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Gold: Weekly Forecast 25th - 29th NovIs a new major bullish trend about to begin? This week or next week? Or maybe things price may go south instead? The gold turned out as forecast as it climbed first but fell from rejection at a minor supply zone. Gold is entering the final week of completing a 3-month consolidation just the same way as the consolidation in Feb-May period before a new major bullish wave begins. The fundamental hasn't changed except that the dollar shall remain resilient for now as the Fed paused for any further rate cut. Gold is very much driven by risk sentiment and the lastest statement about Hong Kong by President Trump which may affect a trade deal between the US and China does bother me, somehow. Nevertheless, I think it's fair to take a bet as the price retest the low at the 3-month demand zone. Let's observe how gold will react in the beginning of this trading week.
FX:XAUUSDLong
by AlgoVenture
EURUSD: Weekly Forecast 25th - 29th NovAnother forecast came true as EURUSD fell from a supply zone at the neckline of a double top formation. With the major trend intact, the price may begin with the 2nd bearish wave this week. However, the price might still find support from 1.1000 and rebound off to a higher price. And should the price gets supported and climbs, look for another opportunity to sell around 1.1055. More specific trading idea will be shared in the coming daily forecast. Stay tuned!
Short
by AlgoVenture
Dollar: Weekly Forecast 18th - 22nd NovAs Fed put a halt towards further rate cut, the dollar has rebounded off from a 3-month low and recovered 50 per cent of the previous bearish wave. Last week, the dollar went into consolidation and turned towards a retracement. Therefore, there will probably be more bearish movement during this phrase of retracement until the price reaches the demand zone starting from the neckline of a double bottom at 97.8. Since it is the phrase of retracement, let's wait and observe patiently until a buying opportunity presents itself.
TVC:DXY
by AlgoVenture
A second Chance to Buy in AUDNZDMidterm forecast: While the price is above the support 1.0660, resumption of uptrend is expected. We make sure when the resistance at 1.0850 breaks. If the support at 1.0660 is broken, the short-term forecast -resumption of uptrend- will be invalid. We will close our open trades, if the Midterm level 1.0660 is broken. Technical analysis: A trough is formed in daily chart at 1.0710 on 11/04/2019, so more gains maximum to Major Resistance (1.0850) is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 65. New trading suggestion: *There is still a possibility of temporary retracement to suggested support line (1.0660). if so, traders can set orders based on Price Action and expect to reach short-term targets. * If you missed our first HUNT , you have a second chance to buy above the suggested support line (1.0660). Entry signal: Signal to enter the market occurs when the price comes to " Buy zone " then forms one of the reversal patterns, whether " Bullish Engulfing ", " Hammer " or " Valley " in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone. To learn more about " Entry signal " and the special version of our " Price Action " strategy FOLLOW our lessons : Trade Setup: We opened 10 BUY trade(s) @ 1.0354 based on 'Hammer' entry method at 2019.08.06. Total Profit: 3595 pip Closed trade(s): 1659 pip Profit Open trade(s): 1936 pip Profit Closed Profit: TP1 @ 1.0430 touched at 2019.08.07 with 76 pip Profit. TP2 @ 1.0490 touched at 2019.08.07 with 136 pip Profit. TP3 @ 1.0585 touched at 2019.08.21 with 231 pip Profit. TP4 @ 1.0660 touched at 2019.08.29 with 306 pip Profit. TP5 @ 1.0760 touched at 2019.09.13 with 406 pip Profit. TP6 @ 1.0990 touched at 2019.10.07 with 504 pip Profit. 76 + 136 + 231 + 306 + 406 + 504 = 1659 pip Open Profit: Profit for one trade is 1.0838(current price) - 1.0354 (open price) = pip 4 trade(s) still open, therefore total profit for open trade(s) is 484 x 4 = 1936 pip All SLs moved to Break-even point. Take Profits: TP7= @ 1.0990 TP8= @ 1.1140 TP9= @ 1.1335 TP10= Free
Long
by ForecastCity
8
A second Chance to Buy in AUDNZDMidterm forecast: While the price is above the support 1.0660, resumption of uptrend is expected. We make sure when the resistance at 1.0850 breaks. If the support at 1.0660 is broken, the short-term forecast -resumption of uptrend- will be invalid. We will close our open trades, if the Midterm level 1.0660 is broken. Technical analysis: A trough is formed in daily chart at 1.0710 on 11/04/2019, so more gains maximum to Major Resistance (1.0850) is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 65. New trading suggestion: *There is still a possibility of temporary retracement to suggested support line (1.0660). if so, traders can set orders based on Price Action and expect to reach short-term targets. * If you missed our first HUNT , you have a second chance to buy above the suggested support line (1.0660). Entry signal: Signal to enter the market occurs when the price comes to " Buy zone " then forms one of the reversal patterns, whether " Bullish Engulfing ", " Hammer " or " Valley " in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone. To learn more about " Entry signal " and the special version of our " Price Action " strategy FOLLOW our lessons : Trade Setup: We opened 10 BUY trade(s) @ 1.0354 based on 'Hammer' entry method at 2019.08.06. Total Profit: 3595 pip Closed trade(s): 1659 pip Profit Open trade(s): 1936 pip Profit Closed Profit: TP1 @ 1.0430 touched at 2019.08.07 with 76 pip Profit. TP2 @ 1.0490 touched at 2019.08.07 with 136 pip Profit. TP3 @ 1.0585 touched at 2019.08.21 with 231 pip Profit. TP4 @ 1.0660 touched at 2019.08.29 with 306 pip Profit. TP5 @ 1.0760 touched at 2019.09.13 with 406 pip Profit. TP6 @ 1.0990 touched at 2019.10.07 with 504 pip Profit. 