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Weeklyforecast

Dollar Falls Slowly But SteadilyThe dollar continued to fall last week and reached a 1-month support level at 95.8. It rebounded at first but gains were wiped out in the very next candle, showing a lack of buyers at the support. The dollar is currently establishing a bearish trend within an H4 falling channel, both highs and lows are continuing to form lower, and thus a clear-cut bearish market. This week, we shall continue to look for a selling opportunity. 1) If the dollar rebounded off from the current support, wait for the price to reach resistance zone 96.2 - 97.35, as well as the top of the H4 falling channel, and look to sell. 2) If the dollar breaks below the current support, simply wait for a pullback towards the breakout level to sell again. Look out for the near 2-year support level which coincides with a W1 rising trendline.
TVC:DXYShort
by AlgoVenture
EURUSD Impending Break OutEURUSD's movement this week has been definitely leaning more towards ranging, with a slight bullish bias. As we can observe from price movement, higher lows have been forming, however price is still being rejected from the previous high. On the daily timeframe , we can definitely see a consolidation pattern being formed, nearing its end soon. Thus we can expect a breakout of the pattern sometime this week. On the H4 timeframe, a rising channel could be seen, with price being supported at the bottom of the channel right now. This week, we could look to buy EURUSD at current price, or we could also wait for a breakout of the pattern before buying on retracement for more confirmation.
Long
by AlgoVenture
Gold has More Room on the UpsideWay to Gold! The gold has once again broken new high and reached 1779, a level not seen in more than 8 years. As high as gold already was, the demand for safe-haven asset continued to rise through the pandemic. There are so many reasons - the unprecedented printing of money (i.e. bond purchases), the super low-interest rates which will last for a couple of years, and of course the uncertainty of the pandemic and the recent surge in COVID cases in the US. Historically speaking, the most recent financial epidemic in 2008 has clearly shown us just how much can gold climb while the economy is trying to recover from recessions and depressions. So, just in case if you're thinking that the gold is over-valued, it's probably more like 'undervalued'. The break of a new historical high could very well be the beginning of the rise of gold price. However, it's likely inevitable that strong resistance will be faced the nearer price gets to the historical high of 1920, and before that, the near 9-month supply zone just right ahead. As of now, gold should have a smooth journey ahead to climb further, at least not before it reaches 1810.
OANDA:XAUUSDLong
by AlgoVenture
Dollar May Climb Further but Not for LongThis month will be critical for the dollar as it will show whether the price will stay supported within the rising channel or confirm the break. What's likely the outcome is the dollar will start to really weaken, both fundamentally and technically. 103 probably marked the peak for the dollar and the price has already wiped out all gains in March if we exclude the portion from below the rising channel. The chart has shown that the dollar is losing its value and the most recent break-below of the bottom of the rising channel determined the case. The Fed during its last FOMC conference said that interest rate will remain low throughout 2022, which means that demand for dollar will not be expected from a rate hike for a good period of time. The Fed's balance sheet has expanded to a really horrendous figure during this pandemic which I don't even want to talk about it more. To sum it up, the dollar may still rise a little further as demand for safe-haven currency such as dollar will rise as COVID cases rose last week. But it won't be long and the dollar will start to lose its value and should the month closed below the channel, that shall be the beginning to the fall of the dollar.
TVC:DXYShort
by AlgoVenture
Dow Jones Brace for ImpactThe US stock market recovery was certainly too extensive which is well reflected on the chart as the market started to reverse. The trigger came from a sudden jump in the number of new COVID cases in the US but the market rebounded and climbed as the number of new cases did not continue to rise. However, the market was seen falling again after continuously resisted at the bottom of a broken rising wedge and most importantly, new COVID cases rose to more than one-month high. The most recent number shows that new COVID cases rose to more than 30,000 and has been rising for 5 consecutive days. If nothing else goes wrong, we should see a significant gap down once the market is opened for the week and panic arises from this incident will most definitely sustain for quite a while thus the opportunity to continue to sell.
FX:US30Short
by AlgoVenture
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Weekly Forecast: GBPUSD Broke Bearish StructureGBPUSD has broken the bearish structure formed after a head and shoulders pattern this week, and has begun a new uptrend. Price has currently broken above previous neckline of head and shoulder pattern and stayed bullish. This week, we can look to continue buying GBPUSD if price retraces and retest support. Next strong levels of resistance can be seen at top of head and shoulders pattern, which coincides with an inside bar candle from previous bullish breakout.
Long
by AlgoVenture
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