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Weeklyforecast

Weekly Forecast: EURUSD Visiting the BottomEURUSD climbed steadily last week but faced strong resistance as it reached the top of the major range. At the same time, a bearish bat was formed which attracted strong selling and now the price is revisiting the bottom again. As the current bearish trend has just begun, or probably halfway, the price is most likely to fall further. Therefore, we can first wait for a selling opportunity again should the price retraces upward to somewhere closer to the supply zone around 1.0950. Whereas if the price continues to fall and reach the bottom, it is most likely going to range first before it starts to rebound and form another bullish trend.
Short
by AlgoVenture
Forex Weekly Forecast 18th-22nd May 2020 (FX Pairs and Gold)Welcome to Profitlio Trading! What's up traders! Thanks for Jumping back on my Analysis, Traderchamp is here on your Service, Also hit thumbs up and support the work. Take a look on my Weekly Forecast and How I planned my added watchlist for the week ahead! Feel free to drop in your comments right down below and share this with your friends! But still Sketch up your own trade setup before you take off. Good Luck! Profitlio Trading ( Since 2014 in Financial Markets ) ________________________________________________ Traders Disclaimer: Non of our analysis or trade setups being shared here on tradingview is a trading advice. As we keep on weekly updates with our predictions and expectations. We may take them as a trade only if trade setup meets the required criteria ( Confirmations ). Unless we will never take them as a trade if it never reach our trading requirements. Take them at your own risk as trading is highly risky and you may loss your investments. Our trades are based on Swinging and Mid to long term approaches. All trades executed will be handled under the name of Profitlio Trading only.
OANDA:XAUUSDEducation
by Profitlio_Trading
1
Has Dow Jones Turned Bearish Again?The recovery of the Dow Jones and other stock market started in mid-late March 2020. The recovery was due to the injection of money by government and central banks, NOT due to economic recovery. In fact, the pandemic was not getting any better while the stock market kept climbing. Now that it's getting really exhausting, the rising structure has started to fall apart and the entire trend started to bend downwards. As of current, the price has recently pulled back from a bearish wave and could continue with the 2nd wave of pullback. Wait for another pullback towards 24000 to sell again.
FX:US30Short
by AlgoVenture
2
Dow Jones Breaking Away from Bullish StructureThe Dow climbed at first and broke previous high but started to reverse and fell steadily throughout the last two trading days. The bearish trend has resulted in the breakaway from a bullish structure as it broke below the bottom of a rising channel. Previously, the price has also broken below the bottom of a rising wedge thus the recent break has put a stop to the recovery. In the H1 chart, the price has fallen extensively and could pull back significantly before attempting to fall further. This could also lead to a period of ranging market before the market truly reverses and establish a new bearish trend. This week, traders can wait for the price to pull back, preferably towards 24000 or slightly beyond to sell at a higher price. Otherwise, if the direction is unclear, just sit back and observe for more clues.
FX:US30Short
by AlgoVenture
Gold Double-Top at Top of ChannelThe gold fell and trade lower amid a double top last week but pulled back significantly on the last trading day. About two months ago since the huge selloff, the price took about one month to recover and even broke higher. The recovery was definitely extensive and overbought which led to a 3-week range up till now. Since it is clear that the price is trading at the high, we will focus on selling the gold with some potential downside. From the perspective of moving averages, the price has a tendency to trade beyond the 50MA, showing that there's enough downside to form a short-term bearish trend. Besides, a double top was forming in the daily chart at the overbought zone as well as the top of the rising channel. The pullback last Friday has most likely taken out most sellers who attempted to sell amid the double top and thus it is a good price to sell currently.
OANDA:XAUUSDShort
by AlgoVenture
EURUSD Bearish Flag Cont'dEURUSD reversed and climbed throughout the entire week but faced strong resistance as it approached the top of a bearish flag. The price has been consolidating within a bearish flag for the past 6 weeks since the plunge from 1.15 to near 1.06. The current bearish trend is no doubt part of the 6-week consolidation and should not be recognised as a newly established bullish trend. Moreover, the price is also trading within a major falling channel started since May 2018 and the consolidation is slowly bringing the price closer to the top of the channel. This week, the price is most likely to reverse and fall again, either right from the beginning of this week or after a fake-break of the top of the bearish flag. Nevertheless, the price is definitely facing strong resistance base on the current price action, and also the fact that it's currently trading within the moving averages while just below the 200MA.
Short
by AlgoVenture
1
Can Dollar Remains Bearish?The dollar ended the week with a strong-bodied bearish candle as it fell every day throughout the week. The price is seen breaking below the bottom of an ascending triangle which was formed after the previous bearish trend started from the highest price at 103.8. Seeing how bearish the trend is last week and the fact that it also broke below a consolidation structure, the price could continue to fall in this coming week. The price may fall to a certain extend of the previous bearish trend and possibly complete the CD leg of an ABCD pattern. If the price does continue to fall, watch out for the two demand zone below, around 98 and 96.5 as plotted in the chart. Should the price pulls back upwards, look for an opportunity to sell again at the minor supply zone from 100 onward. Nevertheless, as bearish as last week seems, the price did not break the previous low which could mean that it may continue to range within 98.8 and 100.9.
TVC:DXYShort
by AlgoVenture
Dow Jones Consolidates Before a Big MoveThe Dow Jones started to recover and climbs since 23rd March, forming a 1-month rising wedge in the process. Last week, the price finally broke below the rising wedge and created a lower low. However, the price took a pause quickly and fell into a consolidation. The price retraced throughout the last half of the week, seemingly forming a retracement channel too. This week, the price may resume falling again as soon as the week starts or it may pull back a little further towards 24100 first. We expect the price to fall and reach 22400, and if the rebound is weak, the price may fall even faster and reach beyond 21000.