76 + 136 + 231 + 306 + 406 + 504 = 1659 pip Open Profit: Profit for one trade is 1.0838(current price) - 1.0354 (open price) = pip 4 trade(s) still open, therefore total profit for open trade(s) is 484 x 4 = 1936 pip All SLs moved to Break-even point. Take Profits: TP7= @ 1.0990 TP8= @ 1.1140 TP9= @ 1.1335 TP10= Free
Long
by ForecastCity
8
There is a possibility for the beginning of an uptrend in AUDSGDMidterm forecast: While the price is above the support 0.9105, beginning of uptrend is expected. We make sure when the resistance at 0.9520 breaks. If the support at 0.9105 is broken, the short-term forecast -beginning of uptrend- will be invalid. Technical analysis: A trough is formed in daily chart at 0.9270 on 10/24/2019, so more gains to resistance(s) 0.9400, 0.9455 and maximum to Major Resistance (0.9520) is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 54. Trading suggestion: . There is a possibility of temporary retracement to suggested support zone (0.93200 to 0.92700). if so, traders can set orders based on Price Action and expect to reach short-term targets. Beginning of entry zone (0.93200) Ending of entry zone (0.92700) Entry signal: Signal to enter the market occurs when the price comes to " Buy zone " then forms one of the reversal patterns, whether " Bullish Engulfing ", " Hammer " or " Valley " in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone. To learn more about " Entry signal " and the special version of our " Price Action " strategy FOLLOW our lessons : Take Profits: TP1= @ 0.94000 TP2= @ 0.94550 TP3= @ 0.95200 TP4= @ 0.95950 TP5= @ 0.97250 TP6= @ 0.98300 TP7= @ 1.00900 TP8= @ 1.02250 TP9= Free
Long
by ForecastCity
6
There is a possibility for the beginning of an uptrend in AUDSGDMidterm forecast: While the price is above the support 0.9105, beginning of uptrend is expected. We make sure when the resistance at 0.9520 breaks. If the support at 0.9105 is broken, the short-term forecast -beginning of uptrend- will be invalid. Technical analysis: A trough is formed in daily chart at 0.9270 on 10/24/2019, so more gains to resistance(s) 0.9400, 0.9455 and maximum to Major Resistance (0.9520) is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 54. Trading suggestion: . There is a possibility of temporary retracement to suggested support zone (0.93200 to 0.92700). if so, traders can set orders based on Price Action and expect to reach short-term targets. Beginning of entry zone (0.93200) Ending of entry zone (0.92700) Entry signal: Signal to enter the market occurs when the price comes to " Buy zone " then forms one of the reversal patterns, whether " Bullish Engulfing ", " Hammer " or " Valley " in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone. To learn more about " Entry signal " and the special version of our " Price Action " strategy FOLLOW our lessons : Take Profits: TP1= @ 0.94000 TP2= @ 0.94550 TP3= @ 0.95200 TP4= @ 0.95950 TP5= @ 0.97250 TP6= @ 0.98300 TP7= @ 1.00900 TP8= @ 1.02250 TP9= Free
Long
by ForecastCity
4
EURUSD: Weekly Forecast 4th - 1st NovLast week, EURUSD has put an end to the bearish trend as it kept climbing and reached its previous high. There is not much selling pressure at the current resistance 1.1180 or in fact, there was on last Thursday but did not sustain. There's also an interesting pattern whenever a new high was created at the top of the 40-month falling channel. The first wave brought the price to the top of the zone but it always takes a second wave to push the price to the extreme top of the channel before the start of a strong and long bearish trend. So obviously, this current bullish wave right now is the 2nd wave I'm talking about and this got me to believe that EURUSD will climb further this week and probably stays resisted or come down in the later. But ultimately, what I'm really waiting for is to sell once the 2nd top is formed and confirmed.
by AlgoVenture
EURUSD: Weekly Forecast 28th Oct - 1st NovEURUSD fell last week as it was technically overbought and also due to strong resistance near the top of a 40-month falling channel. As it seems right now, the bearish trend is building up well and there's no real support at the current price, thus the price is most likely to fall further this week. During Draghi's final speech as the ECB President, he had reaffirmed the intention of keeping interest rate low or even lower if need be, and that the bond purchase program is going to relaunch in November. On the other hand, it also seems that the Fed is very likely to cut rate in the upcoming FOMC meeting. In conclusion, the EURUSD is most likely to extend its drop but will find strong support at the 1.10 region, just before and/or after FOMC meeting in the later week.
