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Weeklyforecast

Gold- Weekly Forecast 6th - 10th MayGold had a week of consolidation as it failed to break previous low and rebounded off quite strongly, closing higher than its previous day high. The price is expected to climb further and test the top of the current range of 1287 and 1267. The major trend will still be unclear until the price has chosen to break out either side of the range. If the price falls a little but maintains above 1273 for the first 2 trading days, there's a good opportunity to buy from the low to the top of the range. If the price climbs and reaches 1286 - 1294 for the first 2 days and provided the candles get smaller after one another, that will be a good chance to sell again.
FX:XAUUSD
by AlgoVenture
1
EURUSD- Weekly Forecast 6th - 10th MayEURUSD has climbed strongly but got rejected at 1.126 which led it to fall for another 2 days. However, the dollar plunged and pushed EURUSD up again and the week ended with a bullish candle. Based on the structure, the price could be forming an ABCD which will be completed within a supply zone at 1.1300. But just before that, the price should face some resistance by a falling trendline at 1.1230. So, if the price were to fall at first in the first 2 trading days but managed to maintain above 1.1170, it will provide a good opportunity for a short-term long. If the price continues to climb at first, we will keep a lookout for a breakout of the falling trendline at 1.1230, and keep waiting for a selling opportunity only when it reaches 1.1300.
Long
by AlgoVenture
Dollar - Weekly Forecast 6th - 10th MayThe dollar did not turn out what was expected and the entire sentiment has turned from a bullish to bearish. It started off by falling for 2 consecutive days which dived a little deep below the breakout level of 97.7 but managed to pull another 2 days of bullish movement that covered most of the weekly losses. And then the market chose to buy the story and sell the fact which led the dollar to sink below the breakout level once again, which also cause a break at the bottom of the rising channel. So this week, more bearish movement is definitely expected and there's a good chance for it to reach the demand zone just below 97 before we see any significant rebound.
TVC:DXYShort
by AlgoVenture
Gold - Weekly Forecast 29th April - 3rd MayThe gold has climbed last week as it proceeded with the retracement after breaking below the neckline of a head n shoulder. This is also considered a break-below of a range at the top of the 34-month symmetrical triangle which will bring forth a bearish market. In this week, we will observe the price closely at its current level and as it creeps into the supply zone at 1288 and the broken neckline. Since the dollar has taken a bullish stance after it broke its previous high, it will boost the case of a bearish gold in the coming week.
FX:XAUUSDShort
by AlgoVenture
EURUSD - Weekly Forecast 29th April - 3rd MayEURUSD fell and broke below a 2-month low at 1.1196 and it managed to close below despite strong rebound at 1.1120. The technical chart clearly favours a bearish market now and there will be a selling opportunity again this week. In the H4 chart, the price has completed a wave of retracement and awaiting the 2nd wave to be completed. In this week, we will wait patiently for the price to retrace towards the breakout level and find an opportunity to sell just below 1.1200.
Short
by AlgoVenture
Dollar - Weekly Forecast 29th April - 3rd MayLast trading week was an eventful one as the dollar finally broke a new high in 5 months. It was a clean break as it closed above the previous high with a strong bullish day candle and the retracement was shallow and the price still sits on to of a 23-month supply zone. However, it is unlikely that we will see the dollar climb straightaway towards the 24-month supply zone above 99. The dollar is expected to make a series of climbing and retracing, supported by a rising trendline. In this week, if we were to take a look at the H4 chart, the short-term trend actually favours a bearish market. The price is most likely to retest the previous high at 97.6 and only when the retest is successful, the price will continue to rise to a new high again.
TVC:DXYLong
by AlgoVenture
Gold- Weekly Forecast 22nd - 26th AprilThe gold continues to break lower as US stocks market continued to climb steadily. The neckline of an HnS was successfully broken creating the case for further bearish movement. And looking at the weekly chart, the price has also closed below a range at the top with a significantly bearish candle. In the first trading day of the week, we can expect further retracement before the price resumes depreciation. Look for selling opportunity within the supply zone of 1284 - 1289.
