Gold 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...
EURUSD 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...
Bitcoin 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...
Nasdaq 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...
WTI 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...
Gold 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...
EURUSD 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...
EURUSD found support at 1.1760 and has started to reverse as it broke above a falling wedge, arguably a Elliott triangle of the final Elliott wave. We will be looking for a buying opportunity as the price has already pulled back to the 61.8 Fib level, and the bottom of a probable rising channel. Our main target will be somewhere just below 1.1900 where there's...
Bitcoin 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...
WTI 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...
Nasdaq 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...
Gold 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...
Today, 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...
Bitcoin 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...
WTI has the biggest drop in 4 months as selloff persisted on a overheated oil prices. However, the price managed to close right above the rising channel, as well as the demand zone at 70. This week, we will attempt to long again at the current level. Should the support fails, we expect the price to retest he previous high at 66.
Nasdaq started the week strong but faced some significant selloff at 15000 psychological level in the last 2 trading days. Nevertheless, the trend is still clearly bullish and it is still trading within a minor rising channel, about to retest the bottom. This week, we will be looking for a buying opportunity to buy the dip at about 14600.
The 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...
EURUSD 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...