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Weeklyanalysis

What Goes Up May Be Getting Ready To Come DownIf you have a little patience with this pair, it's actually forming still forming the W second leg. The bonus? When it's done, we will have a possible bearish harmonic setup for the short. The only way the possibility cancels out is if price can continue upwards pass the daily 1.54626 zone. As you can see, if we make a bearish run, I'll be trading to see if it can make the weekly 1.48825 zone. It should be an interesting trade this week. BULL TPS: • 1.53790 • 1.54582 • 1.56354 BEAR TPS: • 1.51820 • 1.49809 • 1.49015
by NikaJourney
Week in a glance: negative oil prices and sad stat dataThe main event of the past week, without a doubt, was the epic failure in the oil market on Monday and the drop of May oil futures quotes into a deeply negative zone (up to - $ 50 per barrel). We wrote about the reasons for this in our reviews. The bloodbath continued on Tuesday when the world's largest oil futures ETF fund decided to reposition itself from June futures contracts into longer terms contracts. These events spread panic not only in the oil market, but also in the financial markets in general. At the same time, our confidence in the medium-term oil purchases is still here. Given that both crashes on Monday and Tuesday were related to technical issues, our global argument did not suffer from them. It is difficult to worsen the current fundamental background for oil. But it is to improve it. So we stay in buy position. After the shock in the oil market subsided somewhat, economic data came to the fore. Which turned out to be worse than the most pessimistic forecasts. Indices of business activity in the Eurozone, the UK and the US came out just disgusting. As well as jobless claims figures in the United States (+ another 4.4 million). In this regard, we definitely keep on recommend to sell in the US and EU stock markets. An additional motivation for sales is the potential second wave of the pandemic, which, apparently, even without partial removal of restrictions, begins in Germany and Spain. In any case, a sharp jump in disease after weeks of declining is a very bad signal. After retail sales in the UK demonstrate record drop in the entire history of observations, we recommend to sell the pound not only in the EURGBP pair, but also in the GBPUSD pair. That is, this week we buy EURGBP and sell GBPUSD. EURUSD sales also seem like a good idea in light of extremely weak data on the Eurozone and Germany in particular. Bank of Russia cut the rate by 0.5% on Friday. The event, although expected, is definitely negative for the Russian ruble. And the fact that it has not yet dropped does not cancel its inner weakness and general doom to decline. So this week we will actively buy USDRUB. With the worst outcome, this will be a good hedge for our oil purchases. In 2020, the correlation coefficient between the Russian ruble and oil is 0.98, that is, with a probability of 98% a decrease in oil prices will provoke a decrease in the ruble. The upcoming week does not promise to be simple. The publication of US GDP for the first quarter, meetings of key global central banks (the Fed, the ECB and the Bank of Japan), as well as a bunch of other macroeconomic statistics guarantee a surge in volatility.
Short
by Trade24Fx
2
EUR/USD SELL SIGNALHey tradomaniacs, welcome to another free trade-plan. This is meant to be a preparation for you guys. We will obviously have to wait for a confirmation before we execute a short-trade. Market Sell: 1,11500 Stop-loss: 1,12300 Target 1: 1,11300 Target 2: 1,09850 Target 3: 1,08875 Target 4: 1,08015 -------------------------------------------------------------------------------- LEAVE A LIKE AND A COMMENT - I appreciate every support! =) Peace and good trades Irasor Wanna see more? Don`t forget to follow me. Any questions? PM me. :-)
Short
by Trading2ez
BTC update! What's next???These past few weeks has been really bearish! The C&H pattern did not hold, and we broke down (see previous post). This break down started a very steep decline in price. In the chart above we can see BTC dropped almost 53% towards 3800 ~ 3900 USD. It broke right through the 100 and 200 weekly MA. There BTC got a lot of support from a high volume node, before bouncing back above the large yellow trendline. Currently, BTC is hanging at the 200 weekly MA combined with the 0.786 FIB level. BTC never closed below the 200 weekly MA. If it does close below, we could be in for a far bigger decline than we experience the last few weeks. The coming hours are very important! A close above would confirm the strong support at the 200 weekly MA, and probably result in a longer consolidation/sideway movement. The CHOP index needs to recover and prepare for a next big move. If this happens, we need to keep an eye on the smaller timeframes, because all smaller timeframes are in a downtrend as well. Changes start from the inside out. Uptrend on the smaller timeframes will translate in an uptrend in the larger timeframe. Until we close the weekly chart, I wouldn't recommend taking any long or short position. We need a confirmation first! If we consolidate, look for an upward or downward channel to trade. If we close below, I'll short from 5000 USD with a price target of 3900 USD (high volume node support). Stay safe and focus on price. Don't let news headline blur your view!
BITSTAMP:BTCUSD
by JerKad