The Aussie was heavily and negatively impacted by the Coronavirus outbreak which has sent the price tumbling for the entire January. The RBA has been cutting interest rate in order to revive its economic growth since late 2011, from above 4% to only 0.75%. However, inflation continued to remain subdued and yet another major event, the Coronavirus, hit the...
The gold price pulled back and rebounded off just as expected from our previous weekly forecast. With the increased coronavirus fatality, demand continues to rise for safe-haven asset thus boosting the gold price further. Based on the technical chart, we continue to see the price repeating the historical pattern from February 2019 such as the 3-month consolidation...
The dollar tumbled upon a bearish cypher, in line with our previous weekly forecast. While the dollar is not fundamentally weak, the previous bull run has caused a technical overbought. And so during the FOMC where the Fed is widely expected to keep rates unchanged, the dollar lost its ground. Besides, the Brexit was finally over and a major factor for risk-off is...
DXY TARGET 1 Hit - Weekly forecast for 27th - 31st Jan 2020 - Us index hit target 1 @98
USDCAD TARGET 1 HIT Weekly Forecast for 27th-31st Jan 2020 - Target 1 hit @ 1.3195
EURUSD TARGET 1 HIT Weekly Forecast for 27th-31st Jan 2020 - EU hit target 1 @ 1.1 (psychological level) - Target 2 if price can break this level..
AUDUSD TARGETS HIT - Weekly Forecast for 27th-31st Jan 2020 - Target 1 hit @0.6800 - Target 2 hit @0.6785
NZDUSD TARGETS HIT Weekly forecast for 27th-31st Jan 2020 - Target 1 hit @ 0.6580 - Target 2 hit @0.6540
The gold climbed on rising demand for safe-haven assets amid China's coronavirus outbreaks. The yen also climbed this morning as USDJPY gapped lower, strengthening the outlook of the demand for safe-haven assets. As such, we can wait for the price to pull back, looking at 1572 - 1567 to buy again. The 55MA can act as a support in the H1 chart as the price pulls back.
EURUSD was climbing at first as it found support and rebounded off 1.1085 on a harmonic pattern too. However, the bullish trend was weak which led to a technical selloff as it formed a bearish ABCD and the bear took over on the last trading day. This week, the price is likely to dip lower and will soon reach the bottom of a 3-month rising channel. We will wait for...
The dollar was mixed among the major pairs last week as it weakened at first but recovered strongly on the last trading day. The momentum of a bearish dollar failed to continue on and the price has broken above a 3-month falling trendline. The price will face a 1-month supply zone immediately and may pull back first before climbing further. We expect the dollar to...
Gold had a 5th consecutive bullish run in the weekly timeframe and confirming a break-above of a 4-month high at 1557. However, it also had one of the biggest weekly pullbacks in a...very long time. This particular pullback was no surprise as the price surged into a close to the 7-year supply zone where huge take profits and pending sell orders are expected. While...
The dollar rose steadily last week but was capped as NFP appeared weaker than forecast. Ever since the Fed started to cut rate, the dollar has fallen off from the high of 99.66 and took a little more than 2 months to break out from a rising channel. This led the dollar to turn bearish technically as well as fundamentally as the next rate hike is nowhere to be...
The bullish trend unfolds steadily after over 3 months of consolidation and much faster than what was expected. The price climbed throughout last week and especially bullish on the last trading day. However, the price probably ran out of steam as volatility dies down towards market closure and closed just below the 4-month high at 1557. The trend is undeniably...
Weekly market breakdown covering all 28 pairs. CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNZD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPUSD, NZDCAD, NZDCHF, NZDJPY, NZDUSD, USDCAD, USDCHF, USDJPY.
A new major bearish trend has just begun for USDJPY. It was seen coming since it broke below a 42-month rising channel in early August 2019. The price has consolidated upwards from a low of 104.47 for nearly 5 months. And finally, the price broke below the 5-month rising trendline, turning USDJPY into a bearish structure. Await pullback and sell at the supply zone...
EURUSD climbed further and broke above 1.1200 as expected, as well as the pullback following after. The last FOMC minutes was unsurprising as the Fed will keep rate unchanged which may cause the dollar to extend weakness. While the dollar is fundamentally stronger than the euro, short-term sentiment favours a weaker dollar and so is the current technical...