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Weeklyforecast

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
Gold: Weekly Forecast 19th - 23rd AugustThe gold has undergone a full week of consolidation after 550 pips plunged from the top of a 3-month rising channel. According to the previous bullish wave, the current wave is very much overbought and the plunge seen on last Monday will most likely cause another bearish wave. In this week, we will wait for the price to retrace higher and look for selling opportunity at the demand zone at 1522. However, the long-term trend stays unchanged and the gold price is projected to reach 1620 by the end of 2019.
FX:XAUUSDShort
by AlgoVenture
HIGHLY Speculative Bearish Butterfly on the WeeklyThis is the first time you will ever see me giving speculation on the market, but this is a very speculative Bearish Butterfly in development on the Weekly Time Frame. First we'd need confirmation of the potential Descending triangle. But how I came up with these targets and patterns is using the same math and patterns that have developed in the 2017 bull run and the current one. But a reoccurring phase or (Shortcut to the Market Cycle) in variables would be in this order, A) Parabolic, B) Blow Off Double Top, C) Descending Triangle, D) Capitulation and then repeat! I worked really hard on this and it's just an extremely speculative idea for now. But how badass would it be if that played out. A Bearish Butterfly on the weekly time scale lol
COINBASE:BTCUSDShort
by ChArtWorks_TechnicalArts
1
Gold: Weekly Forecast 12th - 16th AugustGold rush after gold rush, the gold price has reached beyond 1500 for the first time in 6 years. There's no doubt behind the gold strength and the long-term view shall stay bullish throughout the rest of 2019 as central banks continue to cut rates and ease monetary policies. However, the recent bullish wave has well exceeded the volume of all previous bullish waves and signs of exhaustion can be seen thus significant retracement is expected to take place For short-term selling, only choose to sell at a high from 1504 onwards (a minor supply zone can be seen in the m15 chart), targets at 1492, 1487 and 1470. To buy gold again, the most immediate price is seen at 1487 (just below the current range low), while the best entry is determined at 1470 (key demand zone).
FX:XAUUSD
by AlgoVenture
1
EURUSD: Weekly Forecast 12th - 16th AugustThe EURUSD made one of the strongest bullish runs in more than a month as daily volume surge to a 20-month high from a 27-month low. The price, however, fell into consolidation for the rest of the week as it got resisted by a 2-week supply zone. The US economy continues to show a slowdown and Fed members have been dovish enough as they see more rate cuts are needed in the near future. No doubt that the eurozone is always facing economic slowdown and uncertainties such as Brexit, there' are signs for further technical rebound in the next couple of weeks. In this week, we are expecting that the price will retrace lower during the consolidation phrase before it embarks on another bullish run. Look for buying opportunity from 1.1115 to the demand zone at 1.1110. However, if the price were to retrace too deep and break below 1.1110, the sentiment will turn bearish and EURUSD will once again break new low.
Long
by AlgoVenture
Gold: Weekly Forecast 29th July - 2nd AugustGold formed a bearish weekly candle for the first time after 9 weeks of bullish candles. The gold price has been held back from climbing further by a strengthening dollar and also due to a technical overbought. In the H4 chart, we can see that the gold has just completed the 2nd wave of a bearish trend but came short as compared to the first wave. There isn't any strong selling pressure seen and the bearish move last week is probably just another consolidation before the gold resumes its major bullish trend. This week, we will watch closely for the demand zone right below 1410 as the price is expected to retest the current low since the rebound last Friday wasn't strong. However, traders should watch out closely for FOMC as well as NFP to gauge the dollar strength when trading the gold. If the gold does drop below 1410 and rebound from the demand zone, it would be a good opportunity to build gold long before FOMC.
FX:XAUUSDLong
by AlgoVenture
Dollar: Weekly Forecast 29th July - 2nd AugustThe dollar climbed as expected as euro continues to weaken amid ECB and dollar continues to climb with some better than expected economic data. The dollar is about to complete the 2nd bullish wave after breaking out from a consolidation which has completed 2 waves of retracement. The price is expected to climb a little further and will meet with strong resistance at a 4-month high around 98.4. The key focus for this week is none other than the FOMC where a rate cut of 25 basis point is widely expected. The expectation of a rate cut has already priced in and the market is more focused on the tonation of the Fed in regards to the economic health to look for clues for whether the Fed will continue cut rate further later this year. Another important thing to take note is whether the Fed will unexpectedly cut by 50 basis point instead of just 25 basis point. In this week, the dollar is expected to consolidating upwards before the FOMC. If the FOMC is dovish with its economic condition and/or decides to cut by 50 basis point, the dollar will face a strong resistance near 98.4 and fall towards 97.5 and then 96.7. But if the FOMC shows little clue for another cut in this year and choose to only cut by 25 basis point, the dollar may either break through the 4-month high near 98.4 or maybe it will face some resistance first and pull back towards the demand zone at 97.5 before climbing further, I will be posting another post on trading the FOMC separately.
