Dailyforecast
NZDUSD: Bullish Bat with ReboundSince last week, NZDUSD has broken above a 2-week falling trendline thus ending a bearish structure.
A bullish bat was formed after the breakout and as the price pulled back.
The price has currently found support at 0.6593 and a rebound has begun.
And once again, the price break above another minor falling trendline.
Price did a little pullback and may start to climb again soon.
NZDUSD: Cont'd from Previous PostWhile NZDUSD retraced expectedly before rising further, the current movement suggested further retracement before the rebound.
What's confirmed now is that NZDUSD has broken away from a previous bearish structure and recently also broke out of a consolidating structure towards the upside.
The price is expected to retrace 0.6615 where it broke out from a bearish structure.
Look for buying opportunity from 0.6615 to 0.6605, targeting 0.6690 and 0.6720.
NZDUSD: Breakout of Consolidating StructureNZDUSD has been on the rise since it found support and rebounded off from a 4 year low around 0.6200.
In the process of the rebound, the price has broken a few critical resistance levels such as the 8-month falling trendline.
There's little doubt that NZDUSD is in a bullish structure while the dollar is also weakening.
Just recently, the price has broken out of a downward consolidating structure and a new bullish trend has just begun.
Wait for the pullback towards 0.6630 to look for a buying opportunity.
EURUSD: Rebound on GartleyEURUSD continued to recover from the month loss after forming a Gartley pattern and rebounded off from a 2-week demand zone.
The rebound is still seemingly below moderate but higher lows have helped the price to remain a bullish structure.
German CPI was just confirmed to perform at a 5-month high and could help to boost EURUSD later.
Traders can wait for a pullback towards 1.1130 for re-entry of buy.
Current targets are 1.1187 and 1.1220, final target at 1.1285.
AUDUSD: Break 12-Month Falling Trendline; Awaiting PullbackAUDUSD has broken above a 12-month falling trendline last week and has begun its retracement.
As of current, the price has pulled back to the trendline again but the pullback seems to be unfinished too.
There's also a break of a falling trendline and orders could be trapped at 0.6843 which make this region a demand zone.
Therefore, await further pull back and look for buy opportunity within the demand zone 0.6843 to 0.6815.
EURUSD: Pullback after Breaking Range BottomEURUSD fell and broke below the range bottom at 1.1066 as the dollar climbed during NFP which shown very positive employment data.
The price continued to pull back and has reached the range bottom again which may act as good resistance.
EURUSD is currently still trading near the top of an 18-month falling channel and thus the chances of falling is greater.
With the Fed holding off from cutting rate and the recent positive NFP data, the dollar will continue to gain and EURUSD will fall as a result.
Observe for signs of reversal at the current price to sell, stop loss set just above the previous high will be sufficient.
GBPJPY facing bearish pressure, Potential drop to support. GBPJPY seems to be rejecting its resistance, Potential drop.
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Please ensure you fully understand the risks.
EURUSD: 2nd Bullish Wave Completed; Resistance at Range TopEURUSD turned out expectedly as price rebounded off from range bottom and gained all the way to the top.
Since then, the price found resistance at range top and fell into a minor range lesser than 30 pips.
EURUSD is currently still trading at the high of its 18-month falling channel too which gives an edge for the bears.
For sellers, now is already considered a good price, targets will be 1.1008, 1.0950 and 1.0908.
Gold: Weekly Forecast 2nd - 6th DecMy chart plotting remains literally the same as the last weekly forecast.
Gold fell at the beginning of last week and ranged while forming lower highs.
The price was seen constantly rejected off from 1453.
Finally, last Friday, the gold price soared during the US session and breached the range high of 1462.
The bullish wave also broke above a falling channel in the H4 chart.
And as of current, the gold has completed 3 months of consolidation and will start to trend anytime soon.
Based on all these factors, the gold is technically in the first phase of a new bullish structure.
This week, we shall focus on 'buying the pullback' at 1462, 1460 and finally 1458.
EURUSD: 2nd Bullish Wave Before Major Bearish Trend?Another interesting repetitive pattern is about to take place.
In late June, just like in early November, EURUSD established a strong bearish trend and fell from the top of a major falling channel.
The price found support and retraced which led to a range.
As seen in the previous pattern, the range consisted of 2 bullish waves before it resumes the major bearish trend.
As of current, the price has found support at the bottom of the current range and has started to show signs of a rebound.
For day trader, look for buy opportunity at the current low and aim to take profit near the range high.
