Time Frame: Daily
The overall trend is down but we can expect a short term weekly move upward and have a high chance of accumulating some pips in upward reversal.
Weekly outlook of Gold Spot -
Key levels: 1793.6 and 1783.6
According to my previous newsletter, my gold key levels will remain the same. It's not sellable until breakout the 1766 (strong support).
In XAUUSD, buying pressures are increasing. We may see 1812 - 1824 - 1836+ ...
USD/JPY has made a high of 111.66 and took a U-turn. Its impulsive wave breaks at support trendline breakout. It can keep falling from the dynamic resistance trendline ( DRT ). We may see 109.54 - 109.15 - 107.48 soon.
Don't sell after a breakout of DRT or 110.7 level. And do not forget to watch significant releases or events mentioned on the above chart...
In June, XAUUSD and MCX Gold crash due to FOMC events. It has recovered almost 60% to 70% loss in the July month.
Gold spot needs to break 1809 levels to retest support of 1793.6 - 1783.6 . These support levels will push the gold price higher. Gold isn't sellable until the breakout of 1766 ( strong support ).
XAUUSD will touch 1858 - 1898 levels...
AUDNZD is putting pressure on resistance and likely to continue to rise as it has created lower highs below resistance. Also, daily candles closed just above the resistance mean a high probability of going up.
AUD/USD started to rise from the support trendline. And it's made the Elliott wave pattern on the daily time frame. After the ABC correction, now it's trying to hit 0.7660 - 0.7700 - 0.7800 .
But what if it breaks the support trendline?
If it starts to fall, the targets will be 0.7400 - 0.7360 .
EUR/GBP has made the head and shoulders pattern on the daily timeframe.
After breaking the neckline, it's moving to reach 0.8776 - 0.8700 .
But if it starts to move upside by crossing the neckline, then it's a failure of the head and shoulders pattern. And targets are as followings levels 0.8906 - 0.8946 .
According to this chart, USDJPY will take a U-Turn from the resistance line for the following targets: 104.14 - 103.98 - 103.86.
But if it breaks the resistance and stays above it, USDJPY may start moving upward for the following levels: 104.70 - 104.56.
EUR/AUD is trying to make the butterfly pattern on the 15m timeframe. And the trend seems positive here. On this chart, it has started to rise by following the support from 21st January 2021. Right now, it's trying to reach the hurdle( 1.5812 ).
It has to cross the hurdle and reach 1.5825 level, to complete the butterfly pattern. So the targets are as following ...
Here's the 4H chart of the USD/CHF. Right now, it's moving sideways under the hurdle ( 0.8918 ). If the trend moves upside and crosses the dynamic resistance and hurdle trendline, then the hurdle will react as the support. And targets for the uptrend will be the following 0.8960 - 0.9000 .
But if it falls and breaks the key level, then the target will be 0.8796...
Right now, BTC/USD is falling by breaking the support trendline. I have applied the DMI, and according to this, it's falling. The ADX is less than 25, and -DI is above +DI, which indicates the downtrend. RSI also indicates a fall. The target for the fall will be as following 3224 - 3145 - 3050 .
But if it starts to rise by crossing the support trendline, then...
NZD/USD has made the bearish Elliott wave on the hourly time frame. The formation of the Elliott wave is complete. Here we can see 5+3=8 wave Theory so cleanly. 1 to 5 waves and then ABC correction.
It's a bearish Elliott wave pattern, and after the C, now the tren will fall up to 0.7120 - 0.7110 - 0.7085 .
But what if it starts to rise?
If the trend starts to...
Here's the 15m chart of the EUR/AUD. Currently, It's falling. And trying to hit the hurdle ( 1.5674 ). If the consecutive candles break 1.5674 , then there will be a fall. The targets for the fall will be 1.5670 - 1.5650 .
But there is a high possibility of a reversal in the trend. The trend may take a reversal from between 1.5684 - 1.5670 . If it takes a...
Here's the AUD/USD 15m chart. It started to rise from the 19th of March,2020. The actual trend is positive. Right now, it's trying to hit 0.7732 , and for that, it has to cross 0.7728 . If AUD/USD keeps moving upward, then a target for the uptrend will be 0.7740 - 0.7749 .
But there is an absolute possibility of the reversal from 0.7732 (nearby level). And...
The GBP/USD made the Elliott wave on a daily chart.
And ABC correction is remaining. The trend will cross 1.3470 - 1.3320 - 1.3420 - 1.3195 to make the A of the ABC correction. Then it will rise for a short period to make B and fall again to make C.