NZDUSD TARGETS HIT Weekly forecast for 27th-31st Jan 2020NZDUSD TARGETS HIT Weekly forecast for 27th-31st Jan 2020
- Target 1 hit @ 0.6580
- Target 2 hit @0.6540
Weeklyforecast
Gold: Weekly Forecast 27th - 31st Jan 2020The 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: Weekly Forecast 20th - 24th Jan 2020EURUSD 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 price to retrace lower and look for buying opportunity around 1.1055 area.
Also, a big load of euro data will be released in the latter part of this week.
Dollar: Weekly Forecast 20th - 24th Jan 2020The 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 recover more losses and rise towards the 3-month supply zone at 98.4.
This will allow further retracement among the major pairs, leading to a better price to short the dollar later.
BCHUSDBCH moving in triangle expected to breakout 19/20th January to target 1~ 388, small retracement 330 tonight and tomorrow maybe 323 then bounce upwards. target 2 ~440 in first two week of February and could spike to target 3 ~505
Gold: Weekly Forecast 13th – 17th Jan 2020Gold 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 gold price has climbed extensively, the gold is probably far from realising its bullish potential.
From the technical perspective, all moving averages are clearly pointing to a bullish structure and the pullback on last Wednesday did not rally any further selloff.
And fundamentally, with global tensions still going on such as the recent US-Iran tension, the ongoing US-China trade war which is far from over, the weakening of the dollar as the Fed could not raise rate any further and still injecting more liquidity, gold can't seem to weaken.
This week, we will continue to wait for buying opportunity looking from 1543 to 1530 region.
The gold is expected to reach 1620 in the next 2 weeks.
Dollar: Weekly Forecast 6th - 10th Jan 2020The 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 seen.
Thus, a weaker than expected employment change is definitely not good for the dollar.
The price was seen rejected at a multiple resistance area - 200MA, top of a falling channel and a 1-month supply zone.
This week, we expect the dollar to weaken further and reach 96.6, then 95.9.
Gold: Weekly Forecast 6th - 10th Jan 2020The 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 bullish but wait out patiently for a significant pullback before trying to catch the wave.
As of current, if the price remains resisted in the beginning, there's a chance for some significant pullback to buy gold again.
WEEKLY WATCHLIST - 04 JAN 2020 - *PART 2*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.
USDJPY: Weekly Forecast 6th - 10th Jan 2020A 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 seen around 108.60.
EURUSD: Weekly Forecast 6th - 10th Jan 2020EURUSD 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 structure.
The price has found its current low at 1.1125 during the pullback and most likely will dip further for a stronger rebound and resume the bullish trend.
Await for further pullback and look for buy opportunity at the demand zone just below 1.1108.
Gold: Weekly Forecast 30th Dec - 3rd Jan 2020Finally, having talking about the trend which will come after the 3-month consolidation since mid-November, the gold has TRENDed!
Gold climbed and broke above the 3-months falling trendline at the beginning of this Christmas week.
And during Christmas eve, we saw a decisive bullish run which broke further away from the consolidation and it now stands above 1500.
At the same time, we are also seeing a drop in the demand of the dollar which definitely helps boost demand for the gold.
As of current, the price is seen resisted by a 3-month supply zone just above 1515 and it's going to take gold quite a bit of effort to continue north.
In this week, we are expecting a short-term consolidation as we head into a new year with too little economic events to bring about volatility.
It is a good time for traders to identify the low for reentry before the gold continues its bullish trend.
Dollar: Weekly Forecast 30th Dec - 3rd Jan 2020The dollar reconfirmed the break of an 18-month rising channel after a pullback, a retest and a successful rejection from the bottom of the 18-month falling channel.
The dollar has been weakening across all major currencies in the month of November and December this year.
This is largely due to the fact that the Fed could not raise rate any further and is going to ease monetary policy in order to reach their 2% inflation target.
Fed Chairman Powell has clearly stated that the Fed will only consider raising rate again only if they meet their inflation target.
Combined with the current technical structure, the dollar is almost certainly going to fall further.
We are expecting the dollar to reach the 11-month demand zone around 95.95 by the end of January 2020, 95 by the end of 1st quarter 2020.
EURUSD: Weekly Forecast 30th Dec - 3rd Jan 2020EURUSD confirmed a reversal just before the end of 2019.
The price had a successful reattempt and finally broke above the 18-month falling channel last Friday.
