The gold has undergone a full week of consolidation after 550 pips plunged from the top of a 3-month rising channel. According to the previous bullish wave, the current wave is very much overbought and the plunge seen on last Monday will most likely cause another bearish wave. In this week, we will wait for the price to retrace higher and look for selling...
EURUSD turned out as expected based on last week forecast. The price broke out of consolidation and reach an important demand zone which it found support. Although the rebound last Friday from the demand zone around 1.107 was significant, the price did not break new high and thus may fall deeper into the demand zone. This week, we will continue to wait for more...
This is the first time you will ever see me giving speculation on the market, but this is a very speculative Bearish Butterfly in development on the Weekly Time Frame. First we'd need confirmation of the potential Descending triangle. But how I came up with these targets and patterns is using the same math and patterns that have developed in the 2017 bull run and...
Gold rush after gold rush, the gold price has reached beyond 1500 for the first time in 6 years. There's no doubt behind the gold strength and the long-term view shall stay bullish throughout the rest of 2019 as central banks continue to cut rates and ease monetary policies. However, the recent bullish wave has well exceeded the volume of all previous bullish...
The EURUSD made one of the strongest bullish runs in more than a month as daily volume surge to a 20-month high from a 27-month low. The price, however, fell into consolidation for the rest of the week as it got resisted by a 2-week supply zone. The US economy continues to show a slowdown and Fed members have been dovish enough as they see more rate cuts are...
Gold formed a bearish weekly candle for the first time after 9 weeks of bullish candles. The gold price has been held back from climbing further by a strengthening dollar and also due to a technical overbought. In the H4 chart, we can see that the gold has just completed the 2nd wave of a bearish trend but came short as compared to the first wave. There isn't any...
The dollar climbed as expected as euro continues to weaken amid ECB and dollar continues to climb with some better than expected economic data. The dollar is about to complete the 2nd bullish wave after breaking out from a consolidation which has completed 2 waves of retracement. The price is expected to climb a little further and will meet with strong resistance...
The gold, though recently broke new high again, is expected to fall into consolidation again. The breakthrough this week is unlike what it was in June and the last bearish day candle was the most bearish one since one year ago. Nevertheless, the gold stays fundamentally strong and holds high demand as a safe haven asset. This week, if the price were to climb...
The dollar has shown resilience this week as the price was supported twice by the demand zone at 96.7 and has begun to climb again. The price has previously broken above a falling trendline thus signals for the price to climb further After this week, the price has completed 2 waves of retracement where the price is now seen rebounding off from key demand zone at...
The bullish structure which EURUSD had before this week has turned sour as the price failed to break the supply zone at 1.128 but instead fell back to the range bottom at 1.12 again. In this week, simply wait for a pullback and look for sell opportunity between 1.124 and 1.126. Among all the major currencies, the euro is certainly fundamentally weak which is...
The gold has been consolidating for the past 3 weeks since it peaked at 1439. It is still unclear if the price will eventually break above or below the consolidation but the long-term view is most definitely a bullish one as the Fed proceeds with cutting rate. For buyers, traders can consider buying at the bottom of the consolidation at 1393 if the price falls...
The dollar fell as the Fed reaffirms its intention to cut rate end of the month. The price climbed at first but was rejected by a supply zone near 97.6, wiping out all gains and turning it into a bearish week for the dollar. In this week, the dollar is expected to fall further but will meet with support at 96.4 due to a probable inverse HnS. If the price climbs at...
EURUSD has made a successful rebound off the demand zone as the Fed clearly signalled for a rate cut by the end of July. However, the gain was somewhat curbed by a dovish ECB as well which also signalled for more QE. In the H4 chart, the price has technically completed an ABCD formation and has started its 2nd wave of a bullish trend which is most likely to...
After 6 consecutive weeks of bullish candles, the gold finally closed with a bearish candle last week as it fell into a range between 1437 and 1383. The gold plunged during NFP and was supported and pulled back sharply from a demand zone near 1390. The gold was not able to keep breaking new high mainly because the US and China have called a truce for their trade...
EURUSD plunged the most in 4 months as well for the same fundamental reason as the dollar. However, what's slightly different as compared to the dollar technically is that the price did not pull back as much. The price was seen supported and started to pull back from a demand zone just above 1.12 but it managed to close above the bottom of a rising...
The dollar has its strongest weekly gain in 4 months as NFP data has shown strong employment, dampening the bets of more than one rate cut by the Fed this year. However, the dollar found strong resistance as it attempted to pierce through a falling trendline and got rejected by a strong supply zone around 97.3. The price kept falling until the market closes and...
EURUSD dipped lower on the second trading day last week as Draghi hinted an additional stimulus if needed. However, the dollar has weakened so much as the Fed turned dovish and raise the expectation of a rate cut in months to come. The price soared for 3 days and closed high before the market closes, creating another long bullish candle similar to 2 weeks...
The gold price surged and broke out of close to 3 years consolidation and is heading towards a 6-year high in the coming week. The gold has gained close to 60 dollars last week with the biggest one seen on Thursday hours after the Fed has signalled for a probable rate cut in the foreseeable future. The market is expecting a maximum of 2, if not, 1 rate cut as...