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Weeklyforecast

Dollar May Climb Further but Not for LongThis month will be critical for the dollar as it will show whether the price will stay supported within the rising channel or confirm the break. What's likely the outcome is the dollar will start to really weaken, both fundamentally and technically. 103 probably marked the peak for the dollar and the price has already wiped out all gains in March if we exclude the portion from below the rising channel. The chart has shown that the dollar is losing its value and the most recent break-below of the bottom of the rising channel determined the case. The Fed during its last FOMC conference said that interest rate will remain low throughout 2022, which means that demand for dollar will not be expected from a rate hike for a good period of time. The Fed's balance sheet has expanded to a really horrendous figure during this pandemic which I don't even want to talk about it more. To sum it up, the dollar may still rise a little further as demand for safe-haven currency such as dollar will rise as COVID cases rose last week. But it won't be long and the dollar will start to lose its value and should the month closed below the channel, that shall be the beginning to the fall of the dollar.
TVC:DXYShort
by AlgoVenture
Dow Jones Brace for ImpactThe US stock market recovery was certainly too extensive which is well reflected on the chart as the market started to reverse. The trigger came from a sudden jump in the number of new COVID cases in the US but the market rebounded and climbed as the number of new cases did not continue to rise. However, the market was seen falling again after continuously resisted at the bottom of a broken rising wedge and most importantly, new COVID cases rose to more than one-month high. The most recent number shows that new COVID cases rose to more than 30,000 and has been rising for 5 consecutive days. If nothing else goes wrong, we should see a significant gap down once the market is opened for the week and panic arises from this incident will most definitely sustain for quite a while thus the opportunity to continue to sell.
FX:US30Short
by AlgoVenture
1
Weekly Forecast: GBPUSD Broke Bearish StructureGBPUSD has broken the bearish structure formed after a head and shoulders pattern this week, and has begun a new uptrend. Price has currently broken above previous neckline of head and shoulder pattern and stayed bullish. This week, we can look to continue buying GBPUSD if price retraces and retest support. Next strong levels of resistance can be seen at top of head and shoulders pattern, which coincides with an inside bar candle from previous bullish breakout.
Long
by AlgoVenture
Weekly Forecast: GBPUSD Approaching Key SupportAfter forming a Head and Shoulder pattern, GBPUSD managed to break below its neckline. This week, GBPUSD failed to find support at supply/demand zone formed at previous inside bar candle. Price came back up for a retest and continued dipping. As price is soon approaching a key support zone at 1.2000 again, we are expecting strong support at this level. Should price be able to fall to 1.2000, we can look to buy GBPUSD again at a good price level if support holds.
Long
by AlgoVenture
Weekly Forecast: EURUSD Visiting the BottomEURUSD climbed steadily last week but faced strong resistance as it reached the top of the major range. At the same time, a bearish bat was formed which attracted strong selling and now the price is revisiting the bottom again. As the current bearish trend has just begun, or probably halfway, the price is most likely to fall further. Therefore, we can first wait for a selling opportunity again should the price retraces upward to somewhere closer to the supply zone around 1.0950. Whereas if the price continues to fall and reach the bottom, it is most likely going to range first before it starts to rebound and form another bullish trend.
Short
by AlgoVenture
Forex Weekly Forecast 18th-22nd May 2020 (FX Pairs and Gold)Welcome to Profitlio Trading! What's up traders! Thanks for Jumping back on my Analysis, Traderchamp is here on your Service, Also hit thumbs up and support the work. Take a look on my Weekly Forecast and How I planned my added watchlist for the week ahead! Feel free to drop in your comments right down below and share this with your friends! But still Sketch up your own trade setup before you take off. Good Luck! Profitlio Trading ( Since 2014 in Financial Markets ) ________________________________________________ Traders Disclaimer: Non of our analysis or trade setups being shared here on tradingview is a trading advice. As we keep on weekly updates with our predictions and expectations. We may take them as a trade only if trade setup meets the required criteria ( Confirmations ). Unless we will never take them as a trade if it never reach our trading requirements. Take them at your own risk as trading is highly risky and you may loss your investments. Our trades are based on Swinging and Mid to long term approaches. All trades executed will be handled under the name of Profitlio Trading only.
OANDA:XAUUSDEducation
by Profitlio_Trading
1
Has Dow Jones Turned Bearish Again?The recovery of the Dow Jones and other stock market started in mid-late March 2020. The recovery was due to the injection of money by government and central banks, NOT due to economic recovery. In fact, the pandemic was not getting any better while the stock market kept climbing. Now that it's getting really exhausting, the rising structure has started to fall apart and the entire trend started to bend downwards. As of current, the price has recently pulled back from a bearish wave and could continue with the 2nd wave of pullback. Wait for another pullback towards 24000 to sell again.
FX:US30Short
by AlgoVenture
2
Dow Jones Breaking Away from Bullish StructureThe Dow climbed at first and broke previous high but started to reverse and fell steadily throughout the last two trading days. The bearish trend has resulted in the breakaway from a bullish structure as it broke below the bottom of a rising channel. Previously, the price has also broken below the bottom of a rising wedge thus the recent break has put a stop to the recovery. In the H1 chart, the price has fallen extensively and could pull back significantly before attempting to fall further. This could also lead to a period of ranging market before the market truly reverses and establish a new bearish trend. This week, traders can wait for the price to pull back, preferably towards 24000 or slightly beyond to sell at a higher price. Otherwise, if the direction is unclear, just sit back and observe for more clues.
FX:US30Short
by AlgoVenture
Gold Double-Top at Top of ChannelThe gold fell and trade lower amid a double top last week but pulled back significantly on the last trading day. About two months ago since the huge selloff, the price took about one month to recover and even broke higher. The recovery was definitely extensive and overbought which led to a 3-week range up till now. Since it is clear that the price is trading at the high, we will focus on selling the gold with some potential downside. From the perspective of moving averages, the price has a tendency to trade beyond the 50MA, showing that there's enough downside to form a short-term bearish trend. Besides, a double top was forming in the daily chart at the overbought zone as well as the top of the rising channel. The pullback last Friday has most likely taken out most sellers who attempted to sell amid the double top and thus it is a good price to sell currently.
OANDA:XAUUSDShort
by AlgoVenture
EURUSD Bearish Flag Cont'dEURUSD reversed and climbed throughout the entire week but faced strong resistance as it approached the top of a bearish flag. The price has been consolidating within a bearish flag for the past 6 weeks since the plunge from 1.15 to near 1.06. The current bearish trend is no doubt part of the 6-week consolidation and should not be recognised as a newly established bullish trend. Moreover, the price is also trading within a major falling channel started since May 2018 and the consolidation is slowly bringing the price closer to the top of the channel. This week, the price is most likely to reverse and fall again, either right from the beginning of this week or after a fake-break of the top of the bearish flag. Nevertheless, the price is definitely facing strong resistance base on the current price action, and also the fact that it's currently trading within the moving averages while just below the 200MA.
Short
by AlgoVenture
1