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EURUSD: Weekly Forecast 28th February 2022EURUSD plunged as safe haven demand spiked amid Russia-Ukraine war. The market found support as it fell to an 18-month low and was able to recovered over half the losses. However, the trend is clearly downwards and the current fundamentals are clearly bearish, and the price just gapped down strongly at the market opening for the week. This week, we will continue to look for selling opportunities, awaiting further upside pullback to cover the gap first.
Short
by AlgoVenture
Gold: Weekly Forecast 13th February 2022Gold rallied last week especially on the last trading day which caused a breakout of the symmetrical triangle. As inflation continues to rise and strengthening the market sentiment of more and bigger rate hikes, the dollar is strengthening yet the gold is even stronger. Since the market has broken out of a 14-month symmetrical triangle, bulls are inevitably going to rise in the coming weeks. This week, we will focus on buying the pullback, expecting a pullback towards 1850.
FX_IDC:XAUUSDLong
by AlgoVenture
WTI: Weekly Forecast 6th February 2022WTI has climbed for the 7th week and is now trading right at the top of a 15-month rising channel. This could mean the price has topped out but there's no sign of reversal just yet. Therefore, we will continue to follow the trend and look for buying opportunity as price pulls back towards 89.5. However, if the price is able to reach the bottom of the current rising channel at around 87.9, a reversal is likely to happen in the coming weeks.
TVC:USOILLong
by AlgoVenture
1
EURUSD: Weekly Forecast 23rd January 2022EURUSD pulled back deeper than expected but still found support at the bottom of a rising channel. While the overall trend is clearly bearish, the 2 months bullish trend still holds and we could expect a stronger rebound from the current demand level towards 1.14. This week, we will look to buy at the beginning while the price is still at the bottom. We may attempt to sell again when it reaches the supply level at 1.14 as this may also develop into another bearish wave.
Short
by AlgoVenture
Nasdaq: Weekly Forecast 16th January 2022Nasdaq is no doubt in a bull market even though it has ranged for the past 2 months and seems to be breaking lower. However, it has repeatedly create a new wave of rally every times it reaches the black MA, rebounded off, then retest again before it really takes off. As of now, the market has completed a retest and we are seeing a rebound again which may very well be the beginning of yet another rally to a new high. This week, we will focus on buying, likely to buy at the beginning as we are expecting little to no retracement before it reaches 16300.
ULong
by AlgoVenture
3
Gold: Weekly Forecast 16th January 2022Gold rebounded off well from a rising trendline, found resistance at 1829 but stayed closed to it. The fact that the market is constantly rejected at 1829 may cause a deeper pullback towards the downside before it garner stronger buyers. A minor rising trendline was also broken below after multiple rejection at the current high. This week, we will focus on selling at the beginning, looking for a better price to sell at 1823. Later on and should the price comes down, we will look for support at the demand level 1797 to see if there's an opportunity to buy again.
FX_IDC:XAUUSD
by AlgoVenture
EURUSD: Weekly Forecast 16th January 2022EURUSD has broken above a 7-month falling trendline, opening the door for more buyers. However, the bigger picture shows a clear downtrend and the recent increase in the price could be just another major pullback. Resistance was also seen at the supply level of 1.1450, causing EURUSD to give up over 70 pips before the week ends. Nevertheless, a direction needs to be picked and we will follow the recent bullish trend and look for buying opportunities as the price pulls back a little more or finds support at the demand level 1.1370.
Long
by AlgoVenture
Gold: Weekly Forecast 9th January 2022Gold came down again after a month-long of upward consolidation but found support at demand level 1787. The trend is currently still ranging and the price is now trading right in the middle of the entire symmetrical triangle. This week, we will observe for further support at the demand level 1787 and look for buying opportunity if it holds. Otherwise, the price could break down and go lower towards the 1767 demand level and we can look for buying opportunities again at the bottom of the symmetrical triangle.
FX_IDC:XAUUSDLong
by AlgoVenture
2
WTI: Weekly Forecast 2nd January 2022WTI found resistance at 77 after another rally at the beginning of the week. While the oil prices have been on the rise through December, it is becomingly obvious that this is part of a pullback for the bearish trend that formed through November previously. The price has also came down on the last trading day which did cause some breakdown of its current bullish structure. This week, we will be waiting to sell the pullback from 76.20 onwards, aiming for 73. P.S. Give a thumbs up if you like our idea:) Do follow us as we will be providing daily trading ideas as a continuation to our weekly forecast. Cheers!
TVC:USOILShort
by AlgoVenture
1
Gold: Weekly Forecast 2nd January 2022Gold rose for the 3rd week since it took off from the demand level at 1768. As the price reaches a key resistance at 1829, little resistance is seen and thus could extend the rally going into the coming week. The gold is expected to continue rising through the vacuumed area from the current 1829 to the key supply level at 1850. This week, we will wait for a pullback towards 1818 to buy again and aim for the top of the entire symmetrical triangle, as well as the key supply level at 1850. However, we also see a good chance of pulling deeper towards 1805 should the current trend continues to follow its whippy structure. P.S. Give a thumbs up if you like our idea:) Do follow us as we will be providing daily trading ideas as a continuation to our weekly forecast. Cheers!
FX_IDC:XAUUSDLong
by AlgoVenture
1
GBPUSD: Weekly Forecast 2nd January 2022GBPUSD stayed very bullish for the 2nd week since the BOE started raising rates. There's no doubt that the pound can continue to climb higher but will face strong resistance as it approaches a major supply level at 1.3560. The supply level also sits well at the top of a 6-month falling channel, together with the golden ratio. This week, we will wait for a pullback towards 1.3500 for an intraday buy and look out for strong resistance from 1.3560 onwards. P.S. Give a thumbs up if you like our idea:) Do follow us as we will be providing daily trading ideas as a continuation to our weekly forecast. Cheers!
Long
by AlgoVenture
2
EURUSD: Weekly Forecast 2nd January 2022EURUSD has been squeezing out more bulls and managed to stand above an one and a half-month consolidation. While the overall trend is still clearly bearish, there's just about enough gap between the current price and the supply zone at 1.1440 for another couple of bullish run in the intraday. Therefore, we will wait for a pullback towards 1.1350 for an intraday buy in the coming week while looking out for a strong reversal as it approaches 1.1440 right at the top of a 7-month falling channel. P.S. Give a thumbs up if you like our idea:) Do follow us as we will be providing daily trading ideas as a continuation to our weekly forecast. Cheers!
Long
by AlgoVenture
4