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USDJPY: Three Waves of Retracement CompletedUSDJPY has turned bearish since it broke below a 4-month rising trendline. The price has fallen for extensively for close to another 2 weeks before it begins its retracement since last week. The price has retraced significantly and completed 3 equal waves, a sort of ABCD pattern with the extension of EF. There is a good reason to believe that the price may start to fall now asides from the retracement. It is unlikely for the price to return back to the level of 111 where many orders are trapped due to the break below of the 4-month rising trendline. The price will fall again in order to wipe out any remaining buyers.
Short
by AlgoVenture
EURUSD: Weekly Forecast 20th - 24th MayJust like the dollar, and since EURUSD has been moving in harmony with the dollar this week, EURUSD has clearly turned bearish after breaking below the key level of 1.1173 after the break below a rising trendline. And all indicators such as MACD, moving averages and Bollinger band has pointed toward a bearish trend in the week to come. Therefore in this week, we are setting a bearish tone for the EURUSD and expecting the price to fall further and test the previous low or break new low. Should the price retrace at first, we will look for sell opportunity at the supply one right above 1.1200.
Short
by AlgoVenture
Gold: Weekly Forecast 20th - 24th MayThe gold price failed to maintain its bullishness even after it had broken above a 2-month falling trendline. The break came on the first trading day where a strong bullish candle pierced through the top of the range at 1288 together with the falling trendline. However, the bear came in unexpectedly strong, recover all losses and ended up closing with a bearish candle with a long upper shadow in the weekly chart. Nevertheless, the price continued to stay supported above 1270. This week, the gold is still likely to fall further as the bear has proven strong, and the price will eventually retest 1270 again. Should the price retrace at first, look for sell opportunity at 1288 supply zone.
FX:XAUUSDShort
by AlgoVenture
Dollar: Weekly Forecast 20th - 24th MayThe dollar has shown that the consolidation has completed as it headed north through the whole of last week. Every indicator is in favour of a bullish dollar such as the 20,55 and 200 moving averages that are pointing upward, the Bollinger band that has opened its mouth, and the MACD has crossed upwards above level zero. The low and the high keep getting higher as it rises through a 4-month rising channel. This week, we are expecting the dollar to keep rising and should the price were to retrace in the beginning, the price is likely to rebound off the demand zone below 97.6.
TVC:DXYLong
by AlgoVenture
1
Gold: Bullish Bat After Double BottomThe intention to long the gold just like the post yesterday stays the same. We are supposedly expecting an ABCD pattern near 1290 and that price will continue to climb. However, the price fell too fast and more than what's needed, yet another formation appears which still favours the bulls - a bullish bat pattern. The completion of the bat pattern is part of a retracement after a successful double bottom. The bat pattern is now seen completed at the previously broken rising trendline. Thus, now would be a good opportunity to buy gold.
FX:XAUUSDLong
by AlgoVenture
Gold: Trend Turned Bullish, Awaiting RetracementThe gold has broken above the key price of 1300 soon after it has broken above a 3-month falling trendline. The trend has clearly turned bullish brought forth by a significantly bull strength. Since the price broke above 1300, it fell into a consolidation yesterday and the price continues to retrace lower. A retracement channel has been plotted to determine the end of the retracement which can be seen right at a rising trendline and the breaking point of 1290. Thus, wait for the price to complete the retracement channel and look for buy opportunity at the bottom around 1290.
FX:XAUUSDLong
by AlgoVenture
EURUSD: 2nd Wave of Bullish Trend in ProgressionSince the price climbed and closed with a very bullish candle on 9th May, the price has undergone a stage of consolidation up till now. In fact, there's a prominent bearish ABCD pattern completed from 1.1136 to 1.1250, yet the price only started to crept lower from last Friday and selling pressure is still absent. The obvious reason here is that there's a major ABCD pattern that's started since 26th April from 1.1120 and the 2nd wave is still in the midst of completion. The 2nd wave of bullish trend is still clearly on track in comparison to the volume and duration of the 1st wave of bullish trend. I am expecting that the price will retrace lower and we can look for buying opportunity right at the demand zone at 1.1215. Nevertheless, there always lies a possibility of a delayed bear strength so be quick to react if things go south.
Long
by AlgoVenture
EURUSD: Short-Term Trend Turned BullishIt is mostly confirmed that the short-term trend has turned more favourable to the bulls. The price faced strong resistance after it attempted to break above 1.1215 together with the falling trendline. The day closed with a long upper shadow yet there's no sign of sellers today even as we are already entering into the euro session. If the seller has shown no interest at the current price, it would simply mean that they are still waiting for a higher price to sell. Wait patiently for the price to retrace lower again towards the supply turned demand zone to buy again.
Long
by AlgoVenture
Gold: Short-Term Trend turned Bearish as Bulls Ran DryThe gold has completed the second wave of a bullish run and plunged when it reached a 2-month falling trendline. The full-bodied bearish candle decisively broke below a rising trendline and no significant rebound is seen afterwards. The price has consolidated for the 2nd day but only recovers less than half of what's loss from the plunge. Therefore, the gold is definitely feeling more bearish and another wave of bearish trend should appear soon enough. Wait for the price to consolidate further into the US session and look for selling opportunity around 1287. Stop loss should be safe enough above the previous high at 1292.
