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EURUSD: Day Short the PullbackAfter forming 4 consecutive days of bullish candles, EURUSD was resisted at the top of a rising channel as it completed an AB=CD pattern. Just as I shared in my weekly forecast for this week, the upside for EURUSD is already limited. The price has fallen and yesterday, forming a bearish engulfing, showing that the price may continue to fall and pull back further. More take profits may happen as today is Wednesday and institution traders may look to exit more buy orders to reduce cost for swap rate. Wait for the price to climb back to 1.1377 for selling opportunity.
Short
by AlgoVenture
EURUSD: Weekly Forecast 24th - 28th JuneEURUSD dipped lower on the second trading day last week as Draghi hinted an additional stimulus if needed. However, the dollar has weakened so much as the Fed turned dovish and raise the expectation of a rate cut in months to come. The price soared for 3 days and closed high before the market closes, creating another long bullish candle similar to 2 weeks ago. Nevertheless, the upside is still quite limited and since the euro is also facing weakness of further stimulus, the price will still be somewhat tamed. In this week, we will continue to wait for a retracement before going for a buying opportunity, the first level seen at 1.1355, followed by 1.1340.
Long
by AlgoVenture
Gold: Weekly Forecast 24th - 28th JuneThe gold price surged and broke out of close to 3 years consolidation and is heading towards a 6-year high in the coming week. The gold has gained close to 60 dollars last week with the biggest one seen on Thursday hours after the Fed has signalled for a probable rate cut in the foreseeable future. The market is expecting a maximum of 2, if not, 1 rate cut as early as September this year and that would potentially mean a crisis for the dollar. As for the gold price, all losses have been recovered earlier this year and before the Fed signals for a rate cut (or holding interest rate), yet the price has climbed so fast before any rate cut. On the monthly chart, the price can easily climb further and beyond 1500 but will meet with strong resistance at 1590. It is almost guaranteed that gold will continue to climb for the next 3 months if the trade war persisted and global interest rate continues to edge lower. In this week, we will wait for the price retrace lower and test 1388, followed by the demand zone at 1382 to look for a buy opportunity.
FX:XAUUSDLong
by AlgoVenture
EURUSD: Weekly Forecast 10th - 14th JuneEURUSD had the biggest gain in 10 months and the price has broken above a 5-month falling channel and closed just above a 3-month supply zone at 1.33. The reversal of a bearish trend came after the price found support at a 2-year demand zone and consolidated for more than a month. We can't be certain if this is a major or a temporary reversal but without a doubt, the price is going to climb higher. If the price retraces at first, look for buy opportunity at 1.13 and the current projection of this bullish trend should at least reach 1.15.
Long
by AlgoVenture
1
Dollar: Weekly Forecast 10th - 14th JuneThe dollar had the biggest fall in 6-month and the price was seen breaking below the bottom of a 4-month rising channel. The NFP was very disappointing and a dovish Fed is starting to look at a possible rate cut based on economic data. This is already a very clear sign of a major reversal and the dollar is actually resisted and falling from a 618 level in the weekly chart. Following a poor NFP, the dollar is most likely to resume falling in the first 2 trading days. The immediate supply zone is seen just below 97, with the next one seen at 97.3.
TVC:DXYShort
by AlgoVenture
Gold: Weekly Forecast 10th - 14th JuneThe gold has led the longest gain in 3 years and now the price is at an all-time high. The price has climbed for 7 consecutive days and resistance has been seen rejecting the price from the top of a 35-month symmetrical triangle. The current wave of a bullish trend was the 2nd and the longest one since the rebound and will likely face with retracement soon. The first immediate support is seen at 1336 which could lead to the continuation of another higher low and retest the high. If 1336 fails to hold the price, a major retracement shall begin and first demand zone is seen at 1320.
FX:XAUUSD
by AlgoVenture
1
Gold: Consolidation Before the Next Bullish WaveThe gold has gained tremendously since last Friday and continue so for the first 2 trading days this week. The fell into a consolidation after a strong pullback since it reached the highest at 1344, a strong supply zone in the weekly chart. At the same time, the dollar also showed strong support at 97 and further pullback is expected which will cause the gold to retrace further too. Wait for the price to retrace towards 1322 demand zone to look for a buy opportunity.
FX:XAUUSDLong
by AlgoVenture
1
EURUSD: Rising from Bottom of Range; Approaching Supply ZoneEURUSD has climbed for the 2nd consecutive days and is about to approach its previous high at 1.1215. Based on the previous wave of rising trend, the price is expected to climb beyond 1.1215 and test the supply zone just above 1.1220. As of now, the price might experience a short period of consolidation between 1.1190 and 1.1160. It would not be a good price to make any trade since its trading in the middle of the 1-month range between 1.1260 and 1.1120. Wait for the price to break out of the consolidation and test the supply zone from 1.1120 onward and look for selling opportunity. We will continue to monitor and observe the development of the current rising trend for the time being.
Short
by AlgoVenture
Gold: Weekly Forecast 3rd - 7th JuneThe gold has made strong gains in the last 2 trading days and finally broke a new high first time in more than 3 months. Also, this marks the 4th consecutive weekly depreciation for the US stocks, with the most recent week being the weakest week. With the dollar being rejected and fell from the high and the US stock market continues to plunge, it clearly shows that the gold stands a good chance to climb further. In this week, the gold is most likely to climb and test the 618 level of the falling wedge. The price may find some resistance and drop but would most likely be temporary and the price will rise again.
FX:XAUUSDLong
by AlgoVenture
Gold: AB=CD Pattern, Awaiting 2nd Wave of Bullish TrendThe gold has retraced through the week after the 1st bullish trend has completed from 1273 to 1287. The retracement has formed an AB=CD pattern and the price is slowly breaking away from the bearish structure as seen in H1 chart. The candle bodies have shrunk as it fell towards point D of ABCD pattern which is a sign of weakening sellers. It is a good time to consider buying the gold now with a stop loss around 1271.
FX:XAUUSDLong
by AlgoVenture
Dollar: Weekly Forecast 27th - 31st MayThe dollar was somewhat consolidating at the beginning and suddenly it attempted to break new high. The price went slightly above the previous high at 98.3 but immediately got rejected by strong selling pressure. This is somewhat quite expected of the dollar whenever it attempts to break a new high. The situation where the U.S. economy is in surely isn't one that favours a stronger dollar, one that is in the midst of a trade war. In this week, we do expect the dollar to fall further and test the bottom of its current range at 97 where it will probably just continue to trade within the range.
TVC:DXYShort
by AlgoVenture
Gold: 2nd and Strong Breakout of Falling TrendlineSince the first breakout of the 3-Month falling trendline, the gold fell all the way close to the previous low and found support at 1273.2. The price consolidated for about 2 trading days and yesterday it finally jumped and broke above the falling trendline for the second time. This is also fundamentally caused by falling stock prices and weakening of the dollar as it found resistance at the previous high which is largely the cause of the US-China trade war. The dollar is most likely to fall further resulting in a stronger gold price in the short to mid-term perspective. Wait for the price to retrace lower and look for buy opportunity again when the price is closer to 1280.
FX:XAUUSDLong
by AlgoVenture
USDJPY: An Intraday Buy after Mini ABCDUSDJPY has just completed a mini ABCD, a consolidation of 2 waves of movement in the same direction of equal time and volume, and is likely to climb further to close the gap left uncovered since 6th May. The price has closed above the breaking point at 110.30 with a strong bullish candle, signalling that it is likely to climb further. Also, This buy setup came after a failed sell setup which therefore leads to the belief that there's currently no sellers until the gap is closed.
Long
by AlgoVenture