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Weeklyforecast

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
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
SPX's weekly up date . Third week of May 2021.- P/E : @ 45 .54 . Third highest reading since "1875"!!! Tops land. 2% from becoming the 2ed since 1875 . " Usually bottom of crashes not tops". I guess P/E is becoming "Irrelevant" to investors with M2 getting fatter ;-) . - SPX's Dividend Yield: @ 1.37 Possible target is 1.10 2000's bottom !!! US10Y @ 1.63 "consolidation Mood !!" -Historically 10y note has a side way movement relative to SPX in May. - Insiders: 205 Sell, 65 Buy nothing Out of the usual. - Seasonality: May Max 5.3 % Min (-8.1%) past 20 Years. With Q2 of post presidential election, since 1950, gain of 5% (already 3.5 % in the first 10 days LoL !!! - Deviation : Daily - @12.83 % (64 % single pullback) weekly - @40.97 % (46% single pullback/54 % double pullback !!!) Weekly is in favor of a pullback with 54 % chance. - Candles Auto recognition : Bearish Long upper shadow is our last 36 % success rate. Monthly Nothing 7 months for monthly. - Putt/Call composite @.702 Still holding Higher Highs/Higher low. Golden Cross "Achieved !!!". -Total Option Volume: 478888 keep hitting this resistance again and again. - VIX : In our safe green zone, we hit 18 " We spiked above our green safe zone but we tracked back within days'. - VWAP: @ 67.5 = No man's land, closer to troughs and up swings.. - DIX : 42% No man's land . - GEX : @ 7 M. 55% tops land, 35 % up swing 10% false signal. - SPX : Above averages . Nothing here to mention. - NYSE: Above average : 50D broke 50 line down then up signaling bottom has been achieved. Will it go back down ? not good at all to break down the 50 line. -------------------------------------------------------------------------- Key for this week : 1/ Golden Cross on PC. 2/ Higher Deviation on weekly favoring 54 % double pullback. 3/ NYSE 50D broke 50 line then bounced back keep an eye on this if it break below 50 again.
SP:SPX
by samitrading
Weekly-Montly GBP/USD chart analysis It is proven that history often repeats itself on every aspects As we can see at the GBP/USD Chart, in 17th Apr 2018 GBP reach its peak at 1.43767 and start falling deep afterward the trend as we can see right now is still Bearish and if it continues, the chart might go down to 1.29514 I put Resistance and Support line on the chart for more confirmation before entering the market and if it falls below the Support line, the chart would strongly continues the Bearish trend really deep If the market goes above the Resistance Line, it would the new Bullish trend with unknown strength
Long
by Hiraga_Sakoto