TVC:DXY
by AlgoVenture
Gold: Weekly Forecast 22nd - 26th JulyThe gold, though recently broke new high again, is expected to fall into consolidation again. The breakthrough this week is unlike what it was in June and the last bearish day candle was the most bearish one since one year ago. Nevertheless, the gold stays fundamentally strong and holds high demand as a safe haven asset. This week, if the price were to climb first, sellers can look for sell opportunity at the supply zone around 1437. For buyers, the key demand zone is seen at 1410 - 1406 where the price began to strengthen and eventually broke out of the previous range.
FX:XAUUSD
by AlgoVenture
Dollar: Weekly Forecast 22nd - 26th JulyThe dollar has shown resilience this week as the price was supported twice by the demand zone at 96.7 and has begun to climb again. The price has previously broken above a falling trendline thus signals for the price to climb further After this week, the price has completed 2 waves of retracement where the price is now seen rebounding off from key demand zone at 96.7. The dollar is ready to proceed with another wave of bullish trend this week despite the fact that the Fed is most likely to cut rate this month. The dollar still holds the highest interest rate after all and it is still a considerably good safe-haven asset to hold.
TVC:DXYLong
by AlgoVenture
EURUSD: Weekly Forecast 22nd - 26th JulyThe bullish structure which EURUSD had before this week has turned sour as the price failed to break the supply zone at 1.128 but instead fell back to the range bottom at 1.12 again. In this week, simply wait for a pullback and look for sell opportunity between 1.124 and 1.126. Among all the major currencies, the euro is certainly fundamentally weak which is caused by the ECB signalling to introduce QE or cut the rate deeper into negative zone.
Short
by AlgoVenture
2
Gold: Weekly Forecast 15th - 19th JulyThe gold has been consolidating for the past 3 weeks since it peaked at 1439. It is still unclear if the price will eventually break above or below the consolidation but the long-term view is most definitely a bullish one as the Fed proceeds with cutting rate. For buyers, traders can consider buying at the bottom of the consolidation at 1393 if the price falls before breaking above 1420. For sellers, traders can consider selling starting from 1420 but avoid selling if the price closes above 1427.
FX:XAUUSDLong
by AlgoVenture
Dollar: Weekly Forecast 15th - 19th JulyThe dollar fell as the Fed reaffirms its intention to cut rate end of the month. The price climbed at first but was rejected by a supply zone near 97.6, wiping out all gains and turning it into a bearish week for the dollar. In this week, the dollar is expected to fall further but will meet with support at 96.4 due to a probable inverse HnS. If the price climbs at first, look for resistance near 97 to sell. Apart from the technical perspective, this week is filled with important U.S. data that is strongly connected to inflation which is an important factor for how aggressive the Fed will proceed with its rate cut.
TVC:DXYShort
by AlgoVenture
1
EURUSD: Weekly Forecast 15th - 19th JulyEURUSD has made a successful rebound off the demand zone as the Fed clearly signalled for a rate cut by the end of July. However, the gain was somewhat curbed by a dovish ECB as well which also signalled for more QE. In the H4 chart, the price has technically completed an ABCD formation and has started its 2nd wave of a bullish trend which is most likely to continue in the coming week. If the price continues to climb, watch out for 1.135 as the 2nd shoulder of an HnS could form. In conclusion, EURUSD is expected to climb further this week and traders can consider buying again if the price retraces closer to 1.125.
Long
by AlgoVenture
1
Gold: Weekly Forecast 8th - 12th JulyAfter 6 consecutive weeks of bullish candles, the gold finally closed with a bearish candle last week as it fell into a range between 1437 and 1383. The gold plunged during NFP and was supported and pulled back sharply from a demand zone near 1390. The gold was not able to keep breaking new high mainly because the US and China have called a truce for their trade war and also the dampening of more than one rate cut this year by the Fed. However, the fact that the Fed can no longer raise rate, the trade war still exist and other global risks, the gold is still fundamentally strong and is expected to climb further in the very near future. Traders can actually attempt to buy gold as soon as the market opens and support is still seen at 1390. This is probably the point C of the Elliott wave correction after the 5th wave has ended at the high of 1438.
FX:XAUUSDLong
by AlgoVenture
1
EURUSD: Weekly Forecast 8th - 12th JulyEURUSD plunged the most in 4 months as well for the same fundamental reason as the dollar. However, what's slightly different as compared to the dollar technically is that the price did not pull back as much. The price was seen supported and started to pull back from a demand zone just above 1.12 but it managed to close above the bottom of a rising channel. Nevertheless, if the price continues to climb at the beginning of the week and manage to climb back into the channel, the break will be invalid and the price could climb further. Also, this was the 5th Elliott wave and price could potentially reverse or retrace strongly back to 1.13 or beyond. For buyers, look to buy near 1.12 and aim for 1.126, 1.128 and 1.135. For sellers, only consider selling when the price breaks and closes below 1.12.
