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Weeklyforecast

Gold: Weekly Forecast 1st August 2021Gold had the biggest drop in 7 weeks, wiping out all gains previously and is now back to 4-month support at 1760. The gold has struggled to make any progress since it reached a high of 1830 and consolidated for more than 3 weeks, and it finally lost its grip amid a strengthening dollar due to a strong US labour market. As of current and despite a strong selloff last Friday, the price is still seen supported at the demand zone around 1750 and we might expect some significant rebound before further selling occurs. We also want to take note that the US is also releasing its inflation data and inflation plays a huge role in gold prices should the price breaks below the 1750 demand zone. Otherwise, from a pure technical perspective, we do see a potential for the gold to fall even deeper and potentially retest the 4-month low at 1680. This week, we will wait for a pullback first from the recent bearish wave and look for selling opportunities from 1785, and as high as 1800.
FX_IDC:XAUUSDShort
by AlgoVenture
EURUSD: Weekly Forecast 7th August 2021EURUSD has wiped out gains from the week before last, sending the price back to 9-month support at 1.1750. This is mainly due to a robust US labour market that prompts the Fed to tighten their ultra-loose monetary policy and helped strengthened the dollar. The buying of the dollar is likely to continue as such and we are expecting a temporary breakout of the current support level at 1.1750. This may very well lead to the completion of an AB=CD pattern which will bring the price to test the major demand zone at 1.1620 should the price breaks the current support. This week, we will wait for a pullback from the support at the beginning of the week to look for a selling opportunity, starting from 1.1800 and potentially 1.1850. Our target for selling will be 1.1720, followed by 1.1640. On the other hand, we also want to acknowledge the fact that the price is still supported at 1.1750, and that still gives the bull an opportunity to reignite.
Short
by AlgoVenture
Bitcoin: Weekly Forecast 1st August 2021Bitcoin made a comeback with a lot of firepower behind as it climbed for 10 consecutive days, rising from 30000 low to 42000 high. This is certainly not just a major pullback from the recent bearish trend but potentially the new bullish trend. However, for the price to pullback beyond 40000 is totally within expectation as the key supply zone is still a little further away at 50000. In any case, this week will be a good time to keep buying bitcoin before it faces strong resistance around 50000. This week, we will look for buying opportunities by first waiting for a pullback towards 40800.
BITSTAMP:BTCUSDLong
by AlgoVenture
Nasdaq: Weekly Forecast 1st August 2021Nasdaq fell this week as it has potentially completed the final wave of a bullish Elliott wave. And as mentioned in our previous forecast, this is also a repetition of a combined ABC corrective and impulsive pattern started from September 2020. If this repetition were to yield the same result, we will be expecting a major pullback in the coming week. As of current, the price has indeed fallen and this could be the beginning of the major pullback. We will continue to look for selling opportunities at the beginning of the week, anywhere from the current price of 15000 to 15100. Our main target for this sell trading plan is somewhere just above 14000, bottom of a 10-month rising channel, as well as a support zone between the 63 and 126 MAs,
UShort
by AlgoVenture
WTI: Weekly Forecast 18th July 2021WTI climbed throughout the week and broke above a falling trendline. This bullish trend came about after the recovery of a selloff in the previous week where OPEC+ agreed to increase oil supply, leaving a long lower shadow in the weekly timeframe. The entire rebound also showed a strong support by the 63 and 126 MAs thus a sign of a strong bullish trend. This week, we will be looking for buying opportunities by using the 63 and 126 MAs to create support zones. We expect a breakout of the previous high before any significant pullback in the bigger timeframe.
TVC:USOILLong
by AlgoVenture
Gold: Weekly Forecast 1st August 2021Gold was very well supported at the resistance turned support level 1795. Last week, the price managed to rebound higher but faced with significant rejection as it retest the current high at 1830. At the end of it, it was somewhat able to close with a higher low and that gives the bulls a little more advantage. This week, we will be looking for buy opportunity by using the rising trendline as a support. We are expecting the price to eventually complete a AB=CD pattern as it completes a 2nd bullish wave at the equilibrium level around 1860.
FX_IDC:XAUUSDLong
by AlgoVenture
EURUSD: Weekly Forecast 1st August 2021EURUSD broke above a falling wedge as it climbed for 4 consecutive days before facing resistance on the last trading day. The bullish reversal came about from the bottom of a bigger range as well as a key demand zone at 1.1760 area. With a strong breakout and reversal from a key level like this, this could already be the beginning of a new short-term bullish trend. Taking a deeper look, the reversal is due to the completion of a bearish Elliott wave as well as an ABC corrective wave. As of current, after EURUSD found resistance at the 61.8% of the falling wedge, both highs and lows are clearly getting higher. This week, we will look for buying opportunities as the beginning, looking for entry from 1.1830 onwards. If this new bullish trend continues well, it could potentially retest 1.20 psychological level again soon.
