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Dailyforecast

AUDUSD Buy - Strong Support on Bullish TrendWhen was the last time you have taken a look at the monthly or weekly chart of AUDUSD? If you do so, you would realise 2 things: 1) AUDUSD is way undervalued. 2) Price is already at the bottom of a 4 years range. Under these 2 conditions, there's very little reason for us not to focus on buying AUDUSD. Previously, the price has already broken above a 4-month falling trendline, signalling for a turn into a bullish trend. The price climbed and retraces within a rising channel and it is now about to reach the bottom of the channel. Furthermore, the price will also find support at the previously broken falling trendline, as well as the 50% Fibonacci level, just enough for a bullish trend to resume.
Long
by AlgoVenture
EURUSD Sell - Retracement Channel Under CompletionSince EURUSD has broken below both rising trendline and bottom of a range with a strong bearish candle, the price went into consolidation since last Friday. The consolidation has carried on till now where the 2nd wave of retracement is most likely to be completed by the US session. Once the retracement channel is completed, we can look for a sign of a stop for any further upward movement and look for selling opportunity at 1.1258 - 1.1270. If price persists to consolidated further upwards, we will wait for 1.1280 which is the breakout level on the bottom of the previous range.
Short
by AlgoVenture
EURUSD Sell - Lack of Demand, Poor Euro DataEURUSD plunged through the bottom of its current range a well as a rising trendline as weak euro data caused euro to weaken. It was also probably due to the lack of demand to support the price after a second retest of the breakout level. Based on the current movement, the seller is clearly in control of the trend and will most likely fall further. During the U.S. session later, we can wait for the price to pull back towards the breakout level at 1.128 for a retest and look for a reversal signal to sell.
Short
by AlgoVenture
Gold Sell - HnS Neckline Broken, Sell the PullbackGold has finally broken below the neckline of an HnS which has been forming since the beginning of the year. This is a clear sign of a bearish trend but we always avoid chasing after the trend whenever a breakout happens. Instead, wait for the price to pull back and retest the breakout level (neckline) to see if there's any more demand left and if there's more supply to keep pushing the price lower. Let's wait for the retest from 1.284 and we can look for a selling opportunity if there's a clear sign of a stop.
FX:XAUUSDShort
by AlgoVenture
1
USDCAD Sell - Top of Sym Tri and Supply ZoneUSDCAD rebounded strongly yesterday after strong demand appeared at the bottom of a 1-month symmetrical triangle. The price closed above the middle of the whole ranging structure signalling that the price may climb further. The price is likely to climb higher with some remaining demand and will retest the top of the symmetrical triangle where the price will face with very strong resistance. Wait for selling opportunity within the supply zone at 1.3420.
Short
by AlgoVenture
EURUSD Buy - Continuous Range Breakout and RetestEURUSD has reached the bottom at 1.1188 and fell into a range. The range was broken above last week and the price fell into another minor range while sitting on to of the previous range. On the last trading day, the range was broken once again and therefore we will most likely experience another short-term range. As long as the price is seated on top of the range, it will most likely rebound higher as it gets closer to the rising trendline. Look for buying opportunity between 1.1288 and 1.1276.
Long
by AlgoVenture
USDCHF Sell - Ending 3 Consecutive Days of RetracementUSDCHF has stubbornly climbed for the past 3 consecutive days. Yesterday has however shown that price has met with strong resistance within the supply zone. It is important to note that the price is considered to be very high as it is getting very close to a 27-month supply zone. It is also obvious that the buying strength is not particularly strong as compared to the previous downtrend. Therefore, today which is also the last trading day of the week, there's a high possibility that institutional traders will begin the process of distribution. In conclusion, whether is it the technical patterns or the consideration of supply and demand, the price is most likely to proceed into a bearish trend.
Short
by AlgoVenture
USDCHF Sell - Supply Zone at 618 LevelUSDCHF diverges from the dollar during the euro session and continues to climb within a rising wedge when the dollar starts to fall again. If we compare both dollar and USDCHF in the D1 chart, we will see that both are trading within an ascending triangle and that sellers are more in control then the buyers. The dollar has already started to fall while USDCHF is seen completing its retracement and will soon reach a key supply zone at 618 level. Wait for the price to pierce through the top of the rising wedge and look for strong signs of sellers.
Short
by AlgoVenture
Gold Sell - Breaking Through Neckline of HnSGold has ranged above the low of 1283 for the past 4 trading days. And last night, there was an attempt to break below the range which it did so base on the smaller timeframe from H4 onwards. The price made a strong pullback but it still failed to stand above the range or make a higher high. Thus in this case and with the head n shoulder formation, the price, today, is most likely to plunge. This daily forecast is also inlined with my weekly forecast.
FX:XAUUSDShort
by AlgoVenture
USDJPY Short - Bearish Bat Pattern, Dollar OverboughtAs the dollar reaches beyond 97, it is technically entering an overbought zone and may be vulnerable to selling pressure. So the USDJPY has climbed pretty much through the Asia session and stands above 111. A bat pattern is on its way to completion where the final point is expected to end in the supply zone around 111.50. Therefore, if the dollar continues to climb further into the overbought zone while the USDJPY climbs too to complete the bat pattern, we are expecting there's going to be some strong selling pressure.
Short
by AlgoVenture
USDCHF Long - Price may Climb Amid Weak SellingThe price consolidates for the 3rd day as the price continues to retrace. There hasn't been any significant selling and the price has yet to reach any strong supply zone. Therefore, the price is expected to retrace further and climb towards the supply zone near 1.00 which overlaps with a previously broken rising trendline. For intraday trade, traders may consider to long around 0.9930 but bear in mind that dollar is fundamentally weaker after dovish FOMC last week.
Long
by AlgoVenture
EUR/JPY climbs to 129.46Daily outlook - EUR/JPY climbs to 129.46 An early hours of Monday’s trading session revealed that the EUR/JPY currency pair has successfully used an upside moment that was created by a release of data on the US CPI last Friday to surge not only to the 129.46 level, but climb even a little bit higher. In theory, the pair has a chance to gain a foothold at the monthly PP at 129.78. However, three red candles in a row combined with the CCI and RSI technical indicators suggest that the pair has reached already its maximum and now will start to decline. If this assumption is true, then the minor overstep beyond the above 129.46 mark simply represents a bearish fakey pattern. This scenario is, generally, supported by the market sentiment, as 68% of traders continue to hold short positions on this currency pair.
by UnknownUnicorn890690
USD/JPY, DAY CHART, LONG (2-JAN-2017)Note: Overall, we remain bullish on USD/JPY pair. Now, price having correction to 20-EMA, followed by a bullish signal. It is a Swing Setup, but aware of the immediate strong resistance zone. There are 3 trading plans for this trade: 1. Long now with little risk amount as it is a good swing setup. 2. Wait the price having more correction to the strong support zone, it is a good time to accumulate long positions. 3. If the price managed to break the strong resistance zone, wait for Pullback and bullish signal to long!
Long
by YongLiang