Long
by AlgoVenture
Dollar: Weekly Forecast 8th - 12th JulyThe dollar has its strongest weekly gain in 4 months as NFP data has shown strong employment, dampening the bets of more than one rate cut by the Fed this year. However, the dollar found strong resistance as it attempted to pierce through a falling trendline and got rejected by a strong supply zone around 97.3. The price kept falling until the market closes and managed to close just below the falling trendline and the supply zone, showing a sign of successful resistance. The dollar is most likely to experience consolidation in the first half of the week as the market awaits the FOMC meeting minutes and Fed Powell to testify. If the dollar were to inch higher and close above 97.3, the price will climb further and test 97.7. If not, the dollar will most likely fall again and test the immediate support at 96.6.
TVC:DXY
by AlgoVenture
EURUSD: Weekly Forecast 24th - 28th JuneEURUSD dipped lower on the second trading day last week as Draghi hinted an additional stimulus if needed. However, the dollar has weakened so much as the Fed turned dovish and raise the expectation of a rate cut in months to come. The price soared for 3 days and closed high before the market closes, creating another long bullish candle similar to 2 weeks ago. Nevertheless, the upside is still quite limited and since the euro is also facing weakness of further stimulus, the price will still be somewhat tamed. In this week, we will continue to wait for a retracement before going for a buying opportunity, the first level seen at 1.1355, followed by 1.1340.
Long
by AlgoVenture
Gold: Weekly Forecast 24th - 28th JuneThe gold price surged and broke out of close to 3 years consolidation and is heading towards a 6-year high in the coming week. The gold has gained close to 60 dollars last week with the biggest one seen on Thursday hours after the Fed has signalled for a probable rate cut in the foreseeable future. The market is expecting a maximum of 2, if not, 1 rate cut as early as September this year and that would potentially mean a crisis for the dollar. As for the gold price, all losses have been recovered earlier this year and before the Fed signals for a rate cut (or holding interest rate), yet the price has climbed so fast before any rate cut. On the monthly chart, the price can easily climb further and beyond 1500 but will meet with strong resistance at 1590. It is almost guaranteed that gold will continue to climb for the next 3 months if the trade war persisted and global interest rate continues to edge lower. In this week, we will wait for the price retrace lower and test 1388, followed by the demand zone at 1382 to look for a buy opportunity.
FX:XAUUSDLong
by AlgoVenture
EURUSD: Weekly Forecast 10th - 14th JuneEURUSD had the biggest gain in 10 months and the price has broken above a 5-month falling channel and closed just above a 3-month supply zone at 1.33. The reversal of a bearish trend came after the price found support at a 2-year demand zone and consolidated for more than a month. We can't be certain if this is a major or a temporary reversal but without a doubt, the price is going to climb higher. If the price retraces at first, look for buy opportunity at 1.13 and the current projection of this bullish trend should at least reach 1.15.
Long
by AlgoVenture
1
Dollar: Weekly Forecast 10th - 14th JuneThe dollar had the biggest fall in 6-month and the price was seen breaking below the bottom of a 4-month rising channel. The NFP was very disappointing and a dovish Fed is starting to look at a possible rate cut based on economic data. This is already a very clear sign of a major reversal and the dollar is actually resisted and falling from a 618 level in the weekly chart. Following a poor NFP, the dollar is most likely to resume falling in the first 2 trading days. The immediate supply zone is seen just below 97, with the next one seen at 97.3.
TVC:DXYShort
by AlgoVenture
Gold: Weekly Forecast 10th - 14th JuneThe gold has led the longest gain in 3 years and now the price is at an all-time high. The price has climbed for 7 consecutive days and resistance has been seen rejecting the price from the top of a 35-month symmetrical triangle. The current wave of a bullish trend was the 2nd and the longest one since the rebound and will likely face with retracement soon. The first immediate support is seen at 1336 which could lead to the continuation of another higher low and retest the high. If 1336 fails to hold the price, a major retracement shall begin and first demand zone is seen at 1320.
FX:XAUUSD
by AlgoVenture
1
Gold: Weekly Forecast 3rd - 7th JuneThe gold has made strong gains in the last 2 trading days and finally broke a new high first time in more than 3 months. Also, this marks the 4th consecutive weekly depreciation for the US stocks, with the most recent week being the weakest week. With the dollar being rejected and fell from the high and the US stock market continues to plunge, it clearly shows that the gold stands a good chance to climb further. In this week, the gold is most likely to climb and test the 618 level of the falling wedge. The price may find some resistance and drop but would most likely be temporary and the price will rise again.
FX:XAUUSDLong
by AlgoVenture