Otherwise, wait patiently for the 2nd bullish wave to form and look for sell opportunity at the range high, preferably between 1.1066 to 1.1095
Gold: Testing Mid-Range; ABCD in CompletionThe gold has completed the 3rd bearish wave within a 3-Month consolidation timeframe.
The price has broken away from a bearish trend and turned into a range for the past 2 weeks.
As of current, the price has slowly come down to the middle of the range and the CD leg of an ABCD is about to complete.
Look for buy opportunity as the price reaches the 1-week demand zone of1457 and 1452.
EURUSD: Pullback after Double Top; Resistance ConfirmedFOMC meeting passed with little volatility as it came out very much expected which also reaffirms that the Fed will hold back from further rate cut for now.
On the other hand, ECB is comparatively more dovish than the Fed where ECB is ready to go further negative in their interest rate.
EURUSD has formed a double top previously and the price has broken through the neckline.
Retracement has taken place and price has already pulled back to the neckline, 50% of Fibonacci and resistance was confirmed within a supply zone.
EURUSD has ranged through the week likely due to the anticipation of FOMC meeting but now it's probably about time to resume the bearish trend.
EURUSD: Don't Chase the Bear, Wait for Better PriceEURUSD has turned bearish and fell for 4 consecutive days since it got resisted at the top of a 17-month falling channel.
As we approach the end of the trading week, we need to exercise cautious particularly in the price.
Many might want to chase after the bear after multiple news lows were created.
I'm not sure if the price will just continue to fall from the current price but I stick to my trading principal and go for the best price to trade.
So in this case, the best price for the first attempt to sell EURUSD will be somewhere at the top of the falling channel as plotted in the chart, between the price of 1.107 and 1.109.
Gold: Long Opportunity at Range Bottom AgainGold has been trading within a range since early October.
While it ranged, the price was also seen breaking above a major falling channel, not just once but twice.
We've seen multiple rebounds whenever the price retraces to the range bottom and given such background, buying would be a better choice than selling.
Besides, US30 has recently broken new high and still continues to climb, will soon lead to an overbought and come crashing down.
In fact, the gold has been ranging for close to 3 months already which means to say that a major trend should be occurring real soon.
Dollar: Is Dollar facing a Crash Landing?During the FOMC conference, the dollar was seen climbing steadily but took a sudden twist which led to an unstoppable bearish force.
It was quite an unexpected turn of event as it has been quite clear that the Fed is unlikely to cut rate any further this year and that should boost the dollar.
It soon turned out that EURUSD, as well as gold, turned bullish, even US30 climbed too.
Is the dollar facing a risk of a selloff? Is the dollar going to face a crash landing at the bottom of a 50month rising channel?
We shall look into it again once today's daily candle closes, as well as the monthly candle closes.
Gold: Bears in Control Towards the End of a Consolidation PhraseRisk has been coming off for the past few weeks as the US-China trade war cooled down and Brexit is getting closer to a real Brexit.
The gold has tumbled its way from a previous high near 1520 since last Friday and through the current week.
While we expect gold to fall further, the 1480 region will still provide some significant support which is likely to be the final test for the bull to rally.
But if the bull fails to rally or sustain, 1480 shall be broken and a great extension of a bearish movement will come about.
On the other hand, the dollar may strengthen again during the upcoming FOMC, whether a rate cut will happen or not.
This is because the market has already priced in a rate cut and therefore a cut will no longer cause the dollar to weaken, and if the FOMC decides to hold, that's still going to be bullish for the dollar.
In conclusion, traders can focus on selling the gold for the next 2 weeks (should it turned out the way as described) but keeping in mind that the long-term outlook for the gold still remains bullish.
EURUSD: Resistance at Important ZoneEURUSD climbed through the first half of Monday as an act of retracement.
The price is now seen resisted at the top of a falling channel, as well as the bottom of a previously broken rising channel.
As explained in my previous weekly forecast for EURUSD, the price is most likely to extend fall.
Therefore, the extensive retracement right now gives a good price to sell again.
USDJPY: Break of Channel, Constant ResistanceUSDJPY started to turn bearish since last week as it broke below the bottom of a rising channel.
This week, the price has been seen constantly resisted at 108.7, causing multiple failed attempts to climb any higher.
Therefore, the structured can be confirmed as bearish and traders can look to sell around the current price.
USDJPY should present a stronger bearish movement once it broke below the demand zone at 108.2.
