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EURUSD: Breakout of 3-Month Falling Channel; Long OpportunityAs discussed in my last EURUSD weekly forecast, the reversal has taken place as the price broke above a 3-month falling channel. In the midst of the breakout, a new rising channel has formed and the price has started to retrace from the top since the market opened this week. The price has certainly reached the demand zone but is most likely to give it another retest while it's nearing the bottom of the rising channel. Look for a buying opportunity as the price retest the demand zone near the bottom of the rising channel.
Long
by AlgoVenture
USDJPY: Keep it Simple!USDJPY is on a rise since last week and continued so in the beginning of the trading week too. Safe-haven assets seemed to have lost its demand for now as Brexit discussion is showing positive signs. While this is most likely to be temporary, day trading clearly favours a weaker yen (and gold) and we can keep things simple. USDJPY is climbing within a rising channel and is currently retracing toward the bottom of the channel where we can look for a buying opportunity.
Long
by AlgoVenture
EURUSD: Weekly Forecast 7th- 11th October 2019EURUSD turned out as expected of my previous forecast as it started to range after the retracement from the new low. The repeating pattern shows that the price is expected to range in the coming week. Traders can look out for a selling opportunity at the top of the range, stop loss placed just above 1.1020. However, the distinct difference between the current pattern and the previous two is that the current one is trading at the bottom of the range. This could mean a potential reversal may take place thus taking partial profit at the demand zone around 1.0920 is highly recommended.
Short
by AlgoVenture
EURUSD: Awaiting Next MAJOR TrendIf you are reading this forecast, bookmark it and revisit on the 3rd week of October. If you have missed 2 great trends which were shown in my previous 2 forecasts on Gold and US30(check out related ideas below), here's the next one you don't wanna miss! The chart is pretty much self-explained already. EURUSD has hit a new low last Tuesday during the European session and price has retraced significantly. Based on the repeating patterns whenever price retraced from a new low, here's what's gonna happen: 1. The price will undergo a period of consolidation. 2. Past patterns show that the consolidation will take about 2 weeks before the next major movement. 3. Watch out for the key supply zone between FR38.2 and FR50 to place a sell position. So, just be patient and wait for the RIGHT TIMING to execute.
Short
by AlgoVenture
US30: Weekly Forecast 30th Sept - 4th OctChart patterns and timing work hand in hand. Last week, the US30 has been consolidating for the 2nd week while creating lower highs and lower lows. A similar pattern has happened jus about 2 months ago in July as the price rose to a high, consolidated for close to 3 weeks, and fell like a waterfall. Straight to the point, traders can consider selling US30 right now with a stop loss just above the previous high (must be higher than 27000). Profit targets at 26400, 25800 and 24800.
OANDA:US30USDShort
by AlgoVenture
US30: Broke of Rising Structure, Formation of Falling StructureThe US30 has proven to be taking a bearish stance throughout the week. The current analysis is also linked directly with my previous analysis while the price is still climbing but unlikely to break a new high. Initially, the price broke below the bottom of a rising channel last week which already shown an indication of a stop to a bullish structure. However, the price continued to consolidate without any strong selling pressure. But this week, the price has begun to break new day lows and also formed lower highs thus confirming a formation of a bearish structure. Sell the US30 now and set a stop loss just above the previous high should be sufficient.
OANDA:US30USDShort
by AlgoVenture
EURUSD: Weekly Forecast 23rd - 27th Sept (Happy Birthday to ME!)Yup, it's exactly the date of my birthday lol! Alright, EURUSD has been trading within a range last week. Although it seems slightly bearish for EURUSD, the fact that it's still staying supported at the bottom of the range says that the price could still climb further. The long-term outlook for EURUSD stays bearish but this coming week could be a short-term bullish one, expecting the price to reach highest 1.1150. Therefore, traders can look to long EURUSD at the bottom of the range from 1.10 onward or just wait patiently for the price to break above 1.11 to look for a short opportunity.
Long
by AlgoVenture
EURUSD: Weekly Forecast 16th - 20th SeptemberThe current bullish wave (major retracement) is probably coming to an end soon. EURUSD has been ranging since early this month after it hit the lowest at 1.092. The price is currently trading at the high of the range and is also about to reach the top (selling zone) of a 39-month falling channel. With that, I think we can keep it simple and sell EURUSD in the middle of the week should it continues to climb and reach the demand zone around 1.1170.
