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Weeklyforecast

Dollar: Weekly Forecast 6th - 10th April 2020The dollar climbed through the week despite extremely weak employment data. The NFP result was pretty much expected and the market could already have digested the fact way before the release. During a pandemic where businesses stop running and people stop working across the globe, it's natural that the labour market will suffer a huge blow. The dollar had rebounded off and climbed steadily from a critical demand zone around 98, forming a rising channel in the process. The price is currently positioned at the top of the channel with a sign of resistance but lacking in selling pressure. In this week, the dollar is likely to climb further and possibly breaking through the top of the channel and go deep into the supply zone around 101. If the price continues to climb, strong resistance will definitely be seen as it reaches beyond 102. If the price were to come off at first, there will be an opportunity to go for intraday long at 100.3 - 100.1.
TVC:DXY
by AlgoVenture
Gold: Weekly Forecast 30th March - 3rd April 2020Can the gold price continue to appreciate? Or is the price too high and unattractive to investors OR perhaps it's another good opportunity to liquidate gold for cash in the face of another probable market crash? We have seen the gold has been ranging throughout the week since it recovered and broke above the key retracement level 61.8%. The demand to store value in gold came as the price was hit very hard, diminishing close to 15% of its highest value in just a matter of one week. It was a pretty good bargain to invest in gold again just a couple of weeks ago. However, will the panic remain contained? Has the stock market started to truly recover? Was the gold price really cheap to invest at all? To the above questions, unlikely NO! When we see that every government and central bank are coming out with so much stimulus package and fiscal policies to hold the market from crashing, we know that this is far from over. The gold price will drop again and it's very unlikely it can break higher this time. For all you know, the gold price could come tumbling down when the market opens this week. Should the price continues to climb, we can look to sell again from 1650 to 1670, targeting 1540, 1495 and 1460.
FX:XAUUSDShort
by AlgoVenture
1
Dollar: Weekly Forecast 30th March - 3rd April 2020The dollar had one of the biggest falls in more than a decade but not with surprise. It had one of the biggest surges just the week before and therefore the magnitude of the pullback is just understandable. The dollar was in high demand due to large liquidation of gold for cash caused by plunging stock prices. Last week, the stock market rebounded and recovered strongly as the Fed relaunched QE in an unlimited volume, thus calming the market and improve confidence. Gold rebounded as well and naturally demand for the dollar dropped as a result, falling from a peak of 103 to 98. This week, the dollar is most likely to keep supported and range for awhile within the crucial demand zone around 98. Should the price rebounded, the first target is seen at 99.6, follow by 101. Otherwise, if the price breaks below the current demand zone, the next target will be 97.6 and finally 96.
TVC:DXYLong
by AlgoVenture
Gold: Weekly Forecast 23rd - 27th March 2020The gold continued to plunge first since it broke below the bottom of a 10-month rising channel. It quickly found support and pulled back strongly just above 1450 and a 7-month demand zone. The rebound also caused a falling trendline in the H1 chart to be broken which led gold into a range between 1450 and 1550. Although the price has continued to create lower highs in the range, the lows have also started to inch higher with strong rebounds. The gold is most probably oversold and a stronger upwards pullback could be required before the next wave of a selloff, which is most likely coupled with the next big plunge of the stock market. Should the price pulls back, we can look to sell again at the supply zone from 1580 onward, which is also the bottom of the previously broken rising channel.
FX:XAUUSD
by AlgoVenture
2
Dollar: Weekly Forecast 23rd - 27th March 2020"Not until the dollar breaks above 100, we will keep a bearish stance" was what I've mentioned in the previous forecast. Apparently, once it broke 100 psychological level, the price surged all the way to 103.8, deep into a 3-year supply zone. Although the Fed has cut rate to almost zero, the demand for the dollar was still high amid panic selling of the stock market due to the coronavirus. Many central banks have also been reducing rates or easing monetary policy and one of the most prominent ones was the ECB which has relaunched and full-scale QE. A double is currently seen forming within the 3-year supply zone and could cause the dollar to pull back further into the previous rising channel. Look for support and rebound as the price enters into the demand zone around 101 for a buying opportunity again and aim at the previous high of 103.8, or even higher.
