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Weeklyforecast

GBPUSD, Long Term Investment, Weekly & Monthly AnalysisGBPUSD have been bullish since 03/23/2020. Now it just touched a critical resistance @1.4230 It did come back and test this resistance, bounce back and break the trendline which is a good sign for a bearish move. Fundamental Analysis: US FED announced 4 days ago about funds rate and their expectation for the next coming years. " The Fed left the target range for its federal funds rate unchanged at 0-0.25% in June 2021 but policymakers signalled they expect two increases by the end of 2023. Officials noted progress on vaccinations and strong policy support led to a strength in economic activity and employment " Quoted from Tradingeconomics. We are expecting USD rises up in next coming years which result GBPUSD would go down. Technical Analysis: 1. Strong Resistance @1.4230 2. Fib. retracement 50% 3. RSI divergence 4. Breaking the upward trendline 5. Engulfing candles pattern 6. Touching 100 EMA
Short
by sandaunguoi
Bitcoin: Weekly Forecast 20210613Bitcoin continues to find buyers whenever it retests the 50% pullback low. With every rebound, the price, however, created yet another lower high, forming a downward pressure within the consolidation. The crypto market has been extremely vulnerable to any news from major governments to tweets from Elon Musk. We continue to see Bitcoin under negative pressure and will continue to look for selling opportunities, awaiting pullback towards 36650 and targeting 31000.
BITSTAMP:BTCUSDShort
by AlgoVenture
1
Nasdaq: Weekly Forecast 20210613Nasdaq is potentially going to break a new high this week! Currently, we are seeing a clear bullish wave forming and continuing towards the top of a rising wedge. In my instances, the price is able to break out of the pattern and peak higher before ending the trend and into another pullback. This week, we will buy the pullback, if any, at the beginning of the week and hold it till it at least reaches the top of the rising wedge around 14200. Should the price breaks out of the pattern, we expect it to reach 14500 before making a turn.
ULong
by AlgoVenture
1
Gold: Weekly Forecast 20210613The bulls for gold are not able to make any progress and if any, they've failed to maintain bullish momentum. Since the consolidation started at the beginning of June, gains have been swallowed constantly and highs are getting lower. The breakout of the rising channel failed to continue and the price eventually fell all the way back to the bottom of the channel with little support towards the end of last week. It seems that buyers are reluctant to add more position ahead of the Fed's meeting, weighing the odds of early tapering. However, we will focus on buying since the price is still sitting well above the equilibrium level of 1858. This week, we will be looking for buying opportunities at the opening of the market, followed by the equilibrium level at 1858. We want to keep in mind that the global economy is currently facing a high risk of fast-rising inflation and that always work well for gold.
FX_IDC:XAUUSDLong
by AlgoVenture
EURUSD: Weekly Forecast 20210613EURUSD continued to face resistance at the neckline level of 1.2185 and the price eventually fell. The short-term trend is pointing towards bearish as selling pressure continues to build up from near-high of the entire market range between 1.2340 - 1.1700 amid early tapering sentiment from the Fed due to persistently high inflation. This week, we will continue to look for selling opportunities until it reaches the current equilibrium level at 1.2000, as well as the bottom of the 2-month rising channel. If 1.2000 is not able to hold, we will see a stronger selling towards 1.1800. Otherwise, we can expect a rebound back to 1.2170.
Short
by AlgoVenture
WTI: Weekly Forecast 20210606Oil went for the 2nd weekly gain after it broke out from a symmetrical consolidation. Demand for oil continues to rise as major economies open up and traveling returns. In a post-pandemic period, the global economy will be on a strong footing on a recovery cycle and we are probably far from over. While oil prices have continued to climb through the week, we are expecting some sort of major pullbacks as it is about to reach the 21st-century equilibrium level. This week, we will continue to be patient and wait for significant pullbacks towards the 67 - 66 demand zone before buying again.
TVC:USOILLong
by AlgoVenture
Nasdaq: Weekly Forecast 20210606Nasdaq made a comeback after it lost its handle at 13766 and managed to close a little higher for the week. The market may start a bullish run earlier than expected as the sentiment with the Fed quickly shifted to a hold-off from tapering amid weaker than expected NFP. We have also seen a successful rebound from the demand zone at 13500 and a breakout of a falling trendline within a rising wedge. This week, we shall look for buying opportunities at the beginning, first entry at 13660, followed by 13620.
