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Weeklyforecast

EURUSD - Weekly Forecast 1st - 5th AprilEURUSD fell for 4 consecutive days last week as the price failed an attempt to rebound on last Friday. Although there's little sign of reversal at this moment, the price may soon retrace due to overselling. As the monthly candle has closed, it has shown that EURUSD is set to fall even further towards 1.09 which is a 24-month demand zone. In this week, we are expecting the price to fall at first but will pull back soon enough towards the supply zone around 1.13. Once retracement is completed near 1.13, we can follow the trend and continue to short beyond 1.12.
by AlgoVenture
Dollar - Weekly Forecast 1st - 5th AprilThe dollar has turned bullish again last week, not for its strong fundamental reasons, but the weakening fundamental outlook of other major currencies. The month of March has ended and the dollar managed to close with a bullish candle and above 97. This still shows that the dollar been the one with the highest interest rate will still fundamentally be stronger. The price is currently still seen somewhat resisted in the current supply zone. And based on the H4 chart, the price has gained 2 waves and I suspect there are strong selling orders above 97.2. This week, the dollar is likely to range awhile and retrace lower towards the current demand zone at 96.5. And eventually, the dollar is still expected to climb again and retest the 22-month supply zone at 97.6.
TVC:DXY
by AlgoVenture
SPX500 and NAS100 - Weekly Forecast 25th - 29th MarchStill remember when was it that we see the Dow, Nasdaq and S&P break through the ground? Since then, the price has almost recovered all of the losses in a very gradual and staggering fashion. But last Friday, we saw the biggest drop in 5-months based on a week. It also showed a bearish engulfing candle within a supply zone. And whatever that's just explained, it applies for the Dow Jones, the Nasdaq and S&P500. It may yet to be a reversal but highly possibly there's gonna be more bearish trend coming soon.
OANDA:SPX500USDShort
by AlgoVenture
Gold - Weekly Forecast 25th - 29th MarchThe gold has climbed gradually through the week while supported by a rising trendline. The price has yet to reach the supply zone and thus it may continue to climb. On an important note, gold has shown some kind of divergence from the dollar. Although the dollar has rebounded strongly, the gold was little affected and eventually climbed further. The US stocks market is also showing some strong sell-off on the last Friday. There's also a surge in the demand for yen which is a sign of an increase in the safe-haven asset. Therefore in this week, the gold may defy the technical analysis which actually points to a bearish gold. The gold is most likely to continue to climb gradually till it reaches the supply zone, and after some consolidation, there's a chance where the price will surge.
FX:XAUUSDLong
by AlgoVenture
EURUSD - Weekly Forecast 25th - 29th MarchThe EURUSD didn't come out quite well with what we had expected in our weekly forecast as it surged much higher and broke above a 2-month falling channel for the first time. The price, however, retraced a lot stronger than expected which we believed have stopped out many buyers along the way. And since the price did not rebound before the week ended, there's likely to be very little buy orders left and that gave us a good reason that the institution may come in very soon to buy again. Therefore in this week, we expect the price to hover around the demand zone first and eventually climb higher but gradually.
Long
by AlgoVenture
Dollar - Weekly Forecast 25th - 29th MarchThe dollar ranged lower at first and plunged amid a dovish Fed. The price broke below 96 and got rebounded off by a demand zone at the bottom of the ascending triangle. As of now, the price has retested the supply zone at 96.6 and was held below ending the week. The underlying sentiment of the dollar has definitely turned more bearish but we can expect the price to range lower after every pullback. For this week, we expect the dollar to fall and retest the bottom of the ascending triangle and probably break a little lower to retest the supply zone below 96.
TVC:DXYShort
by AlgoVenture
USDCHF - Weekly Forecast 18th - 22nd MarchUSDCHF has fallen for 4 consecutive days and has shown a strong sign of further depreciation. At the beginning of the week, the price may experience some ranging movement as the dollar retraces higher while USDCHF tries to fall further. Once the dollar ends its retracement, the price will make a wave of depreciation after hovering near the supply zone at 1.004. However, the price will face some support very soon at the most immediate rising trendline before the bottom of the ascending triangle and the demand zone just above 0.99
Short
by AlgoVenture
EURUSD - Weekly Forecast 18th - 22nd MarchEURUSD climbed for 3 consecutive days and retraced on the 4th trading day of last week. The price climbed again on the last trading day but was rejected again near 1.134 which may cause the price to retrace lower. The current bullish trend hasn't changed and is expected to climb higher in the next 2 weeks. Therefore, we can expect the price to fall at first this week toward the demand zone at 1.128 before it rebounds and climbs higher again. And should the price breaks new high, it will face strong resistance at the supply zone from 1.138 onward.
