Get started

Dailyforecast

EURGBP OutlookPotential for a long position on EURGBP over the next coming days Schiff fork touches the edge of the channel, which is the same area where we have had prior bullish signals this year (see candles highlighted) thereby making this a likely area of reversal from the current downtrend that began around this time last month If the price holds in this outlined area of 0.896 - 0.893 then we will have confirmation of an uptrend from the March/April lows when the 50D SMA crossed above the 200DSMA, and continuation of the ascending channel Failing this, we will look to the 200D SMA for support, the same area where the pair has found prior support and generated bullish candlestick patterns Strong resistance found at the 0.917 area
Long
by Pacorabs
GBPUSD Continued to form Lower Highs and LowsSince GBPUSD broke below a 6-month rising trendline, the price fell into a range. However, the range was somewhat a falling channel where the market just kept trading lower with lower highs and lows. As the presidential election began, and especially right after the first presidential debate between Trump and Biden, the market is feeling more uncertain of the outcome and thus risk sentiment picks up. With risk sentiment climbing, the dollar started to regain strength and that essentially means that risk-on currency such as the pound will depreciate further. And not forgetting that the UK is still facing a lot of uncertainty with its Brexit deal. There's simply too little reason for pound to stay strong.
Short
by AlgoVenture
Pound's at riskThe GBPUSD faced strong resistance when it approached a major supply zone around the 1.34 region. Its rally against the dollar was confirmed to have ended when smashed downwards shortly into the September period. Breakthroughs of important rising trendlines followed through as risk sentiment continued to build up which has led to a further rally for the dollar. GBPUSD now faces a last line of defense at a 4-month rising trendline with no obvious buyers at the moment. Putting dollar's rally aside, the pound is constantly facing pressure due to its brexit deal which seems very gloomy. What we can see right now is that GBPUSD is most likely to revisit its brexit low at 1.20 in time to come.
Short
by AlgoVenture
How to Catch the Bears for EURUSD?If you hadn't realized, EURUSD has marked the end of its final bullish run last week. The market now trades within a range and is currently pulling back from a bearish trend since yesterday. While we can't be certain that EURUSD will eventually dip further, it's a safe and reasonable bet to sell again as it approaches the top of the current range. If we were to commit to selling and should the market does continue to take a bearish stance, the bears should appear before the price climbs beyond 1.1950. By counting the number of waves of the current rebound from 1.1755, the price has the potential to develop another bullish wave and reach somewhere between 1.1860 and 1.1950. The ECB press conference is just ahead and that will provide more clues as to how bearish the euro will get this week all the way till next week's FOMC. This plan should work as long as the ECB does not turn hawkish all of a sudden, which is very unlikely given the current economic condition in the eurozone.
Short
by AlgoVenture
Will Dow Jones Extend Fall?The recent fall from early last week, specifically last Thursday after FOMC, has some similarities with the crazy selloff in late February. One glance at the daily chart should be enough to explain the resemblance. Now that the price has retraced significantly and undergone a period of resistance, it's about time the price will continue to fall or otherwise. One thing to take note is that the COVID cases in the US has started to rise again and yesterday's figure just broke 13th June high. This could potentially increase market fear and cause another wave of a selloff in the stock market. So, everything seems to lineup pretty well, most importantly the risk-reward ratio is pretty good too.
FX:US30Short
by AlgoVenture
1
Low Risk High Return at EURUSDHow can you risk small but gain high returns? The answer is to enter a trade that allows you to set a tight stop loss without compromising the trade setup and has the potential you make at least 3 times more than the risk. Here's a good example. EURUSD has completed a Bearish Bat while showing signs of sellers already. If you sell now, you just have to set your stop loss above point X of the bearish bat and your risk will be about 40 pips On the other hand, your potential profits are 70, 100 and 160 pips based on the important support levels. The first target will give you 1.75X return and the last one will give you 4X return. So as you can see, this is very logical and reasonable. We can't control how the market move but we choose what kind of trades to make.
Short
by AlgoVenture
4
ABC Correction Completed for GBPUSDGBPUSD has been ranging for almost 2 months after the completion of a motive wave. The market has ranged and completed multiple waves and it seems to have completed an ABC correction. 2 months worth of consolidation is pretty extensive and thus the belief that a trend is coming soon. So here's a fair amount of reasons for traders to buy GBPUSD again, while at the same time, the market is moving towards tho 200MA for a retest in the weekly timeframe.
Long
by AlgoVenture
Let's Try Selling Dow Jones AgainDow Jones fell yesterday upon the completion of a bearish Gartley It stopped falling after one solid bearish wave and turned indecisive As the price moved up and down, a bearish Cypher was already about to be completed. This could give traders a good reason why they should give the bear another chance to perform. The turning point upon the completion of the bearish Cypher will also be boosted by a falling trendline that's connected by the 2 previous high.
FX:US30Short
by AlgoVenture
3