FX:XAUUSDShort
by AlgoVenture
EURUSD- Weekly Forecast 22nd - 26th AprilEURUSD took an unexpectedly bearish turn as a lack of demand failed to maintain the price higher and a weak Euro data caused a snapped in the shared currency. The price broke 2 higher lows in one wave thus making a strong case for further bearish movement to follow. Due to Easter Day, volatility will be low and the price may continue to retrace higher. We can wait for a selling opportunity near 1.1280 just above the Fibonacci level 50% and short towards 1.1180.
Short
by AlgoVenture
Dollar - Weekly Forecast 22nd - 26th AprilThe dollar has made a comeback last week as a lack of sellers after breaking below a range and a strong retail sales caused the dollar to rise. Based on the current movement, the dollar is most likely to retest the 23-months supply zone at 97.6. Volatility will be low on the first trading day throughout Asia and Euro session due to East Monday which is most likely to cause the dollar to retrace lower towards the rising trendline. If the price is able to maintain above 97, it is likely to rebound during the US session on Monday or probably the following trading day. However, the dollar will still face strong resistance at the top of the symmetrical triangle which will still cause the dollar to range further since last year September. Therefore this week, we will need to watch the range between 97 and 97.6 closely and see where will the price break.
TVC:DXYLong
by AlgoVenture
Gold - Weekly Forecast 15th - 19th AprilThe gold has climbed for the first 3 trading days of last week which it found resistance at a falling trendline. The resistance has translated into a very bearish movement and broke through the bottom of a rising channel in the H4 chart. On the last trading day, gold fell into a range and there's one hour where buyers did try to push up the price but failed miserably, leaving a long upper shadow (H1 chart). The price went on to inch lower and finally closed right at the previous low. Therefore, we are expecting that the sellers will continue to take control and this time it may finally break through the neckline of the head n shoulder. Once the break happens, we hope to see that the price, with strong demand at the bottom, will retrace back to the neckline to retest and that's where we want to get ready to sell.
FX:XAUUSDShort
by AlgoVenture
1
EURUSD - Weekly Forecast 15th - 19th AprilEURUSD started off last week with a strong bullish candle that broke above a 1-week range. On the 3rd day, it retested the range but buyers are strong enough to hold off the sellers thus leaving a long lower shadow. on the 4th day, the price attempts to fall again but it was obviously one without commitment. The buyers came in strong as sellers are worn off and the price closed higher with a strong bullish candle. Therefore, we are strongly expecting EURUSD to continue its bullish trend and thus we will be waiting for levels to long along the way.
Long
by AlgoVenture
Dollar - Weekly Forecast 15th - 19th AprilAfter more than a week of ranging near the top, the dollar has broken below the range. On the first day of the breakout, the price pulled back strongly the following day back into the supply zone. However, on the last trading day last week, the dollar fell through the floor, showing that the sellers are now in control. Therefore in this week, we are clearly expecting the dollar to display more bearish movement towards the bottom of a 7-month ascending triangle
TVC:DXYShort
by AlgoVenture
Gold- Weekly Forecast 8th - 12th AprilGold has ranged throughout last week and still maintained above the demand zone at 1282 but also below 1300. The bearish bat pattern has already taken effect as the gold did fall, and at the same time, a head and shoulder was formed too. Since the price failed an attempt to break the neckline, it leaves a possibility for the price to pull back and climb into the supply zone just above 1300. Should gold choose to pull back, it should happen in the first 2 trading days this week. If it doesn't, the price should have no issue with breaking through the neckline and head towards the 4-month demand zone below 1250.
FX:XAUUSDShort
by AlgoVenture
Dollar - Weekly Forecast 8th - 12th AprilThe dollar was little changed last week as ranges between 97 and 97.6. By the end of last week, the price was seen closing below 97.4 within the supply zone which may lead the dollar to start another short-term bearish trend. However, we do not exclude the possibility where the price breaks new high immediately on the first trading day this week. Therefore, I would personally recommend to adopt a 'wait and see' for a clear reversal signal rather than jumping into conclusion to sell the dollar right away.