FX:XAUUSDShort
by AlgoVenture
GBPUSD: Three Dive Down and UPGBPUSD has begun the process of retracement since the beginning of this week after it has surged as it turned bullish after breaking above a 7-week falling trendline. It has completed 3 waves of retracement, or what some people called as three-dive down, and the price is now back to the sentimental price of 1.3000. This would undoubtedly be a worthwhile trade to make a critical price level and which credible reversal pattern such as three-dive. Most importantly, goo traders find good levels to trade but phenomenal traders react quick enough to changes as the best price and setup does not guarantee us a winning trade.
Long
by AlgoVenture
AUDUSD: ABCD Pattern, RBA RateThe RBA will release its rate statement in less than an hour. The fresh new threat of the US-China trade war is very likely to be reflected in the statement which is most likely to be bad for its currency. The aussie has plunged since the market opened this week. While the price has retraced significantly, the gap has yet to be covered. Therefore, if the price decides to cover the gap before the aussie continues to fall, an ABCD pattern will be completed at 0.7020 during/after the rate statement. Should the gap be left opened, the price may attempt to break new low but unlikely to have a lasting effect.
Short
by AlgoVenture
Gold: Continuation of the Bulls but Pay PatienceThe gold jumped in the first hour when the market opened but fell into consolidation immediately afterwards. This move showed the intention of accumulating buy orders at the top what would be the best to do now is to wait. Wait for the price to retrace lower, wait for the patience of those who chased at the top to run out of patience. The first point of re-entry is seen at 1279 which will close up the gap. The extreme low for re-entry is seen between the price of 1276 - 1273.
FX:XAUUSDLong
by AlgoVenture
Gold- Weekly Forecast 6th - 10th MayGold had a week of consolidation as it failed to break previous low and rebounded off quite strongly, closing higher than its previous day high. The price is expected to climb further and test the top of the current range of 1287 and 1267. The major trend will still be unclear until the price has chosen to break out either side of the range. If the price falls a little but maintains above 1273 for the first 2 trading days, there's a good opportunity to buy from the low to the top of the range. If the price climbs and reaches 1286 - 1294 for the first 2 days and provided the candles get smaller after one another, that will be a good chance to sell again.
FX:XAUUSD
by AlgoVenture
1
EURUSD- Weekly Forecast 6th - 10th MayEURUSD has climbed strongly but got rejected at 1.126 which led it to fall for another 2 days. However, the dollar plunged and pushed EURUSD up again and the week ended with a bullish candle. Based on the structure, the price could be forming an ABCD which will be completed within a supply zone at 1.1300. But just before that, the price should face some resistance by a falling trendline at 1.1230. So, if the price were to fall at first in the first 2 trading days but managed to maintain above 1.1170, it will provide a good opportunity for a short-term long. If the price continues to climb at first, we will keep a lookout for a breakout of the falling trendline at 1.1230, and keep waiting for a selling opportunity only when it reaches 1.1300.
Long
by AlgoVenture
Dollar - Weekly Forecast 6th - 10th MayThe dollar did not turn out what was expected and the entire sentiment has turned from a bullish to bearish. It started off by falling for 2 consecutive days which dived a little deep below the breakout level of 97.7 but managed to pull another 2 days of bullish movement that covered most of the weekly losses. And then the market chose to buy the story and sell the fact which led the dollar to sink below the breakout level once again, which also cause a break at the bottom of the rising channel. So this week, more bearish movement is definitely expected and there's a good chance for it to reach the demand zone just below 97 before we see any significant rebound.
TVC:DXYShort
by AlgoVenture
USDJPY: Break Above of Falling Trendline amid Strong ReboundUSDJPY is about ready for a fresh new bullish trend after a hawkish FOMC. The price saw itself surging as it rebounded off from a key demand zone supported by a 4-month rising trendline and after the completion of an ABCD pattern. The price has now closed above the falling trendline and stands above the previous high of 111.55, thus affirming a new bullish trend to carry on. The price is now in the process of consolidation before the next bullish wave. For a long position, we will wait patiently for the price to retrace below 111.40 to 111.20. A stop loss just below the previous low of 111.03 should be sufficient, provided the retracement completes without any signs of strong selling pressure.
by AlgoVenture
USDJPY: ABCD in Progress Towards Key Demand ZoneUSDJPY came down strongly after a fake breakout of 112 since last week. We can clearly see a falling channel is forming since the first wave of bearish movement has ended and as the second wave is still in progress. In an ABCD pattern, it is important to watch for the break of point C before we can conclude that it is able to form D and that's what's happening now. So let's wait patiently for the price to complete the ABCD pattern as it enters the key demand zone around the price of 111, sitting on a 4-month rising trendline. This demand zone is strong also due to the fact that many sellers might have been trapped after the breakout of a falling channel in 11th April.
Long
by AlgoVenture