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Weeklyforecast

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
GBPUSD - WEEKLY ANALYSISGBPUSD - Refer the charts, I have marked the levels for both side movement probability. Current situation : Positive bias is there, momentum is in buying side, For now approach should be a BUY at current price range 1.29200 - 1.29400 Maintain stop loss around 1.28700, If your risk appetite allows you can keep 1.27600 as a major support zone or stop loss level. Potential upside move 1.32000 In the lower side Sell below 1.27500 Maintain stop loss around 1.28700 Potential down side move 1.24800 Follow the levels as mentioned above. Traders, if you liked this idea hit the like button & write in the comment section. Why you should follow this tradingview account ? Managed by top most renowned trader - Pulak Priyesh 10 + years of trading experience Professional Day trader Excellence award winning mentor Professional chart, clear chart without junks. Major S/R levels with inner insights Frequent Day & Swing trade levels All major and minor FX/INDICES covered Thanks !!
Long
by Professor_GS
Practice Patience with GoldGold had the biggest weekly loss in close to 2 months. It also ended a 5-week ranging market that took the shape of a symmetrical triangle soon after the breakout from a near 6-month rising channel. With that, the gold is now on sale, an 11% discount from its all-time high. While the dollar seems to be in high demand as a safe haven currency, what performed the best is still gold especially in a risk-off market like the one we are facing now. Gold was just too overpriced but many will be observing for the right time and best price to buy the gold again before the next gold rush. Therefore, we will probably expect the gold to fall into another range eventually and we will practice more patience with trading gold. Otherwise, the best price to start buying the gold will be from the 1800 demand zone. It was once a very strong resistance throughout 2012, and the bull rush has begun shortly after it was broke through.
OANDA:XAUUSD
by AlgoVenture
3
Dollar's Comeback ContinuesAfter ranging for more than 2 months and reaching a 29-month low, the dollar started to show signs of reversal. The reversal took off strongly and broke above the top of its previous range just below 94 with very little pause. The dollar continued to climb and finally reached the top of a 6-month falling channel where resistance was presented. However, a reversal failed to take place and the dollar went out to break above the previous day high on the very last trading day. US dollar rose amid a risk-off market sentiment and also due to a technical oversold. The dollar is likely to inch higher further before Friday's NFP. We will keep our short-term view bearish or slightly towards ranging for now until it reaches the supply zone above 95.
TVC:DXYLong
by AlgoVenture
GBPUSD More Room for DownsideGBPUSD started a downtrend when it gapped downwards and broke a trendline upon Elliot Wave completion. Last week, Price has once again broken a 6 month trendline, and retested break out point before a bearish closing on Friday. This week, we can assume GBPUSD will continue it's downtrend, at least back to its previous low at 1.278, with next immediate support being at 1.2545. Continue selling GBPUSD once there are small pullbacks in the smaller timeframes upon market opening.
Short
by AlgoVenture
GBPUSD - Weekly Analysis.GBPUSD - Looking bearish on bigger time frame, breakdown is there on the chart, I have made a projection follow it properly. Look for a short selling opportunity. Follow the levels : Sell range : 1.29250 - 1.29400 Stop loss : 1.29900 Target : 1.28700 - 1.27900 Traders, if you liked this idea hit the like button & write in the comment section. Why you should follow this tradingview account ? Managed by top most renowned trader - Pulak Priyesh 10 + years of trading experience Professional Day trader Excellence award winning mentor Professional chart, clear chart without junks for your better understanding Major S/R levels with inner insights Frequent Day & Swing trade levels All major and minor FX/INDICES covered Thanks !!
Short
by Professor_GS
1
Dollar still owes a Bullish WaveThe dollar continued to range and trended slightly lower. The bearish movement can be seen as a pullback for the previous bullish trend which saw the minor bearish structure broken. On the other hand, the dollar is very oversold and hasn't pulled back significantly enough even though the current highs are still trading lower. This week, we will still maintain our bullish bias and continue to buy the dollar as part of a short-term trading strategy.
TVC:DXYLong
by AlgoVenture
Gold Completes Elliott TriangleSince the selloff started in early August, gold has fallen into a consolidation, forming a symmetrical triangle. The gold was trading above support level 1939 throughout the week but has broken below a rising trendline the day after FOMC. The bearish wave after FOMC has also marked an end to an Elliott triangle which could potentially send the gold further south. Last Friday has shown a significant pullback and therefore, we can look to sell gold in the coming week as soon as the market is opened next week.
OANDA:XAUUSDShort
by AlgoVenture