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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.
Long
by AlgoVenture
1
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
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.
Short
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 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.
FX:XAUUSDLong
by AlgoVenture
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
by AlgoVenture
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
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.
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
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.
Short
by AlgoVenture
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.
FX:XAUUSDLong
by AlgoVenture
EURUSD: Weekly Forecast 4th - 1st NovLast week, EURUSD has put an end to the bearish trend as it kept climbing and reached its previous high. There is not much selling pressure at the current resistance 1.1180 or in fact, there was on last Thursday but did not sustain. There's also an interesting pattern whenever a new high was created at the top of the 40-month falling channel. The first wave brought the price to the top of the zone but it always takes a second wave to push the price to the extreme top of the channel before the start of a strong and long bearish trend. So obviously, this current bullish wave right now is the 2nd wave I'm talking about and this got me to believe that EURUSD will climb further this week and probably stays resisted or come down in the later. But ultimately, what I'm really waiting for is to sell once the 2nd top is formed and confirmed.
by AlgoVenture
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.
TVC:DXY
by AlgoVenture
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.
FX:XAUUSDShort
by AlgoVenture