ULong
by AlgoVenture
Gold: Weekly Forecast 20210606The gold closed with a bearish weekly candle for the first time in 5 weeks amid a weakening dollar due to a weaker US labour market. The price was able to find support at the current equilibrium level and recovered quickly before the week ended. However, it was resisted at 61.8% of the Fibo level based on the most recent bearish wave which could potentially cause another short-term sell. This week, we could look for a selling opportunity from the current price of 1890 and target 1873 at the beginning. But going forward, since we are still seeing support from both the equilibrium level and the bottom of the 2-month rising channel, we will continue to buy the pullback as soon as 1883, followed by 1873.
FX_IDC:XAUUSDLong
by AlgoVenture
EURUSD: Weekly Forecast 20210606EURUSD had a breakdown as it broke below the bottom of a 2-month rising channel. The price managed to recover some losses on Friday amid weaker than expected NFP but stayed resisted right at a neckline at 1.2170. EURUSD is now expected to stay in a ranging mode and since the price is now at a high coupled with a breakdown, we are expecting more downward movement in the coming week. This week, we will look for selling opportunities around 1.2170 and targeting 1.20, the equilibrium level of the current range.
Short
by AlgoVenture
Bitcoin: Weekly Forecast 20210530Bitcoin continues to face selling pressure throughout the week and volatility has shrunk to an all-time low. As much as bitcoin is heavily discounted, conviction to buy bitcoin remains in a slumber amid heavy criticism from big crypto influencers such as Elon Musk and the constant crackdown of crypto mining in China. The crypto market is expected to remain range-bound for a good few months with a higher probability of slipping even lower. There will be, however, some buyers trying to buy the low at this point and the price may get a temporary rebound. This week, we will continue to look for selling opportunities, firstly at 38600, followed by 41000.
BITSTAMP:BTCUSDShort
by AlgoVenture
WTI: Weekly Forecast 20210530Oil prices continued to stay uplifted amid rising commodity prices due to fast-rising inflation despite a recent selloff in March. The consolidation phrase seems to be ending as a breakout of a symmetrical triangle that occurred last week and the week ended with the price closing above the consolidation structure. Besides, the entire consolidation which has now reached 3 months came after a major breakout of a 13-year falling trendline, thus we can expect more bulls to come, both technically and fundamentally. This week, we expect the market to break me which but not excluding a possible pullback at the beginning of the week. If the price drops first, we can look to buy at 66 - 65.4 region. And should the price go ahead and break higher, simply wait for a pullback towards the breakout level to buy again.
TVC:USOILLong
by AlgoVenture
3
Nasdaq: Weekly Forecast 20210530The US market continued to recover from a major pullback in early May, resulting in another monthly gain except for Nasdaq. However, recovery has slowed down over last week and the bulls seem to has become sluggish but the same goes for the bear as we don't see any significant attempt in the market to sell. The stock market is somewhat expected to rise amid heavy government spending but will also continue to face challenges of rising inflation. This week, we plan to attempt going short if Nasdaq continued to stay resisted at 13700. Otherwise, the main plan is still to buy as the price pulls back with prices such as 13400, and 12800 should it breaks a new low.
U
by AlgoVenture
Gold: Weekly Forecast 20210530Gold was pretty much as bullish as expected, resulting in the biggest monthly gain in 10 months. The gold continued to prove its value in times of uncertainty and rising inflation, coupled with falling asset prices, causing higher demand for the safe-haven assets. We continue to see the gold pushing higher towards 1950 before any strong selling may occur. This week, we shall continue to look for buying opportunities. Should the price pulls back at first, we can look to buy at 1880, followed by 1863.
FX_IDC:XAUUSDLong
by AlgoVenture
EURUSD: Weekly Forecast 20210530EURUSD posted another weekly gain but leaving a long upper shadow for the 2nd time as it continued to face resistance. Although EURUSD has been constantly trading higher, the weight has started to shift towards overbought. The dollar might gain more demand amid falling asset prices which may cause a temporary pullback on EURUSD's current bullish trend. This week, we will attempt to sell within the current supply zone and probably add on to our short positions, if any, as it starts to breaks below the rising channel.
Short
by AlgoVenture
3
Is NASDAQ Out of the Wood?Nasdaq along with other US stock indices has been recovering a big chunk of losses since last week. However, obviously, we are not out of the wood, and if we ain't, do we sell or wait? There's still a pretty good chance we see the market tank for a second time and one of the reasons is that the pullback is still well lesser than 10%. If you go back and look at every major pullback up to early 2020, you would have realized every major pullback went well over 10% Another consideration is the current fundamentals are different as well - we now have a serious risk of inflation while back then we don't and the market has a lot to pump the stock market with their stimmy checks from the Fed. Right now, we are seeing a probably M formation in the making, a formation of a bearish bat completed and just nicely seated between the Fibo levels of 61.8% and 78.6%. Well, this trading could go wrong as far as the stock market is concerned, I think we do have a valid trade setup to sell with low risk and high reward ratio. Besides, the price is considerably high if we based on the entire range of the market as marked out with a channel.
UShort
by AlgoVenture
Let's Sell Oil at Range TopOil rebounded and recovered losses from last week but is once again resisted at the top of the entire symmetrical triangle. Commodity prices have been somewhat cooling off a little as China clamps down on hoarding of supply which could somewhat cool off the oil market for a short while. Traders may consider selling at the range top now with very limited risk on the upside and a pretty good reward if it goes down even to the equilibrium level just below 64.
