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Weeklyforecast

GBPUSD: Major Reversal Cont'dGBPUSD had one of the biggest weekly falls in 3 months after yet another rejection at the 2.5-years major supply zone 1.34 area. It was forming a bearish Gartley in the daily timeframe while, at the same time, completing the 5th motive wave of a 9-month Elliott wave. The pound is constantly under pressure due to breakdowns in Brexit talks which is most likely going to persist on throughout December. Therefore, this week we could continue to sell GBPUSD by waiting for the pullback towards the current supply zone at 1.33 area.
Short
by AlgoVenture
Dollar: Final of the Final WaveIf we follow the basic of Elliott wave, the dollar is already forming its 5th motive wave in the weekly timeframe. Last week, the dollar fell into a consolidation in the midst of the 5th motive wave. Apparently, this is the 4th corrective wave in the H4 timeframe and that means it will be forming its 5th motive wave very soon, probably this coming or the following week. Therefore, we could look to resume selling the dollar this week as long as the price pulls back to the upper band for a higher price to sell. P.S. This entire bearish wave could just be the beginning of dollar's downfall due to the breakdown of a near 10-years rising trendline.
TVC:DXYShort
by AlgoVenture
EUR/USD Price Forecast - Weekly TargetsA quick look at the EURUSD and last week saw price hold comfortably above the Daily 20-EMA. Potential targets above at the 1.20000 and 1.240000 levels. Entries from the 20-EMA at 1.18150 to target the levels above. Price looks to be nearing the end of this contraction zone and ready to break out to the upside. However, there could also potentially be a pullback to the support level of 1.16400 before moving upwards. Awareness keeps the panic away. Trade safe and always remember to plan your trade and trade your plan! Beyond Edge Disclaimer This is not trading advice. All content/ information shared in this idea is purely educational in nature and is expected to be used for analysis and illustration purposes only. Do not trade or speculate based solely on the information provided. Trust your own analysis. Beyond Edge
Long
by BeyondEdge
1
USDCAD Retesting Previous LowUSDCAD has started a third wave of downtrend after retesting a support turned resistance zone and is currently retesting previous low of the second wave of downtrend. Should price be able to break below this level of support, there would be more downside available for USDCAD. This week, await a breakout, then continue selling USDCAD when it pulls back. Conversely, if price gets supported at this level, we could look to sell USDCAD again if it retests the same supply zone.
Short
by AlgoVenture
RLCBTC bounced on weekly support 🦐RLCBTC bounced on weekly support and now the price is testing daily resistance. IF the price will have a breakout upward, We can set a nice order on the retest, According to Plancton's strategy, we can set a nice order ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. Here is the Plancton0618 technical analysis, please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Long
by InkyGrip
4
Gold for Cash Amid PandemicAfter failing to break above past historical high 1921, the gold fell and ranged, and eventually broke out of a 1-month rising channel. The gold continued to find support at 1894 but failed to gain any bullish momentum. It finally gave way to a plunge as central banks started to sell their gold reserve to support their economy against the second wave of the pandemic. These are enough factors to expect the gold to dip lower since countries need money now more than ever and the gold is not at a satisfactory discount yet. We expect the gold to break new low dip below 1800 this month.
OANDA:XAUUSDShort
by AlgoVenture
5
Dow Jones: Is this the beginning of a 2nd SELL-OFF? Cont'd2nd wave of coronavirus has become a factor in Europe. Central banks are selling gold for the first time in more than a decade to keep their economy afloat. Dow Jones had the biggest weekly drop in 7-months after multiple breakouts such as 1) the 5-month rising trendline, 2) the neckline of a double top and 3) created a lower low in 7-month. With all the above factors, we have a case to expect the 2nd wave of the selloff in the stock market which probably has begun. The strategy to sell is simple: 1. Don't be a fortune teller and try to time the market and trade with tight stop loss. 2. Make sure your trade does survive before the price pulls all the way back to the double top at 29200.
FX:US30Short
by AlgoVenture
EURUSD Facing Pressure at Range TopEURUSD has rebounded and retraced from a 1-month low just above 1.16 for the entire October and has completed 2 bullish waves by now. As the US election draws closer, uncertainty continues to brew, causing risk sentiment to rise and boost demand for safe-haven assets such as the dollar. Besides, the ECB conference will be up this week and chances are the ECB might take a dovish stance if they are ready to bring interest rate deeper into the negative territory. Otherwise, the market has retraced significantly from the previous bearish trend and is definitely a decent price to attempt selling EURUSD.
Short
by AlgoVenture
Can USDCAD's Support Hold?USDCAD has retraced back to the breakout point of it's 6-month downward trendline, back to a strong support zone, which coincides with the 78.6% level retracement. With oil prices hovering below $40 after breaking below key channel, and the Canadian economy being heavily reliant on Oil prices, the effects should be seen in Canada's currency. This week, should the current support hold, we could look to buy USDCAD again, however, should price break current support, next level of support could be seen at the previous low at 1.300.
Long
by AlgoVenture
USDJPY to Range before Further DownsideUSDJPY fell last week after rejection from a 3-month falling trendline but found support just above 105. The yen has gained across all major peers amid growing uncertainties due to the pandemic and political turmoil in the US and Eurozone such as the US election and the Brexit talk. However, the dollar rose too on safe-haven demand which therefore causing USDJPY to stuck in a range. However, the price has reflected that the yen will eventually strengthen against the dollar ever since the pandemic broke out. We expect the market to rebound a little higher towards the 105.6 - 105.8 region before it provides more downside movement.
Short
by AlgoVenture
Gold's Demand ReturnsThe gold has shown a clear sign of a bullish reversal for the first time in nearly 2 months. The gold broke above a near 2-month falling trendline which started forming since the gold peaked at a new historical high of 2075. However, we are not expecting huge and fast buying of the gold and we do expect the price to range upwards through October. In general, the gold market has provided a pretty satisfactory discount and buyers will inevitably start to pile up. Wait for the price to pull back and observe the price action to find a good entry point and as of now, 1916 looks like a good price to buy.
OANDA:XAUUSDLong
by AlgoVenture
USDCAD More Room for DownsideUSDCAD was unable to keep the bearish momentum after breaking above a significant resistance level. Price came back to the trendline formed after the initial break out of the falling channel, but could not find support either. The last 3 days of this week formed 3 very bearish candles, even breaking through previous demand zone, providing USDCAD with more downside. This week, we could look to continue selling USDCAD to it's previous low, waiting for small retracements too add positions.
Long
by AlgoVenture
1
EURUSD Ready to Resume Bull RunEURUSD is probably ready for a whole new wave of a bullish run after gaining stronger ground from last week. The market has broken out from a retracement channel and the price has also resurfaced above all moving averages, as well as an important pivoting level at 1.1750. The MACD is also showing a returning bull and the line is about to cross above level zero which indicates a sustainable bullish trend. This week, we expect EURUSD to climb further and traders may wait for a pullback towards 1.1790 to long.
Long
by AlgoVenture
Dollar Resumed Bearish after 3 MonthsThe dollar broke away from a rising structure after breaking below a 1-month rising channel and a demand zone around 93.6. The MACD is also about to cross below level zero which indicates a sustainable bearish trend to follow. The market sentiment seemed to have turned risk-on again in anticipation of the fresh stimulus package. It has also taken the dollar a little more than 3 months of retracement and consolidation since the completion of a previous bearish trend to once again resume depreciation. This week, we expect the dollar to continue weakening towards 92 and traders may wait for a pullback towards 93.38 to sell the dollar.
TVC:DXYShort
by AlgoVenture