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Weekly Forecast: GBPUSD Approaching Key SupportAfter forming a Head and Shoulder pattern, GBPUSD managed to break below its neckline. This week, GBPUSD failed to find support at supply/demand zone formed at previous inside bar candle. Price came back up for a retest and continued dipping. As price is soon approaching a key support zone at 1.2000 again, we are expecting strong support at this level. Should price be able to fall to 1.2000, we can look to buy GBPUSD again at a good price level if support holds.
Long
by AlgoVenture
Weekly Forecast: Will USDCAD finally break out?USDCAD has been in a major consolidation range ever since price shot up due to WTI crashing. Demand zone at 1.387 - 1.3921 has shown to be a strong support zone and price has not been able to break below. This week, price climbed back up to the top of the range and got resisted again. As USDCAD has been forming lower highs, we are expecting price to fall and test the support once again. Should USDCAD finally break below the strong demand zone, more downside could be seen, and we could sell USDCAD once price retests the demand zone.
Short
by AlgoVenture
Weekly Forecast: EURUSD Visiting the BottomEURUSD climbed steadily last week but faced strong resistance as it reached the top of the major range. At the same time, a bearish bat was formed which attracted strong selling and now the price is revisiting the bottom again. As the current bearish trend has just begun, or probably halfway, the price is most likely to fall further. Therefore, we can first wait for a selling opportunity again should the price retraces upward to somewhere closer to the supply zone around 1.0950. Whereas if the price continues to fall and reach the bottom, it is most likely going to range first before it starts to rebound and form another bullish trend.
Short
by AlgoVenture
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: 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
Dollar: Weekly Forecast 17th - 21st February 2020The dollar rose for the 2nd consecutive week and reached a 4-month supply zone. Fed Chairman Powell was hawkish in his last testimony and inflation rate hit a 15-month high. Combining the development of the technical price and the underlying fundamentals, the dollar will eventually break new high again. However, the dollar might be too overbought and may pull back very soon in the coming week. Wait for a pullback towards the 98.5 region before buying the dollar again.
TVC:DXYLong
by AlgoVenture
NZDUSD: Cont'd from Previous PostWhile NZDUSD retraced expectedly before rising further, the current movement suggested further retracement before the rebound. What's confirmed now is that NZDUSD has broken away from a previous bearish structure and recently also broke out of a consolidating structure towards the upside. The price is expected to retrace 0.6615 where it broke out from a bearish structure. Look for buying opportunity from 0.6615 to 0.6605, targeting 0.6690 and 0.6720.
Long
by AlgoVenture
NZDUSD: Breakout of Consolidating StructureNZDUSD has been on the rise since it found support and rebounded off from a 4 year low around 0.6200. In the process of the rebound, the price has broken a few critical resistance levels such as the 8-month falling trendline. There's little doubt that NZDUSD is in a bullish structure while the dollar is also weakening. Just recently, the price has broken out of a downward consolidating structure and a new bullish trend has just begun. Wait for the pullback towards 0.6630 to look for a buying opportunity.
Long
by AlgoVenture