TVC:USOILShort
by AlgoVenture
Gold Channeling Out of Another ChannelGold has been rising within a 1.5-month rising channel and the top of the channel was somewhat breached earlier this week. However, gold struggled to make another jump as it was actually resisted at the top of another rising channel that's channeling out of the 1.5-month channel. By now, it is obvious that the gold is currently in the process of consolidation, and based on what we've seen, it is very likely that the price will take a little dive before it shoots back up just like a person diving into the bottom of a pool and resurfaces. We can still consider buying some on every pullback but we now target 1856 as the best price to buy.
FX_IDC:XAUUSDLong
by AlgoVenture
Gold: Weekly ForecastGold fell into a range last week after creating a new high at 1845. Although resistance at the 200++ moving average did create a reversal candlestick formation, the price found support and quickly parred all losses in the week. Gold is now at a critical juncture as the last line of defense (200++ MA) before a potential parabolic bull run. Given the current fundamentals, the US is at risk of hyperinflation since the last inflation data was released and that's what drives gold prices. So we now have both technical and fundamental showing us a bullish gold market, not forgetting to mention that the dollar will continue to depreciate further due to the unprecedented money supply caused by the Fed. Price of Interest: Resistance - 1856 (equilibrium), 1950 (7-month supply zone) Support - 1820 (bottom of channel), 1750 (neckline)
FX_IDC:XAUUSDLong
by AlgoVenture
EURUSD: Weekly ForecastEURUSD was range-bound last week and the price has returned to where it began. While the 4-month resistance at 1.2170 has continued to reject the bulls, selling pressure is seen diminishing as higher lows were created, forming a rising channel. EURUSD has turned bullish since the beginning of April 2021 after taking a sharp reversal at the bottom of a 1-year rising channel As such, we will maintain a bullish stance and continue to look for buying opportunities. Price of Interest: Resistance - 1.2170 (4-months), 1.2250 (supply zone) Support - 1.2090 (bottom of channel), 1.1980 (equilibrium)
Long
by AlgoVenture
AUDUSD: Weekly ForecastThe Aussie will be highly watched this week as RBA releases its monetary policy as well as employment data. AUDUSD was somewhat bearish last week as it fell but found support and recovered half of the loss. The rebound came from multiple technical support such as the bottom of a rising channel as well as moving averages. Otherwise, AUDUSD is technically a bullish pair for more than a year now and climbing very much like the US stock indices. That's mostly contributed by rising inflation which causes commodity prices to go up and Aussie, as most should already know, is a commodity currency. While we can continue to look for buying opportunities near the support, the upside is limited as the market is about to reach the equilibrium level slightly above 0.80. Price of interest: Resistance: 0.7890, 0.8080 (equilibrium) Support: 0.7730 (bottom of channel), 0.7690 (equilibrium)
Long
by AlgoVenture
13
Is it TIME to BUY GOLD?Since the breakout of the pandemic, the gold, which has gained 40% during its peak, has shed off about 26% of its gain and 19% of its value when it reaches its lowest in early March. If we look back from the beginning of the pandemic breakout, gold, along with Nasdaq and bitcoin were on-demand until early August 2020 where gold took a sharp reversal into a selling spree. While gold continues to trade lower, Nasdaq and bitcoin continued to surge. Demand for gold has been robbed away by fast-growing assets and what else could be better than the US stock market and bitcoin? During early December 2020, the gold took a sharp turn from a bear market and managed to regained 60% of its losses, only to spiral into another bear market with the same magnitude Somewhere 2 months ago in February, rising treasury yield threw a spanner into the gears of the extremely bullish asset prices. The Nasdaq which represents mainly the Tech companies, as well as companies that held the most bitcoin such as Tesla, took a hit along with bitcoin, and so is gold. As of now, what's interesting is that, while gold has found strong support at 1680, both Nasdaq and bitcoin have also faced strong resistance at their February high. It's worth noting that the gold is very discounted and asset prices have ballooned way too much. While this is not a strong enough sign for some major reversal in the entire market trend, how about some major correction in Q2 2021?
TVC:GOLDLong
by AlgoVenture
2
EURUSD Bearish FlagEURUSD has consolidated for the past 2 weeks amid a strengthening dollar. Throughout the consolidation, constant rejections near 1.20 psychological level were seen even as the lows were getting higher. It then led to stronger selling pressure in the last 2 trading days and the low was finally lower this time. A bearish flag was then formed as a result and we can continue to sell. This week, we expect EURUSD to reach 1.18 and then beyond 1.17 in the next 2 weeks.
Short
by AlgoVenture
2
Dollar Gain Bullish MomentumThe dollar fell into a consolidation after hitting at 4-month high at 92.5. However, it was able to find constant support at the demand zone at around 91.4 amid a rising treasury yield which sparks demand for safe-haven assets. Last week, the Fed has reiterated its commitment to keep interest rate low for a prolonged period of time until employment market and inflation reach stability. The Fed is not worried about a surge in inflation even as rising yield prompted a risk of high inflation. Therefore, treasury yield continued to rise after FOMC and dollar gain new bullish momentum. This week, we plan to long the dollar as we expect the dollar to continue to break new 2021 high in the coming weeks. We expect the dollar to retest its previous high at 92.5, and probably climb beyond 93 in the next 2 weeks.
TVC:DXYLong
by AlgoVenture