Short
by AlgoVenture
EURUSD: Weekly Forecast 7th- 11th October 2019EURUSD turned out as expected of my previous forecast as it started to range after the retracement from the new low. The repeating pattern shows that the price is expected to range in the coming week. Traders can look out for a selling opportunity at the top of the range, stop loss placed just above 1.1020. However, the distinct difference between the current pattern and the previous two is that the current one is trading at the bottom of the range. This could mean a potential reversal may take place thus taking partial profit at the demand zone around 1.0920 is highly recommended.
Short
by AlgoVenture
US30: Weekly Forecast 30th Sept - 4th OctChart patterns and timing work hand in hand. Last week, the US30 has been consolidating for the 2nd week while creating lower highs and lower lows. A similar pattern has happened jus about 2 months ago in July as the price rose to a high, consolidated for close to 3 weeks, and fell like a waterfall. Straight to the point, traders can consider selling US30 right now with a stop loss just above the previous high (must be higher than 27000). Profit targets at 26400, 25800 and 24800.
OANDA:US30USDShort
by AlgoVenture
EURUSD: Weekly Forecast 23rd - 27th Sept (Happy Birthday to ME!)Yup, it's exactly the date of my birthday lol! Alright, EURUSD has been trading within a range last week. Although it seems slightly bearish for EURUSD, the fact that it's still staying supported at the bottom of the range says that the price could still climb further. The long-term outlook for EURUSD stays bearish but this coming week could be a short-term bullish one, expecting the price to reach highest 1.1150. Therefore, traders can look to long EURUSD at the bottom of the range from 1.10 onward or just wait patiently for the price to break above 1.11 to look for a short opportunity.
Long
by AlgoVenture
EURUSD: Weekly Forecast 16th - 20th SeptemberThe current bullish wave (major retracement) is probably coming to an end soon. EURUSD has been ranging since early this month after it hit the lowest at 1.092. The price is currently trading at the high of the range and is also about to reach the top (selling zone) of a 39-month falling channel. With that, I think we can keep it simple and sell EURUSD in the middle of the week should it continues to climb and reach the demand zone around 1.1170.
Short
by AlgoVenture
Gold: Weekly Forecast 16th - 20th September"Saturday’s attack on Saudi oil fields knocked out about half that country’s oil production." That's the major news first thing in the morning and we have seen the gold jumped as well as oil, yen, Swiss franc and cad. The gold price was trading within a range since early August and the price has came back to this month low and was well supported at a demand zone. The price was actually at the end of a 3-month rising channel at the bottom. The last daily candle was a bearish one but still showed support and this morning without any sign, the price opened with a gap of 180 pips higher. The Dow Jones has also broken below a rising structure and that supports the gold to climb further. Trading plan for gold? Just buy. The technical setup this morning is favourable enough for the gold. The fundamental movement of the gold hasn't changed either.
FX:XAUUSDLong
by AlgoVenture
EURUSD: Weekly Forecast 26th - 30th AugustEURUSD consolidated for the first 4 trading days last week and finally rebounded off strongly near the previous low on its very first retest. This is pretty much as expected as seen in my last week's forecast as that's just how EURUSD will react based on the previous new lows created. The price is expected to climb again and forms the second bullish wave. This week, wait for the price to retrace towards the immediate demand zone at 1.1115. The retracement should take around 30 pips should the 2nd bullish wave is meant to form.
Long
by AlgoVenture
Gold: Weekly Forecast 26th - 30th AugustCan the gold break new high and evolve into another freakish bullish trend this week? Patterns sometimes do repeat itself and it could happen again in this case. The gold fell to the bottom of a range and continued to consolidate throughout the week as it formed lower highs. Just before Powell's speech last Friday, the gold was seen climbing steadily and jumped all the way to the top of the range, just 45 pips shy from the previous high. This symptom looks exactly just like the jump in 2nd July and the price was seen resisted and pulled back strongly after an attempt to break new high. What's really important is that we do not want to chase the gold long at such price and you do not wanna buy high right? If we do not see the price break and close above the previous high in the first 2 trading days, chances are the price will fall again to the range bottom. Therefore, I am open to an attempt to sell the high, and even if that failed, I know that I've sold at the highest price.
FX:XAUUSDShort
by AlgoVenture
1