Besides, all major currencies have gained against the dollar too, confirming that the dollar is in a downward reversal.
Therefore this week, we are changing direction and will be looking to buy EURUSD.
But first, we want to make sure that the price breaks above the current resistance at 1.1175 and then wait for a pullback to buy.
However, if that doesn't happen and the price goes down from here, we will first wait for a low to form and decide which level to buy.
Gold: Weekly Forecast 23rd - 27th Dec 2019The gold was little changed but closed with a second bullish candle in the weekly chart.
The price is currently facing a breakout at the 3-month falling trendline and in fact, it was broken in the H4 chart.
While we stick to the same bullish view on gold, there may be some downward spikes before it goes into a real trend.
As of current, levels for entry are 1474 and 1446.
It may be Christmas and volatility could be low but stay alert somehow for surprise movement from gold.
EURUSD: Weekly Forecast 23rd - 27th Dec 2019EURUSD fell first as expected but was failed to discover any strong support for a strong rebound.
As a result, a fake break at the top of the 18-month falling channel was confirmed and EURUSD fell last week.
An ascending triangle was formed in the process and price is just about 40 pips away from the bottom of the pattern.
Since it's Christmas week, volatility is expected to be very low and EURUSD is most likely to range within the pattern too.
Traders can attempt an intraday buy low of the ascending triangle from 1.1053 to 1.1038.
Otherwise, wait for the price to rebound from the current low and look for sell opportunity from 1.1111 to 1.1144.
Gold: Weekly Forecast 16th - 20th Dec 2019A trend is currently due for the gold.
Gold has been consolidating for more than 3 months now and it's clearly coming to an end.
The price did attempt to break out of the consolidation into a trend last week but got rejected again at 1483.
However, the lows are going higher and shall remain bullish as long as the price doesn't break below the 4-month demand zone from 1447 onward.
This could be the exact week that gold embarks onto a trending period.
We will wait to buy the gold at a lower price from 1465 to 1453.
EURUSD: Weekly Forecast 16th - 20th Dec 2019EURUSD peaked the bottom of its 18-month falling channel with signs of a breakout for the first time.
While it was a good for the dollar that the Fed decided to hold off further rate cut, it wasn't good actually because the market has changed from a 'no cut' to a 'no hike'.
Therefore, the dollar plunged further and the DXY has broken below its rising channel.
This fake break of the top of the 18-month falling channel might turn real if the dollar continues to fall on a weak sentiment that the Fed will not raise rate in the foreseeable future.
WEEKLY WATCHLIST - 14 DEC 19 - (PART 2)Weekly market breakdown covering EURJPY, EURNZD, NZDJPY, NZDUSD, USDCAD, USDJPY, Gold (XAUUSD),
Weekly Watchlist 08/12/19Weekly market breakdown of EURUSD, EURJPY, EURNZD, USDJPY, Gold (XAUD/USD), EURGBP and GBPAUD.
Gold: Weekly Forecast 9th - 13th DecGold is finally coming to the end of a 3-month consolidation similar to the consolidation which started in mid-Feb 2019.
While the price dipped about 200 pips last Friday due to a strong US employment data, it found support at 1459 and hold out till the market closed.
Although the bull strength was disappointing, there's always a chance for gold to rise again as long as it does not break any lower than 1440.
This week, we will still focus on buying between the price of 1457 and 1455.
And since the price has already pulled back significantly, the opportunity should come as soon as within the first 2 trading day.
EURUSD: Weekly Forecast 9th - 13th DecEURUSD completed the 2nd pullback slightly higher than the range top.
NFP data was released, showing an actual of 266k as compared to 181k, and the unemployment rate fell to 3.5% from 3.6%.
This gave the Fed a very valid reason to pause any further rate cut which will be good for the dollar.
As such, the price has started the 2nd bearish trend during NFP last Friday as it broke through the bottom of a range.
In this week, await pull back and look for sell opportunity between the range of 1.1068 and 1.1089.
EURUSD: Weekly Forecast 2nd - 6th DecEURUSD extended fall in the first 3 days last week and found support at the previous low of 1.0990.
The price made a final attempt to break new low but it turned out to be a spike which led to a strong rebound.
EURUSD has turned into a bullish structure at range bottom overnight.
This week, intraday traders can wait to buy the pullback between 1.1013 and 1.1000.
Otherwise, wait for the price to climb and reach between 1.1070 and 1.1095 to sell.
