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Weeklyforecast

EURUSD: Weekly Forecast 6th - 10th Jan 2020EURUSD climbed further and broke above 1.1200 as expected, as well as the pullback following after. The last FOMC minutes was unsurprising as the Fed will keep rate unchanged which may cause the dollar to extend weakness. While the dollar is fundamentally stronger than the euro, short-term sentiment favours a weaker dollar and so is the current technical structure. The price has found its current low at 1.1125 during the pullback and most likely will dip further for a stronger rebound and resume the bullish trend. Await for further pullback and look for buy opportunity at the demand zone just below 1.1108.
Long
by AlgoVenture
Gold: Weekly Forecast 30th Dec - 3rd Jan 2020Finally, having talking about the trend which will come after the 3-month consolidation since mid-November, the gold has TRENDed! Gold climbed and broke above the 3-months falling trendline at the beginning of this Christmas week. And during Christmas eve, we saw a decisive bullish run which broke further away from the consolidation and it now stands above 1500. At the same time, we are also seeing a drop in the demand of the dollar which definitely helps boost demand for the gold. As of current, the price is seen resisted by a 3-month supply zone just above 1515 and it's going to take gold quite a bit of effort to continue north. In this week, we are expecting a short-term consolidation as we head into a new year with too little economic events to bring about volatility. It is a good time for traders to identify the low for reentry before the gold continues its bullish trend.
FX:XAUUSDLong
by AlgoVenture
Dollar: Weekly Forecast 30th Dec - 3rd Jan 2020The dollar reconfirmed the break of an 18-month rising channel after a pullback, a retest and a successful rejection from the bottom of the 18-month falling channel. The dollar has been weakening across all major currencies in the month of November and December this year. This is largely due to the fact that the Fed could not raise rate any further and is going to ease monetary policy in order to reach their 2% inflation target. Fed Chairman Powell has clearly stated that the Fed will only consider raising rate again only if they meet their inflation target. Combined with the current technical structure, the dollar is almost certainly going to fall further. We are expecting the dollar to reach the 11-month demand zone around 95.95 by the end of January 2020, 95 by the end of 1st quarter 2020.
TVC:DXYShort
by AlgoVenture
EURUSD: Weekly Forecast 30th Dec - 3rd Jan 2020EURUSD confirmed a reversal just before the end of 2019. The price had a successful reattempt and finally broke above the 18-month falling channel last Friday. Besides, all major currencies have gained against the dollar too, confirming that the dollar is in a downward reversal. Therefore this week, we are changing direction and will be looking to buy EURUSD. But first, we want to make sure that the price breaks above the current resistance at 1.1175 and then wait for a pullback to buy. However, if that doesn't happen and the price goes down from here, we will first wait for a low to form and decide which level to buy.
by AlgoVenture
Gold: Weekly Forecast 23rd - 27th Dec 2019The gold was little changed but closed with a second bullish candle in the weekly chart. The price is currently facing a breakout at the 3-month falling trendline and in fact, it was broken in the H4 chart. While we stick to the same bullish view on gold, there may be some downward spikes before it goes into a real trend. As of current, levels for entry are 1474 and 1446. It may be Christmas and volatility could be low but stay alert somehow for surprise movement from gold.
FX:XAUUSDLong
by AlgoVenture
EURUSD: Weekly Forecast 23rd - 27th Dec 2019EURUSD fell first as expected but was failed to discover any strong support for a strong rebound. As a result, a fake break at the top of the 18-month falling channel was confirmed and EURUSD fell last week. An ascending triangle was formed in the process and price is just about 40 pips away from the bottom of the pattern. Since it's Christmas week, volatility is expected to be very low and EURUSD is most likely to range within the pattern too. Traders can attempt an intraday buy low of the ascending triangle from 1.1053 to 1.1038. Otherwise, wait for the price to rebound from the current low and look for sell opportunity from 1.1111 to 1.1144.
by AlgoVenture
Gold: Weekly Forecast 16th - 20th Dec 2019A trend is currently due for the gold. Gold has been consolidating for more than 3 months now and it's clearly coming to an end. The price did attempt to break out of the consolidation into a trend last week but got rejected again at 1483. However, the lows are going higher and shall remain bullish as long as the price doesn't break below the 4-month demand zone from 1447 onward. This could be the exact week that gold embarks onto a trending period. We will wait to buy the gold at a lower price from 1465 to 1453.
FX:XAUUSDLong
by AlgoVenture
EURUSD: Weekly Forecast 16th - 20th Dec 2019EURUSD peaked the bottom of its 18-month falling channel with signs of a breakout for the first time. While it was a good for the dollar that the Fed decided to hold off further rate cut, it wasn't good actually because the market has changed from a 'no cut' to a 'no hike'. Therefore, the dollar plunged further and the DXY has broken below its rising channel. This fake break of the top of the 18-month falling channel might turn real if the dollar continues to fall on a weak sentiment that the Fed will not raise rate in the foreseeable future.
Long
by AlgoVenture
Gold: Weekly Forecast 9th - 13th DecGold is finally coming to the end of a 3-month consolidation similar to the consolidation which started in mid-Feb 2019. While the price dipped about 200 pips last Friday due to a strong US employment data, it found support at 1459 and hold out till the market closed. Although the bull strength was disappointing, there's always a chance for gold to rise again as long as it does not break any lower than 1440. This week, we will still focus on buying between the price of 1457 and 1455. And since the price has already pulled back significantly, the opportunity should come as soon as within the first 2 trading day.
FX:XAUUSDLong
by AlgoVenture
1
EURUSD: Weekly Forecast 9th - 13th DecEURUSD completed the 2nd pullback slightly higher than the range top. NFP data was released, showing an actual of 266k as compared to 181k, and the unemployment rate fell to 3.5% from 3.6%. This gave the Fed a very valid reason to pause any further rate cut which will be good for the dollar. As such, the price has started the 2nd bearish trend during NFP last Friday as it broke through the bottom of a range. In this week, await pull back and look for sell opportunity between the range of 1.1068 and 1.1089.
Short
by AlgoVenture
1
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