Long
by AlgoVenture
Dollar - Weekly Forecast 18th - 22nd MarchThe dollar fell for 3 consecutive days before it started to consolidate. An inside bar was formed after Thursday but the price failed to break below the inside bar after as it continued to fall after Thursday's retracement. The intention of the price still points toward further depreciation but since it failed to break 96.4, there's a good chance that the price may retrace upward at first. If the price climbs in the earlier part of this week, the next key level to look out for is at 97 supply zone. If the price falls first and breaks below the inside bar, we can wait for it to retrace after the break and expect the price to fall towards the bottom of the ascending triangle at 96.
TVC:DXYShort
by AlgoVenture
US30/Dow - Weekly Forecast 4th - 9th MarchFinally a sign for a stop to a bullish Dow that seems to have taken ages. The price finally gave a clear break below of the rising structure on a Thursday. However, the fall was pulled back strongly on a Friday night which is believed due to large profit takings. Although this is not a major reversal, it does give the Dow a higher probability of depreciation in the short-term trend. Wait for the price to pull back further till and look for reversal signal at the supply zone between 25800 to 25900.
OANDA:US30USDShort
by AlgoVenture
Dollar - Weekly Forecast 4th - 9th MarchThe dollar climbed constantly and retested 2018's previous high at 97.7. A 6-month symmetrical triangle was also broken above in the process, signalling that the dollar may continue to climb higher and break new high in the near future. However, the dollar may experience a bumpy ride in this coming week as it got rejected by a 21-month supply zone. The dollar has dropped gradually with no sign of a rebound but the movement was considered weak. Traders should watch out for the price at 97 which is the top of the symmetrical triangle and subsequently, 96.7 which is the current demand zone. From the fundamental point of view, the dollar is still considered strong since it currently has the highest interest rate among all major pairs. Even though the Fed is still very uncertain over the next rate hike, it is apparent that all other major banks are still reluctant to raise rate.
TVC:DXY
by AlgoVenture
Dollar - Weekly Forecast 25th - 29th FebruaryDollar fell further as expected as it formed a bearish Gartley pattern. The price was seen supported at first within the demand zone at 96. The price attempted to rebound and climbed slowly for two days. And on the last day, gains are mostly wiped out due to either a strong selling pressure had appeared or there's not enough buying strength to support a stronger rebound. Therefore, the price is expected to fall further this week as it seeks a stronger demand below.
TVC:DXYShort
by AlgoVenture
Gold - Weekly Forecast 18th - 22nd FebruaryThe gold set to climb further after a strong rebound that lasted throughout Thursday and Friday. The price has successfully rebounded off from a demand zone and broke out of the range between 1316 and 1303. The price is also seen breaking above an inside bar based on W1 chart, a sign of a strong bullish moment. Traders can wait for the price to retrace back to 1316 ideally for re-entry to long. As long as the price maintains above 1310, my view on the gold will be bullish.
FX:XAUUSD
by AlgoVenture
Dollar - Weekly Forecast 18th - 22nd FebruaryThe dollar climbed and created new high every day without failed and eventually entered into the 2-month supply zone at 97. The Gartley pattern was successfully formed as a result and on Friday, the price took a strong bearish stance, leaving a long upper shadow. Just a week before, the dollar has gained consecutively for 8 days but this week itself, there are 3 bearish candles against just 2 bullish candles. The selling is obviously building up and with both bearish Gartley and a strong supply zone, the dollar will finally face a bearish week this time. Furthermore, we cannot ignore the fact that the US economic data is clearly showing an obvious slowdown in the US economy. And perhaps, the dollar has come back to a level too strong for the US president to ignore.