OANDA:US30USDShort
by AlgoVenture
2
Week in a glance: negative oil prices and sad stat dataThe main event of the past week, without a doubt, was the epic failure in the oil market on Monday and the drop of May oil futures quotes into a deeply negative zone (up to - $ 50 per barrel). We wrote about the reasons for this in our reviews. The bloodbath continued on Tuesday when the world's largest oil futures ETF fund decided to reposition itself from June futures contracts into longer terms contracts. These events spread panic not only in the oil market, but also in the financial markets in general. At the same time, our confidence in the medium-term oil purchases is still here. Given that both crashes on Monday and Tuesday were related to technical issues, our global argument did not suffer from them. It is difficult to worsen the current fundamental background for oil. But it is to improve it. So we stay in buy position. After the shock in the oil market subsided somewhat, economic data came to the fore. Which turned out to be worse than the most pessimistic forecasts. Indices of business activity in the Eurozone, the UK and the US came out just disgusting. As well as jobless claims figures in the United States (+ another 4.4 million). In this regard, we definitely keep on recommend to sell in the US and EU stock markets. An additional motivation for sales is the potential second wave of the pandemic, which, apparently, even without partial removal of restrictions, begins in Germany and Spain. In any case, a sharp jump in disease after weeks of declining is a very bad signal. After retail sales in the UK demonstrate record drop in the entire history of observations, we recommend to sell the pound not only in the EURGBP pair, but also in the GBPUSD pair. That is, this week we buy EURGBP and sell GBPUSD. EURUSD sales also seem like a good idea in light of extremely weak data on the Eurozone and Germany in particular. Bank of Russia cut the rate by 0.5% on Friday. The event, although expected, is definitely negative for the Russian ruble. And the fact that it has not yet dropped does not cancel its inner weakness and general doom to decline. So this week we will actively buy USDRUB. With the worst outcome, this will be a good hedge for our oil purchases. In 2020, the correlation coefficient between the Russian ruble and oil is 0.98, that is, with a probability of 98% a decrease in oil prices will provoke a decrease in the ruble. The upcoming week does not promise to be simple. The publication of US GDP for the first quarter, meetings of key global central banks (the Fed, the ECB and the Bank of Japan), as well as a bunch of other macroeconomic statistics guarantee a surge in volatility.
Short
by Trade24Fx
2
EURUSD Continues to Trade LowerEURUSD was trading with little volatility but managed to fall throughout the week. Both highs and lows also continued to drop lower but there are clearly some strong buyers emerging from the demand zone between 1.0721 and 1.0782. Nevertheless, thee MAs are still showing a strong bearish-bias market and the price is expected to fall eventually. This week, we will look for selling opportunity with caution as the price may continue to climb in the beginning. If the price starts to climb, wait for it to meet resistance from 1.0880 onward.
Short
by AlgoVenture
Gold Rise but Remain Resisted Amid Bearish ButterflyThe gold was little changed at first but rose steadily during the 2nd half of the week. However, the price was resisted and reversed shortly and broke below a rising trendline once again. Sellers started to take control on the last trading day during the US session. As of current, the price has shown resistance and trading near the top while both highs and lows started to drop lower. This week, the gold is expected to reverse and fall further towards a demand zone below 1688 where price could be supported by a rising trendline. Should the price continue to break higher early in the week, it may continue to rise and reach an 8-year resistance level at 1788.
FX:XAUUSDShort
by AlgoVenture
1
Dollar Climbs Slowly but SteadilyThe dollar climbed and created both higher highs and lows throughout the entire week. The fast MAs are also bending upwards while staying moderately above the 200 MA, showing an increasingly bullish-bias market. Besides, the price has recently broken above a bullish pennant which signifies for the dollar to continue its uptrend. This week, we expect little pullbacks before the price continues to climb. The price is expected to reach a supply zone around 102. However, should the price falls unexpectedly, it will most likely found strong support at 99.40.
TVC:DXYLong
by AlgoVenture
Gold Reversal Amid Bearish ButterflyThe gold peaked twice at 1739 and started to fall amid a bearish butterfly formation. Gold continued its bullish stance from the previous week as it climbed steadily in the first 2 trading days last week. After peaking at 1747, a strong pullback took place and price started to fall and lower highs were formed while still supported at 1710. On Thursday, the price jumped and broke through the lower highs but was rejected and smashed down at 1739. The bearish wave continued through and broke below a 1-month rising trendline which was formed throughout the formation of a bearish butterfly. The multiple breakdowns have strongly suggested a bearish stance in this coming week. The best course of action is to wait for a pullback towards the 1711 - 1720 breakout area. An inside bar breakdown has taken place in the H4 chart as the price broke below support level 1710.
FX:XAUUSDShort
by AlgoVenture
1
Dollar Faced Resistance From Inside Bar BreakdownThe dollar climbed but wiped out most gains after facing strong resistance at 100.30, a breakdown area of a previous inside bar formation. At the beginning of last week, the price continued to fall and broke lower. It started to climb quickly from the week low at 98.80 but rejection followed soon and the momentum was broken. The price fell into a range which still somewhat allowing the price to break a little higher but mostly rejected again as it faced strong resistance from the breakdown of a previous inside bar formation. A new inside bar formation was formed on the last trading day with a bearish inverted hammer which certainly favours the bear in the coming week. Since there's been multiple failed attempts to make a breakthrough of the supply zone from 99.95, there's a good chance that the price will start to fall in the beginning of this week. However, the price will meet with strong support at between 99.3 and 98.8 which could revive the bull. Should the price successfully break lower, this could lead to the continuation of a strong bearish trend following the major bearish trend which began on 23rd March 2020. Otherwise, we are most likely to experience a ranging week between 101 and 98.4.
TVC:DXY
by AlgoVenture