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Weeklyforecast

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
Forex, SPX 500, Bitcoin, Gold, Oil Forecast August 29 2021Hey Traders just wanted to give a weekly forecast on what I see happening in the markets this week. This could be a big week for the Forex, Stocks, Bitcoin, gold and oil. This week will be big for the forex, stocks, bitcoin, gold and oil. This week will will have the Non Farm Payroll report. The Employment report is the first friday of every month. The forecast right now is that the US gained 750,000 jobs so lets see what happens. Stocks can become explosive on reports like this and so can the forex. Also bitcoin and other cryptos can be affected as well as gold and oil because of the US Dollar Volatility! Enjoy! Trade Well, Clifford
BITSTAMP:BTCUSD
by TradeTheIndex
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
WTI: Weekly Forecast 22nd August 2021WTI just recorded another record-breaking drop in a week, showing no sign of stopping even in the last trading day. The oil price has definitely reached an extremely overbought level and it should not be any surprise to see major correction like this. Do keep in mind that oil is still in a bull market and it's very likely that oil demand will reach another record-breaking level once travelling overseas return in the foreseeable future. Putting the fundamental aside, when the oil market does a major correction, it is usually within a range of 20%, and guess what? We are just 1% away from 20%. Therefore, we will resume looking for buying opportunities at the current demand level around 61 BUT keeping in mind that the short-term trend is still very bearish though extremely oversold. Should the price rebounds, we should be able to see 66 again and eventually resuming into a bullish trend overall.
TVC:USOILLong
by AlgoVenture
Nasdaq: Weekly Forecast 22nd August 2021Nasdaq pretty much recovered from a dip last week and is about to retest its current high at 15170. For the past couple of weeks, we have been waiting for a major correction in the stock market amid a strong sentiment of tapering from the Fed. Ironically, both the S&P and Dow continued to break new high except for the Nasdaq which continued to range around 15000. Last week, we finally saw all three of them trading lower together (and Russell2000 trading at a range bottom). The Nasdaq has been resisted around 15000 for an entire month and it has been half a year since the last major correction. This week, we will focus on selling the Nasdaq at its current supply level just above 15100, and aiming for a target at the demand level just above 14000.
UShort
by AlgoVenture
7
Gold: Weekly Forecast 15th August 2021The gold plunged to a 14-month low at as the market opened last week. It quickly made a sharp rebound and continued to climb through the rest of the week, showing a build up in the buying momentum. As of current, the gold may face some resistance at the FR618 level, and slightly higher will be the breakout level at 1795. This week, we expect the market to shed off some gains at the beginning and continues to climb later. Overall, we will focus on buying and looking for entry from 1770 onwards to 1760.
FX_IDC:XAUUSDLong
by AlgoVenture
EURUSD: Weekly Forecast 15th August 2021EURUSD broke lower at the beginning of last week but ended with a strong bullish candle on the last trading day. The strong bullish rebound came from the lowest point of an 8-month market range which helps explain the rebound itself. Despite growing sentiment of a rate hike by the Fed, the dollar has already strengthened for the last 3 months. That means there can be a good chance that the market has bought news and may sell the fact going forward, thus causing reverse effect on the dollar. This week, we will look for buying opportunities as the price pulls back, looking for an entry starting from 1.1770 to 1.1730. On the upside, we will observe for strong supply around 1.1850 where there could be potential selling. And should the price is able to break above 1.19 and the falling channel, we expect the price to retest the equilibrium level 1.1990.
Long
by AlgoVenture
Bitcoin: Weekly Forecast 8th August 2021Bitcoin has turned out just the way we have forecasted, pulling back at first and eventually forming another bullish wave. It has even broken above key resistance level at 42000 over the weekend and will certainly invite more buyers at this point. However, Bitcoin is about to face the real challenge, the key supply zone around the price of 50000. Although we've seen how strong the recent rebound was, we have past record showing us the same kind of rebound after a major selloff which eventually led to another round of selloff. While we cannot guarantee that the same could happen, Bitcoin could still be fundamentally too soon for the next major bullish trend. We think that Bitcoin is still too expensive for another 'big players' to make 'big purchases' at the moment. As such, we are waiting for the price to climb a little further into the supply zone at 50000 for the next major selling opportunity.
BITSTAMP:BTCUSDShort
by AlgoVenture
WTI: Weekly Forecast 8th August 2021WTI gained a little at first and fell through the week by more than 6 USD. This is due to a surprise increase in the US oil inventories, showing that the delta variant might have a huge impact in curbing the demand for oil. At the same time, the OPEC+ has also agreed to increase the oil supply to keep oil prices from going higher. Nevertheless, as most countries are opening up and many are determined not to go back into a full-lockdown mode, economies will continue to recover and eventually led to more travelling and lead to higher oil demand. The oil is fundamentally strong and we see every dip in the price as an opportunity to buy at a lower price again. The oil price is also technically supported by moving averages and it seems that the price will test the 126ma in the coming week where we will be looking for a buying opportunity. Once the price rebounds, we expect it to reach at least 71, then followed by the previous high at 76.
TVC:USOILLong
by AlgoVenture
Nasdaq: Weekly Forecast 7th August 2021Nasdaq continued to climb higher but, forming 3 consecutive bullish candle before finally turning bearish on last Friday. Interestingly, Nasdaq is the only US indices that turned bearish whereas both the Dow Jones and S&P were still bullish. This is because Nasdaq is heavily fueled by stimulus and a strong NFP data last Friday signals for the tightening of monetary policy. On the technical aspect, Nasdaq has potentially completed the 5th motive wave of a bullish Elliott, as well as repeating the same overall bullish pattern started in early September 2020, thus signaling for a major correction very soon. This week, we will continue to look for selling opportunities starting from the current price but also expecting the price to attempt to break higher again and potentially reaching 15300. Should the major correction begins and price starts to fall quickly, our targets will be 14600 demand zone, and 14100 demand zone at the bottom of a 11-month rising channel.
ULong
by AlgoVenture