The U.S. Dollar Index is still weak last week.The U.S. Dollar Index was still weak last week, and trend is still downward in the future. But before falling, it may rebound first.
Weeklyforecast
The U.S. Dollar Index is still weak last week.The U.S. Dollar Index was still weak last week, and trend is still downward in the future. But before falling, it may rebound first.
GBPUSD OverextendedGBPUSD broke above the current 2.5 year supply zone, however the next candle was bearish and erased all gains. This could indicate a fake-out and we could expect price to come back down.
With price being over bought as well, and being at the top of the entire Brexit range, we could expect price to come back down to current rising trendline first.
Await a pullback should price come back into the Brexit range for opportunities to short GBPUSD.
Dollar Completes Final Bearish WaveJust as predicted, the dollar continued south and completed the final 5th motive wave, both in the weekly and 4-hourly time frame.
The dollar held losses at 89.7 as soon as it reached the 161.8% Fibonacci extension level, similar to that of early 2018.
The dollar has sustained about 12% loss to the pandemic and amid an unprecedented amount of stimulus to keep its economy afloat and the stock market from crashing.
The latest loss seemed like a full-priced in of an upcoming stimulus package yet to be approved.
This week, we could expect the dollar to still inch a little lower but ultimately, it will likely to kick-off a period of a ranging market.
We can start focusing on buying the dollar at the bottom, with an initial expectation of a range between 89 to 91.
EURUSD still has a chance to rise.EURUSD still has a chance to rise, but this week may show a pattern of slow growth, this week (Dec. 14-18) range 1.2060-1.2240.
Bitcoin >> Unpopular Idea that makes a lot of sense technicallyHi everyone,
Let me be clear. I would NOT like this to happen.
However, given where Bitcoin is in its market cycle as well as technical reasons after this very powerful rally from March 2020 lows, it does make a lot of sense to expect such price action unfolding over the coming 6-8 months.
I am not saying that it will certainly happen, but I believe it could play out. Here are the reasons:
1- very powerful parabolic rally, particularly in Q4 2020 - but really since the March corona virus crash
2- a LOT of confluence exists for support around the 13-14k levels (61.8 fib retracements, long term trendline, 21 EMA)
3- a breakout to $22k fib extension levels & long-term trendline would catch MANY traders like fish in a hook IF it proves to be a false breakout i.e. price sees a powerful rejection (blowoff top) from $22k levels and heads back below ATH ($20k) on the monthly & weekly charts.
4- getting Bitcoin's typical 35-40% corrections in a bull market and retest the 2019 Yearly high.
At any rate, let's see what happens. I just thought I'd present to you the risk of having an overall bearish 2021 wave, with the bullish excitement getting pushed EOY 2021 and 2022 (consistent with extending crypto market cycles).
Best luck in crypto land - trade safe!
Leb Crypto
MTF killer zoneThis MTF Killer Zone, its drawn when yesterday or the last period closes, it so powerful .
The way I use it is buying and selling as a support and resistance zone (but its not support and resistance analysis) or at a retest when it break, and if its not touched by the price today or in the current period ... than the zone will be still valid for any time in the near future (3 to 4 days or periods in this example).
You can use it as a target if you already have an open position in the market, or using a time frame for entry and another for target.
I can send for you on request different time frame the MTFkillerzone, such as weekly and monthly also good for yearly.
I recommend to use it only major pairs, also any other financial instrument ( Commodities , indices, bonds, and equities) .
Enjoy the setup please! :)
MTF killer zoneThis MTF Killer Zone, its drawn when yesterday or the last period closes, it so powerful .
The way I use it is buying and selling as a support and resistance zone (but its not support and resistance analysis) or at a retest when it break, and if its not touched by the price today or in the current period ... than the zone will be still valid for any time in the near future (3 to 4 days or periods in this example).
You can use it as a target if you already have an open position in the market, or using a time frame for entry and another for target.
I can send for you on request different time frame the MTFkillerzone, such as weekly and monthly also good for yearly.
I recommend to use it only major pairs, also any other financial instrument ( Commodities , indices, bonds, and equities) .
Enjoy the setup please! :)
EURUSD: Last Bullish Wave of the 5th WaveJust like the dollar, EURUSD is in the midst of completing its 5th motive wave of a 9-month Elliott wave.
The euro weakened a little and consolidated just before the ECB announced increased bond purchases.
Upon the announcement, EURUSD gained on selling expectation and buying the fact.
It managed to stay afloat just before the week ended, thus we can assume that EURUSD hasn't finished its bullish momentum.
Simply long EURUSD as it pulls back to the lower band, or within the price range of 1.21 - 1.2050.
P.S. On a side note, we do not presume that EURUSD will definitely climb in the coming 2 weeks. Do decide on where to cut your losses should things go south and be flexible enough to change your trading plan.
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.
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.
EURUSD trend is still up.The EURUSD has now stabilized above the 1.19 round and closed near 1.1960 on Friday.
The upward trend of the pattern is upwards, facing the 1.20 integer mark at the top, and will break upward after shocks.
GBPUSD still above 1.3300, the trend remains upward.The GBPUSD closed above the 1.3300 round on Friday, and the overall trend is still upward. Pay attention to the 1.3300 round support. If the US dollar index continues to weaken and non-US currencies such as the euro rise, the GBPUSD will still move upward along the yellow trend line.
NZDUSD is still on the rise.NZDUSD is above the 0.7 integer support, and it is the strongest currency in the near future. It may fall back to near the 0.7 integer in the short term, and then continue to rise. In the near future, look at 0.7080-0.7100.
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
AUDUSD still in an upward trend.AUDUSD is currently above the support of 0.7360, and the upper 0.74 integer resistance needs to be broken upwards.
The overall trend is still multilateral, especially the NZDUSD to rise, AUDUSD is expected to continue to keep up in the future, it is recommended to take the fall back support as the main operation.
GBPUSD Strong Resistance ZoneGBPUSD has climbed to its previous high forming a double top, which coincides with an extremely long term falling trendline and a 2 year supply zone. This is definitely an area of interest with strong resistance, thus we could look to continue selling GBPUSD at least back to the support of current rising trendline.
This week, await a pullback should current downtrend persist to continue selling GBPUSD.
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.
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
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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.
Dollar Resumed Bearish TrendThe dollar fell with conviction last week and broke out of a symmetrical triangle.
This marked the end of a 4th corrective wave and the 5th motive wave has just begun.
With the election coming to a close, the dollar is set to fall with some major uncertainties off the table, especially since the winner is Biden.
Wait for pullback and sell the dollar.
NZDCHF Analysis by forexbee.coNZDCHF Analysis: Looking to buy from the below demand zone between 61 and 78 Fibonacci level.
Trend: Trend Reversal on break of last lower High in NZDCHF.
Trade Idea:NZDCHF was retracing downward from 1st September. it was in a clear bearish trend due to four consecutive lower lows. Recently due to a massive upward move and break of last lower high, trend has been reversed. Now we will look for a bullish entry instead of bearish.
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.
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.