Long
by AlgoVenture
Bitcoin: Weekly Forecast 25th July 2021Bitcoin managed to push away another attempt to break lower and climbed throughout the week. There's been statements going around by bitcoin market leaders to support Bitcoin and that they are holding and may buy more again. Nevertheless, this rebound could still be very temporary as the market is expecting a strong buyback at a much lower price and it probably doesn't make sense to buy now as it is still considerably expensive. The trend also hasn't change technically with both highs and lows still going lower. This week, we can probably expect the price to climb a little further but will start to look to sell from 36000 onwards. If the price does goes a little higher, we expect strong rejection at the demand zone around 39000. Ultimately, we expect Bitcoin to eventually break below 30000 and move towards 22000 and beyond.
BITSTAMP:BTCUSDShort
by AlgoVenture
WTI: Weekly Forecast 18th July 2021WTI has a rollercoaster ride last week as it tumbled around 6 dollars but managed to fully recover and ended with a small gains. The selloff is largely due to the OPEC+ effort to increase oil supply to stabilize the oil price but still, it has been outweighed by the growing inflation expectation globally. However, there was some significant breakout of the bullish structure such as the breakout of the bottom of an 8-month rising channel and a strong rejection from the major equilibrium level 77. As such, we might experience a period of ranging market between 77 and 65 for another couple of weeks. This week, we will first look for selling opportunities since the price is currently at the upper band of the current range and may face rejection at the current neckline level as well as the bottom of the previous rising channel. However, we still maintain a overall bullish view for the simple fact that inflation will continue to rise amid a global recovery from the pandemic.
TVC:USOILShort
by AlgoVenture
1
Nasdaq: Weekly Forecast 18th July 2021Nasdaq had yet another bullish week and once again breaking new historical high. At the beginning of the week, the price came down and found support at 14600 just as forecast, which led to a 4 consecutive days of bulls with no significant pullback at all. This will inevitably attract a big volume of bull-chaser especially at the point of breakout. What many may not realize is that this current bullish wave is the final motive wave of an Elliott wave, and that means a potential selloff a the peak. This is especially similar to the Elliott impulse wave that started in Nov 2020, and in fact, the entire pattern within the entire rising channel is a repetition of both Elliott impulse and corrective waves. This week, we will be watching closely for sudden spikes towards the upside as that could potentially be the trigger to the next selloff. Just to be clear, we are expecting a selloff in the sense of a major pullback, NOT a major reversal in the entire market trend.
UShort
by AlgoVenture
Gold: Weekly Forecast 18th July 2021Gold marked its first weekly loss in just more than a month. Gold price has struggled to maintain its recovery from the previous selloff as the dollar continued to strengthened amid the outbreak of the delta variant. However, we still see gold finding support and staying on to of the previous range which could potentially invite another bullish wave in the coming week. This week, we expect the market to be either ranging or it may start to rebound off the support turned resistance level 1790 and head for 1850. We do expect some fake breakout of 1790, which may push the price to as low as 1770, before it starts to trend upwards.
FX_IDC:XAUUSDLong
by AlgoVenture
1
EURUSD: Weekly Forecast 25th July 2021Today, we want to visit the weekly timeframe instead of the daily timeframe. For the past few weeks, both the highs and the lows are trading lower and the recent symmetrical triangle has been breached and rendered invalid. From here, we can clearly see that the current bearish trend that started from 1.2250 is (1)not showing any signs of reversal yet and (2) in the midst of fulfilling the similar volume as the previous bearish wave. This is the ABC corrective wave of the previous motive waves that started at the beginning of the pandemic, and right now is the last C wave of the ABC corrective wave. Otherwise, this can also be seen as a AB=CD pullback pattern. We have seen the dollar strengthened amid rising inflation which caused the market to raise expectation for an earlier tapering from the Fed, and this could persist for a little longer and aids the current bearish wave to complete an ABC corrective pattern. As such, we will be looking for a couple more selling opportunities towards the demand zone that sits right above the major equilibrium level 1.1580.
Short
by AlgoVenture
2
GBP/USD Weekly Analysis (3rd week of July,2021)Comments from Bank of England officials during the week, pointing to the need to reduce asset purchases earlier than expected, failed to lift the pound significantly. “The impact on GBP was limited, partly because the next step in the eventual policy normalisation process (rate hikes) remains still some way off. Despite the increasing Covid-19 cases, the UK government will deliver the final part of the reopening/end of restrictions on 19 July”, explain ING analysts. Next week UK data includes June retails sales and July PMI, both reports due on Friday.
