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Weeklyforecast

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
Dollar: Weekly Forecast 27th - 31st MayThe dollar was somewhat consolidating at the beginning and suddenly it attempted to break new high. The price went slightly above the previous high at 98.3 but immediately got rejected by strong selling pressure. This is somewhat quite expected of the dollar whenever it attempts to break a new high. The situation where the U.S. economy is in surely isn't one that favours a stronger dollar, one that is in the midst of a trade war. In this week, we do expect the dollar to fall further and test the bottom of its current range at 97 where it will probably just continue to trade within the range.
TVC:DXYShort
by AlgoVenture
EURUSD: Weekly Forecast 20th - 24th MayJust like the dollar, and since EURUSD has been moving in harmony with the dollar this week, EURUSD has clearly turned bearish after breaking below the key level of 1.1173 after the break below a rising trendline. And all indicators such as MACD, moving averages and Bollinger band has pointed toward a bearish trend in the week to come. Therefore in this week, we are setting a bearish tone for the EURUSD and expecting the price to fall further and test the previous low or break new low. Should the price retrace at first, we will look for sell opportunity at the supply one right above 1.1200.
Short
by AlgoVenture
Gold: Weekly Forecast 20th - 24th MayThe gold price failed to maintain its bullishness even after it had broken above a 2-month falling trendline. The break came on the first trading day where a strong bullish candle pierced through the top of the range at 1288 together with the falling trendline. However, the bear came in unexpectedly strong, recover all losses and ended up closing with a bearish candle with a long upper shadow in the weekly chart. Nevertheless, the price continued to stay supported above 1270. This week, the gold is still likely to fall further as the bear has proven strong, and the price will eventually retest 1270 again. Should the price retrace at first, look for sell opportunity at 1288 supply zone.
FX:XAUUSDShort
by AlgoVenture
Dollar: Weekly Forecast 20th - 24th MayThe dollar has shown that the consolidation has completed as it headed north through the whole of last week. Every indicator is in favour of a bullish dollar such as the 20,55 and 200 moving averages that are pointing upward, the Bollinger band that has opened its mouth, and the MACD has crossed upwards above level zero. The low and the high keep getting higher as it rises through a 4-month rising channel. This week, we are expecting the dollar to keep rising and should the price were to retrace in the beginning, the price is likely to rebound off the demand zone below 97.6.
TVC:DXYLong
by AlgoVenture
1