ULong
by AlgoVenture
Gold: Weekly Forecast 20210606The gold closed with a bearish weekly candle for the first time in 5 weeks amid a weakening dollar due to a weaker US labour market. The price was able to find support at the current equilibrium level and recovered quickly before the week ended. However, it was resisted at 61.8% of the Fibo level based on the most recent bearish wave which could potentially cause another short-term sell. This week, we could look for a selling opportunity from the current price of 1890 and target 1873 at the beginning. But going forward, since we are still seeing support from both the equilibrium level and the bottom of the 2-month rising channel, we will continue to buy the pullback as soon as 1883, followed by 1873.
FX_IDC:XAUUSDLong
by AlgoVenture
EURUSD: Weekly Forecast 20210606EURUSD had a breakdown as it broke below the bottom of a 2-month rising channel. The price managed to recover some losses on Friday amid weaker than expected NFP but stayed resisted right at a neckline at 1.2170. EURUSD is now expected to stay in a ranging mode and since the price is now at a high coupled with a breakdown, we are expecting more downward movement in the coming week. This week, we will look for selling opportunities around 1.2170 and targeting 1.20, the equilibrium level of the current range.
Short
by AlgoVenture
Bitcoin: Weekly Forecast 20210530Bitcoin continues to face selling pressure throughout the week and volatility has shrunk to an all-time low. As much as bitcoin is heavily discounted, conviction to buy bitcoin remains in a slumber amid heavy criticism from big crypto influencers such as Elon Musk and the constant crackdown of crypto mining in China. The crypto market is expected to remain range-bound for a good few months with a higher probability of slipping even lower. There will be, however, some buyers trying to buy the low at this point and the price may get a temporary rebound. This week, we will continue to look for selling opportunities, firstly at 38600, followed by 41000.
BITSTAMP:BTCUSDShort
by AlgoVenture
WTI: Weekly Forecast 20210530Oil prices continued to stay uplifted amid rising commodity prices due to fast-rising inflation despite a recent selloff in March. The consolidation phrase seems to be ending as a breakout of a symmetrical triangle that occurred last week and the week ended with the price closing above the consolidation structure. Besides, the entire consolidation which has now reached 3 months came after a major breakout of a 13-year falling trendline, thus we can expect more bulls to come, both technically and fundamentally. This week, we expect the market to break me which but not excluding a possible pullback at the beginning of the week. If the price drops first, we can look to buy at 66 - 65.4 region. And should the price go ahead and break higher, simply wait for a pullback towards the breakout level to buy again.
TVC:USOILLong
by AlgoVenture
3
Nasdaq: Weekly Forecast 20210530The US market continued to recover from a major pullback in early May, resulting in another monthly gain except for Nasdaq. However, recovery has slowed down over last week and the bulls seem to has become sluggish but the same goes for the bear as we don't see any significant attempt in the market to sell. The stock market is somewhat expected to rise amid heavy government spending but will also continue to face challenges of rising inflation. This week, we plan to attempt going short if Nasdaq continued to stay resisted at 13700. Otherwise, the main plan is still to buy as the price pulls back with prices such as 13400, and 12800 should it breaks a new low.
U
by AlgoVenture
Gold: Weekly Forecast 20210530Gold was pretty much as bullish as expected, resulting in the biggest monthly gain in 10 months. The gold continued to prove its value in times of uncertainty and rising inflation, coupled with falling asset prices, causing higher demand for the safe-haven assets. We continue to see the gold pushing higher towards 1950 before any strong selling may occur. This week, we shall continue to look for buying opportunities. Should the price pulls back at first, we can look to buy at 1880, followed by 1863.
FX_IDC:XAUUSDLong
by AlgoVenture
EURUSD: Weekly Forecast 20210530EURUSD posted another weekly gain but leaving a long upper shadow for the 2nd time as it continued to face resistance. Although EURUSD has been constantly trading higher, the weight has started to shift towards overbought. The dollar might gain more demand amid falling asset prices which may cause a temporary pullback on EURUSD's current bullish trend. This week, we will attempt to sell within the current supply zone and probably add on to our short positions, if any, as it starts to breaks below the rising channel.
Short
by AlgoVenture
3