TVC:DXYLong
by AlgoVenture
EURUSD: Weekly Forecast 16th - 20th March 2020EURUSD fell for 4 consecutive days after facing strong resistance at a 13-month supply zone just before 1.15. The price was saw supported twice around 1.1060 which is also the Fibo retracement 61.8%. However, the price did close more bearish by the time the market close and is most likely to dip lower. Look for buy opportunity as the price pulls back into the demand zone around 1.10, which also coincides with the top of the previously broken 21-month falling channel.
Long
by AlgoVenture
Dollar: Weekly Forecast 16th - 20th March 20202 things happened as our forecast last week: 1) The dollar broke new low and reach the 17-month demand zone around 95 2) The dollar pulled back into the supply zone sitting above 97. But what was unexpected was the consecutive gain up to 4 days which caused the dollar to recover more than 75% of the previous bearish trend. It seems that the outbreak of the coronavirus has continued to cause more fear and drove demand for safe-haven assets such as the dollar again. Nevertheless, the dollar is about to face strong resistance from 99 onwards. The Fed is also expected to cut rate by another 0.25%-0.5% in the coming Fed Fund rate decision. Not until the dollar breaks 100, we will keep a bearish stance and look for opportunities to sell the dollar again.
TVC:DXYShort
by AlgoVenture
Gold: Weekly Forecast 24th - 28th February 2020The gold achieved the highest closing price in 85 months last week. The price has climbed continuously throughout the week and regained all losses from the previous week. It is worth to note that three major central banks announced a rate cut in the same week, with one of them been an emergency rate cut and it was none other than the Fed. This is already a very major sign of a worsening economic downturn globally and risk sentiment will continue to increase with the spread of the coronavirus, jeopardising business activities on a global scale. At the current rate, the gold is expected to climb much further than what was expected in late 2019. It was first projected to peak at 1620 but was very soon surpassed, and the current projection can easily hit 1800. In fact, the gold could break its historical high of 1920, should the current situation develops into the next financial crisis since 2008. This week, we expect the gold to pull back at first as the dollar rebounds off from a low. We will be watching the current demand zone around 1640 to buy the gold.
FX:XAUUSDLong
by AlgoVenture
6
Dollar: Weekly Forecast 9th - 13th March 2020The dollar plunged for a second week and the had the biggest dropped in a week in 4 years. The acceleration of the slide was most definitely caused by an emergency rate cut by the Fed. However, the US market labour posted strong employment numbers and a drop in the unemployment rate back to an all-time low. The dollar has probably gone too far into an oversold zone and a pullback should be taking place due to demand from a 13-month low. Nevertheless, the dollar might have turned technically bearish as it broke below the bottom of a 21-month rising channel. This week, we expect the dollar to pull back towards a short-term supply zone just above 97. However, should the price continues to fall, the next target will be the 17-month demand zone around 95.
TVC:DXY
by AlgoVenture
2
EUR/CAD: SELL SETUP with high probabillityHey tradomaniacs, right now we can see a clear move into a zone if high potential of bearish confluence as we hit two trendlines and a strong resistannce-zone. This could be a price-zone where the breakout of the previous Trendline (a) could continue. Watch out for fakeouts to the topside before entering. ;-) LEAVE A LIKE AND A COMMENT - I appreciate every support! =) Peace and good trades Irasor Wanna see more? Don`t forget to follow me. Any questions? PM me. :-)
Short
by Trading2ez
Gold: Weekly Forecast 24th - 28th February 2020I left the gold chart almost unchanged from early February. The price movement turned out almost like what I've forecast - a quick pullback and then a new bullish trend to send the price to a new high. This is the power of how repeating pattern is and how you can make great trading decisions. As of current, the gold is expected to continue climbing this week. There will be a short and small pullback and the price will continue to break new high before you realise. So stay alert this week and try entering small buy positions as the price pulls back.