Short
by SOURENAALIZADEH
Bitcoin: Weekly Forecast 18th July 2021Bitcoin broke out of yet another consolidation as selling pressure builds up with no buying in sight. The price has been consolidating since it reaches a low of 30000, and there's been multiple retest and rebound but none could gather any buying momentum. This week, we expect Bitcoin to continue trending down and will be waiting for a pullback towards 33000 to sell. We expect a retest of the low beyond 30000, inclusive of a possibility to break new low again.
BITSTAMP:BTCUSDShort
by AlgoVenture
Gold: Weekly Forecast 18th July 2021The gold successfully broke out of a consolidation but faced strong rejection on the last trading day. The break-above of 1825 should technically boost the price all the way to 1850 but it turned out to be another phrase of accumulation. However, the gold still ended the week with a bit of gains and still managed to stay supported at the bottom of a rising channel. Gold has a tendency to whipsaw like this before any major trend and thus we maintain our bullish view. This week, we will observe for a continuation of support at the current price and look for another buying opportunity at the beginning of the week. We still plan to hold our gold long up till 1850 where there will then be a stronger supply for price rejection.
FX_IDC:XAUUSDLong
by AlgoVenture
EURUSD: Weekly Forecast 18th July 2021EURUSD fell through the week and reached a new low of 1.1775 right at the bottom of a symmetrical triangle. Although there's been multiple rebounds, none was sustainable and it's becoming clearer that EURUSD is falling within a falling channel and may persist on. However, as long as the price is still within the structure, we will continue to look for buying opportunity since the price is very low and the risk is largely reduced. This week, we will wait for a retest at 1.1790 to buy again while keeping in mind that there might be strong rejection at 1.1820, the top of the current falling channel.
Long
by AlgoVenture
Bitcoin: Weekly Forecast 20210711Bitcoin continued to consolidate further and the lower portion of the entire range. Since the most recent rebound from the 30000 low, the price has been creating higher lows while it also finds resistance constantly at the current equilibrium level of 36000. As of current, the price could very well be supported at the bottom of a rising channel and we might expect a stronger buying for the week. This week, we will look for buying opportunities at the beginning if the price pulls back to 33300.
BITSTAMP:BTCUSDLong
by AlgoVenture
2
WTI: Weekly Forecast 20210711The oil prices faced a strong resistance near the equilibrium level 77, causing a sudden selloff but was able to find support and has rebounded off. The demand for oil will continue to increase or at least maintain a high capacity as the global economy recovers from the pandemic. The rising channel has been readjusted and the price is currently right in the middle of the channel. This week, we will look for buying opportunities as the rebound was strong and the recent selloff could be over. We will wait for a pullback towards 72.8 before looking to buy again.
TVC:USOILLong
by AlgoVenture
Nasdaq: Weekly Forecast 20210711Nasdaq was faced with a selloff but managed to recover quickly on the last trading day. Essentially, the market is trading within a rising channel and it is very well supported by moving averages, showing nothing but bullish. We continue to expect Nasdaq to climb further but will constantly face resistance over the course. This week, if the price come down at the beginning, we will wait for a pullback towards 14730 to buy. If the price trends higher, we will simply reassess another pullback level to buy again.
ULong
by AlgoVenture
Gold: Weekly Forecast 20210711Gold has climbed for the 3rd consecutive week since it rebounded off from the neckline of a previous double bottom. Resistance is currently seen at 1815 as gold kept getting rejected multiple times and ranged for 4 days already. This could very well bring about another pullback based on the volume and the duration of the current bullish wave. However, given the fact that it was able to close and stay supported at the resistance turned support level 1795, we shall adopt a more bullish view and look for buying opportunities. We are expecting pullbacks at the beginning and will be looking to buy from 1803. And if the gold is able to trend and break 1820, we see a potential of reaching 1860 as there won't be much resistance in between.
FX_IDC:XAUUSDLong
by AlgoVenture
EURUSD: Weekly Forecast 20210711EURUSD dipped lower and found stronger support at the bottom of the symmetrical triangle and finally the completion of a bearish Elliot wave. The price rebounded pretty well for the last 2 trading days with a bit of resistance but the buying wasn't really strong. It is also about to reach the top of the falling channel and may start to consolidate again without a stronger rebound. Nevertheless, our main direction will be bullish and we will be waiting to buy the pullback but may also attempt selling until a breakout of the falling channel and 1.1900. In short, it's just a very straightforward strategy to buy the rebound from the bottom of a ranging market.
Long
by AlgoVenture