TVC:DXYShort
by AlgoVenture
Gold - Weekly Forecast 1st - 5th AprilThe gold price has turned bearish again as it fell strongly and break below the bottom of a rising channel. The price also failed an attempt to rebound as it reaches near a 3-month demand zone, leaving a long upper shadow on last Friday. Based on the monthly closing candle, it has become obvious that the price has to dip even lower, possibly 1237 which is the neckline of the previous Bat pattern. For this week, wait for the price to pull back towards the H1 supply zone above 1300 to short again.
FX:XAUUSDShort
by AlgoVenture
EURUSD - Weekly Forecast 1st - 5th AprilEURUSD fell for 4 consecutive days last week as the price failed an attempt to rebound on last Friday. Although there's little sign of reversal at this moment, the price may soon retrace due to overselling. As the monthly candle has closed, it has shown that EURUSD is set to fall even further towards 1.09 which is a 24-month demand zone. In this week, we are expecting the price to fall at first but will pull back soon enough towards the supply zone around 1.13. Once retracement is completed near 1.13, we can follow the trend and continue to short beyond 1.12.
by AlgoVenture
Dollar - Weekly Forecast 1st - 5th AprilThe dollar has turned bullish again last week, not for its strong fundamental reasons, but the weakening fundamental outlook of other major currencies. The month of March has ended and the dollar managed to close with a bullish candle and above 97. This still shows that the dollar been the one with the highest interest rate will still fundamentally be stronger. The price is currently still seen somewhat resisted in the current supply zone. And based on the H4 chart, the price has gained 2 waves and I suspect there are strong selling orders above 97.2. This week, the dollar is likely to range awhile and retrace lower towards the current demand zone at 96.5. And eventually, the dollar is still expected to climb again and retest the 22-month supply zone at 97.6.
TVC:DXY
by AlgoVenture
SPX500 and NAS100 - Weekly Forecast 25th - 29th MarchStill remember when was it that we see the Dow, Nasdaq and S&P break through the ground? Since then, the price has almost recovered all of the losses in a very gradual and staggering fashion. But last Friday, we saw the biggest drop in 5-months based on a week. It also showed a bearish engulfing candle within a supply zone. And whatever that's just explained, it applies for the Dow Jones, the Nasdaq and S&P500. It may yet to be a reversal but highly possibly there's gonna be more bearish trend coming soon.
OANDA:SPX500USDShort
by AlgoVenture
Gold - Weekly Forecast 25th - 29th MarchThe gold has climbed gradually through the week while supported by a rising trendline. The price has yet to reach the supply zone and thus it may continue to climb. On an important note, gold has shown some kind of divergence from the dollar. Although the dollar has rebounded strongly, the gold was little affected and eventually climbed further. The US stocks market is also showing some strong sell-off on the last Friday. There's also a surge in the demand for yen which is a sign of an increase in the safe-haven asset. Therefore in this week, the gold may defy the technical analysis which actually points to a bearish gold. The gold is most likely to continue to climb gradually till it reaches the supply zone, and after some consolidation, there's a chance where the price will surge.
FX:XAUUSDLong
by AlgoVenture
EURUSD - Weekly Forecast 25th - 29th MarchThe EURUSD didn't come out quite well with what we had expected in our weekly forecast as it surged much higher and broke above a 2-month falling channel for the first time. The price, however, retraced a lot stronger than expected which we believed have stopped out many buyers along the way. And since the price did not rebound before the week ended, there's likely to be very little buy orders left and that gave us a good reason that the institution may come in very soon to buy again. Therefore in this week, we expect the price to hover around the demand zone first and eventually climb higher but gradually.
Long
by AlgoVenture
Dollar - Weekly Forecast 25th - 29th MarchThe dollar ranged lower at first and plunged amid a dovish Fed. The price broke below 96 and got rebounded off by a demand zone at the bottom of the ascending triangle. As of now, the price has retested the supply zone at 96.6 and was held below ending the week. The underlying sentiment of the dollar has definitely turned more bearish but we can expect the price to range lower after every pullback. For this week, we expect the dollar to fall and retest the bottom of the ascending triangle and probably break a little lower to retest the supply zone below 96.
TVC:DXYShort
by AlgoVenture