Short
by AlgoVenture
Gold: Weekly Forecast 16th - 20th September"Saturday’s attack on Saudi oil fields knocked out about half that country’s oil production." That's the major news first thing in the morning and we have seen the gold jumped as well as oil, yen, Swiss franc and cad. The gold price was trading within a range since early August and the price has came back to this month low and was well supported at a demand zone. The price was actually at the end of a 3-month rising channel at the bottom. The last daily candle was a bearish one but still showed support and this morning without any sign, the price opened with a gap of 180 pips higher. The Dow Jones has also broken below a rising structure and that supports the gold to climb further. Trading plan for gold? Just buy. The technical setup this morning is favourable enough for the gold. The fundamental movement of the gold hasn't changed either.
FX:XAUUSDLong
by AlgoVenture
Gold: Awaiting Major ReboundThe gold has been consolidating (with some new highs) for the past one month since it first broke above 1500. Previously, the gold has also consolidated for a month and a week since it first broke above 1400. Which also means, we are 1 more week away from a major bullish wave which could potentially break 1600. The price has dipped for the last 2 trading days which has probably led to a major stop out of buyers. Wait for patiently for the price to dip a little lower into the demand zone and/or the bottom of the 3-month rising channel to buy.
FX:XAUUSDLong
by AlgoVenture
1
Gold: Break of Rising Structure, AgainThe gold has consolidated for more than a week since it broke new high at the beginning of last week. The price has made another attempt to break new high as it broke the top of the consolidation but came down quickly as it lost its buying strength at the previous high of 1555. There's a repeating pattern which shown the price fell as much as 300 pips once it broke below the rising structure (break of a rising trendline/bottom of a rising channel etc). Also, the gold price was already seen resisted at the to of a 3-month rising channel since it reached the highest price of 1555. The recent fakeout is very likely to cause a big amount of buy orders to be trapped and that's an indication that the price may continue to fall further. Traders may look to look for short-tern/intraday sell at the moment, stop loss set about 30-50 pips just above 1543 would be sufficient and targetting the demand zone around 1530.
FX:XAUUSDShort
by AlgoVenture
1
USDCHF: Repeating Bearish HarmonicsAn interesting repeating bearish harmonic pattern has presented itself and the bearish trend has just begun. According to the past development of the bearish trend after the completion of the bearish harmonic pattern, the price will fall steeply with shallow retracement and very little support. Sell USDCHF whenever the price retraced to the previous low in the smaller timeframe (H1 and below) As for now and should the price starts to retrace, look to sell at 0.9860, stop loss set at, or above, 0.9882.
Short
by AlgoVenture
EURUSD: Weekly Forecast 26th - 30th AugustEURUSD consolidated for the first 4 trading days last week and finally rebounded off strongly near the previous low on its very first retest. This is pretty much as expected as seen in my last week's forecast as that's just how EURUSD will react based on the previous new lows created. The price is expected to climb again and forms the second bullish wave. This week, wait for the price to retrace towards the immediate demand zone at 1.1115. The retracement should take around 30 pips should the 2nd bullish wave is meant to form.
Long
by AlgoVenture
Gold: Weekly Forecast 26th - 30th AugustCan the gold break new high and evolve into another freakish bullish trend this week? Patterns sometimes do repeat itself and it could happen again in this case. The gold fell to the bottom of a range and continued to consolidate throughout the week as it formed lower highs. Just before Powell's speech last Friday, the gold was seen climbing steadily and jumped all the way to the top of the range, just 45 pips shy from the previous high. This symptom looks exactly just like the jump in 2nd July and the price was seen resisted and pulled back strongly after an attempt to break new high. What's really important is that we do not want to chase the gold long at such price and you do not wanna buy high right? If we do not see the price break and close above the previous high in the first 2 trading days, chances are the price will fall again to the range bottom. Therefore, I am open to an attempt to sell the high, and even if that failed, I know that I've sold at the highest price.
FX:XAUUSDShort
by AlgoVenture
1
Gold: Weekly Forecast 19th - 23rd AugustThe gold has undergone a full week of consolidation after 550 pips plunged from the top of a 3-month rising channel. According to the previous bullish wave, the current wave is very much overbought and the plunge seen on last Monday will most likely cause another bearish wave. In this week, we will wait for the price to retrace higher and look for selling opportunity at the demand zone at 1522. However, the long-term trend stays unchanged and the gold price is projected to reach 1620 by the end of 2019.
FX:XAUUSDShort
by AlgoVenture