TVC:DXYShort
by AlgoVenture
Gold - Weekly Forecast 11th - 15th FebruaryWhen gold finally broke above 1300, it was a sign that the price will continue to rally and it did. But what's quite abnormal is how fast it gained another 26 dollars with no resistance and in just a few days. However, seeing how bullish the gold is, many fell victim into a so-called 'hot deals' but only to find their positions been locked down as it ranged downwards. How so? The indication comes with a very small candlestick coupled with a very high trading volume. If the gold had stayed bullish, such a high trading volume should have caused the price to jump further and beyond 1330. But on the contrary, the candlestick is so small and there could only be one reason - there's fast-growing selling pressure. This is a clear sign of a stop to the bullish trend but not a confirmation to sell just yet. In any case, we always look at two sides of the coin: the gold may reverse and start to fall OR the selling pressure has dissipated and the gold resume appreciation. I will consider buying only if the price reaches the demand zone just below 1300. I will consider selling from 1316 onward.
FX:XAUUSD
by AlgoVenture
Dollar - Weekly Forecast 11th - 15th FebruaryThe week ended with the 7th-day consecutive gains, showing how attractive the dollar is which also suggested just how much impact can high-interest rate brings. Despite the fact that the dollar is on a bull run, it is nevertheless limited on the upside as the dollar reaches and beyond. The price closed just below the key level 96.7 with a long lower shadow which shows that selling strength is weaker as compared to the buyers but was also due to the expansion in the volume of selling strength. In short, selling pressure is increasing, buyers are ready to exit and the price will start to fall again eventually. For this week, the dollar is still expected to climb higher but with strong resistance along the way. Once the price enters the 2-month supply zone around 97, a ranging market is likely to occur while at the same time, a bearish Gartley is completed. Whether the price will begin to reverse or not, it will probably take another 1 to 2 weeks to decide.
TVC:DXY
by AlgoVenture
Dollar - Weekly Forecast 4th - 8th FebThe dollar is clearly bearish last week, but the bearish movement has stopped after it got supported at the 3-month demand zone. The price is most likely to range downwards to 95 before it continues to climb higher into the supply zone above 95.6. Although the NFP figure was extraordinary good, unemployment has begun climbing, the US government remains shut down, and the Fed is becoming reluctant to raise interest rate further. My point of view is that the dollar may have peaked, the trend has just begun reversing and the dollar will fall in a staggered manner, slow but eventually.
TVC:DXY
by AlgoVenture
Gold Weekly Forecast 28th Jan - 1st FebThe gold is set to climb further as it breached the key level 1300 in just one trading night last Friday. The dollar has also broken its bullish structure, fell from the bottom of a rising trendline within a weekly inside bar, signalling that the dollar will fall further and the gold will be in demand. A good re-entry for this bullish gold would be between 1299 and 1297. By the way, do also look very closely at the stocks market because technically speaking, the plunge is way overdue just like the dollar.
FX:XAUUSDLong
by AlgoVenture
Dollar Weekly Forecast 28th Jan - 1st FebA lovely plunged which is quite overdue, the dollar fell from 96.6 to 95.8 during the US session. The price actually came down from a weekly inside bar, signals that the price is most likely to fall further. On a second note, a monthly evening star was formed just before December, and this month monthly candlestick is also about to close. So if it closes with a red candle again, then one could say that the dollar has peaked. There's already widespread concern about whether the Fed is still capable of raising interest rate and US government has remained shutdown for more than a month. All of these are pointing to a very bearish dollar in the coming month of February. There's definitely a chance to short the dollar again, but it will be most clear once the monthly candlestick for January is completed.
TVC:DXYShort
by AlgoVenture
Dollar - Weekly Forecast 21-25 JanThe dollar has proven itself to be strong as it ended the week with a 4 days consecutive gain, resurfacing above 96 again after it broke above a 1-month falling channel. Sometimes, as bearish as we may think of currency, one must always remember that the monetary policy of the central bank still plays the major role in the FX movement. Though expectation of the U.S. rate hike has been somewhat dampened, there's no doubt that the Fed is still going to raise rate and their interest rate is still among the highest as compared to all majors. The dollar also broke above an inside bar and thus it is expected to climb higher. If the dollar retraces at first, we can expect the dollar to rebound and climb again from the demand zone within the inside bar. The dollar will face with strong selling pressure once it reaches the supply zone at 96.5.
TVC:DXYLong
by AlgoVenture