FX:XAUUSDLong
by AlgoVenture
Dollar: Weekly Forecast 24th - 28th February 2020The dollar broke a 34-month high but faced strong resistance just before reaching 100. The reversal came as soon as the U.S. reported a disappointing Markit manufacturing and services PMI. But what really caused the dollar to fall is simply due to overbought sentiment. The pullback is most likely temporary but the price is most likely to retrace further before it rebounds and resumes appreciation. Watch for the demand zone at 98.7 to buy the dollar again.
TVC:DXY
by AlgoVenture
Dollar: Weekly Forecast 17th - 21st February 2020The dollar rose for the 2nd consecutive week and reached a 4-month supply zone. Fed Chairman Powell was hawkish in his last testimony and inflation rate hit a 15-month high. Combining the development of the technical price and the underlying fundamentals, the dollar will eventually break new high again. However, the dollar might be too overbought and may pull back very soon in the coming week. Wait for a pullback towards the 98.5 region before buying the dollar again.
TVC:DXYLong
by AlgoVenture
Dollar: Weekly Forecast 10th - 14th February 2020The dollar has climbed for 5 consecutive days last week. The U.S. economic data released were all better than forecast except for manufacturing PMI that's somewhat shrinking. During NFP, the dollar had a temporary pullback, probably due to overbought sentiment, but quickly picked up again and broke a 4-month high. As the price continues to create higher highs and lows and shown no sign of reversal, the price is expected to climb further. The occurrence of 5 consecutive bullish candles is not common and thus increases the odds of a pullback.
TVC:DXYLong
by AlgoVenture
AUDUSD: Weekly Forecast 3rd - 7th February 2020The Aussie was heavily and negatively impacted by the Coronavirus outbreak which has sent the price tumbling for the entire January. The RBA has been cutting interest rate in order to revive its economic growth since late 2011, from above 4% to only 0.75%. However, inflation continued to remain subdued and yet another major event, the Coronavirus, hit the Australia economy in the face. Since inflation has somewhere picked up in 2019 and getting very close to RBA's 2% inflation target, it is understandable that RBA will keep its rate unchanged, also given the fact that the central bank has cut rate thrice in 2019. And since AUDUSD has weakened so much for the entire January, that really helps RBA to hold back from another rate cut so soon. This week, we may expect some rebound from the current demand zone around 0.6680. If price rebounded off and pulls back, look for selling opportunity again at 0.6750. If the price proceeded to break the 3-month demand zone, then we will just have to wait for a pullback to sell. Bottom line is that don't just jump in and chase the trend right away.
Short
by AlgoVenture
Gold: Weekly Forecast 3rd - 7th February 2020The gold price pulled back and rebounded off just as expected from our previous weekly forecast. With the increased coronavirus fatality, demand continues to rise for safe-haven asset thus boosting the gold price further. Based on the technical chart, we continue to see the price repeating the historical pattern from February 2019 such as the 3-month consolidation and how the price broke out of the consolidation. The gold price peaked somewhere near 1612 and pulled back sharply and fell into a short consolidation where the price will eventually pick up and rise again, just like what it is now. So, if we take the historical pattern into consideration, the gold price which is expected to rise further this week will face strong resistance as it retests the previous high around 1612. The price would then pull back sharply while maintaining a higher-low stance towards 1580 to 1556, and then the price will ride onto another bull-run.
FX:XAUUSD
by AlgoVenture
Dollar: Weekly Forecast 3rd - 7th February 2020The dollar tumbled upon a bearish cypher, in line with our previous weekly forecast. While the dollar is not fundamentally weak, the previous bull run has caused a technical overbought. And so during the FOMC where the Fed is widely expected to keep rates unchanged, the dollar lost its ground. Besides, the Brexit was finally over and a major factor for risk-off is out of the picture which caused safe-haven currency such as dollar and yen to lose its demand. This week, we expect the dollar to continue the current bearish run and will face some support near 97 but will eventually fall further and reach 96.
TVC:DXYShort
by AlgoVenture
1