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Weekly Analysis

Technical Analysis – Weekly Market Outlook 10 – 14 August 2020

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CFD: S&P 500 Index

S&P 500 extend the latest bounce to 3,336 from 3,223 since last week opening with most of all major stock markets just keep on rallying.
Technical looking at price moving strong towards uptrend channel and targeting towards key level resistance upper line.

Cryptocurrency: BTCUSD – BITCOIN

Bitcoin is currently heading above $12k again amid broad-based crypto recovery.
Price is also heading further towards upside on uptrend channel to move higher if it breaking above median line.
Targeting key level resistance on upper line at around $13k

CFD: WTI – US Oil

Last week, US oil jumped over 1% to regain $41.50 after Saudi Aramco’s CEO said that oil demand recovery is picking up amid easing lockdowns worldwide.
We are looking to the upside as price is hovering on uptrend channel and targeting price to retest again resistance key level on 43.50 towards 44.50 upper line.

CFD: DXY – US Dollar Index

US Dollar still continue moving downwards and we are looking at consolidation move inside the channel
However, last week NFP results & Fed comments have little to no impact on the US dollar , as the dollar index trades on the back in Asia this Monday, reversing a part of Friday’s rebound.
Strong resistance on the upper line and support on the lower line both key level to be alert for any breakout

CFD: XAUUSD – SPOT GOLD

Last Friday Gold dropped nearly about %1.50 action came in line with the rebound in the greenback leaving the scenario of a deeper correction unfavoured for the time being.
From our technical andrew’s pitchfork, price might move further lower towards inside uptrend pitchfork as we see the key level support at $2,000 lower line support after price made reversal on 3.82 fibo resistance key level and targeting price is heading to retest on support level.
However trend clearly on strong bullish and last week drop might be a price correction thus downside are limited and price might heading further with the current global economics situation.

FOREX: EURUSD

Looking at current trend is going on range trading between key level 1.19 to 1.17 after price made reversal an attempt which is unable to break the current high and now we are looking at price to retest key level support.
This week we might still see sideline trading after few weeks of upside rally.

FOREX: GBPUSD

Price is still inside channel and had made reversal twice on upper line key level resistance and last week breaking lower below median.
Currently we are looking at price to retest the support key level at lower line and if break below it might bring towards to retest fibo 1.618/2% support key level before moving back towards uptrend channel.
Trend is clearly looking for a fresh direction with high impact news on GBP this week might bring new direction else high probability trend is going to be at sideline at the moment.

FOREX: AUDUSD

We are looking are price at sideline trading between key level resistance 0.72400 and support at 0.71000 as price is hovering inside the channel with the current market sentiment struggles for a clear direction.
High probability trend is still on consolidation this week and might further trading on a tight range.

FOREX: USDJPY

Price to retest again key level resistance at 106. upper line and might pierce towards 1.618/2% fibo resistance and falls back towards downtrend channel as we see US Dollar likely to remain weak until the US economy resumes stronger recovery.
Key level support is around 105. lower line if price to move below and running towards downtrend channel.

FOREX: USDCAD

USD/CAD extends its side trend consolidating Friday’s around 1.3400 resistance key level on upper line.
Bulls struggle to extend the upside above the 1.3400, as the Canadian dollar continues par with the rally in WTI prices.
However we are looking at price to run on downtrend channel if price fail to break above upper line and targeting key level support at 1.33 median line.

 

Technical Analysis – Weekly Market Outlook 3 – 7 August 2020

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CFD: S&P 500 Index

Price is still struggling to turn positive and break above 3300 as upper line key level resistance still standing strong since last week.
Price is also hovering inside channel and doing retest on median line.
We are targeting it move towards to retest lower line key level support and a break below indicates a change of trend towards bearish.

Cryptocurrency: BTCUSD – BITCOIN

Sell off last Sunday but strong support key level remains on $11,000.
We are still looking at bullish pattern especially price is highly moving towards $15,000 – $20,000 till end of the year if price doesn’t made any reversal towards bearish trend.
This week price will hovering around above the channel based on our technical.

CFD: WTI – US Oil

Clearly price is setting up a out-of-the-box movement towards outside the channel and indicates change of trend is confirmed.
Bearish on the move!
drop on Crude Oil , we are looking from our technical view this week might head towards below $40 per barrels.

CFD: DXY – US Dollar Index

US dollar weakness here to stay & will continue downwards.
Our suggestion is to follow the current trend as price making pullback by end of the trading months
Look likely price is under consolidation and based on Daily Resistance is somewhere 94.00
We targeting price will hovering till end of this week and towards 3.82 fibo support key level at 92.00

CFD: XAUUSD – SPOT GOLD

Gold somewhere near to $2,000 but failed to pierce towards 3.82 fibo pitchfork resistance key level and we are looking at price will hovering around this channel between 2.618 fibo support and any movement below towards $1,960 high probability will retest again on previous support around $1,930 – $1,910 based on our AP mapping on the chart.
Closing price & Opening this week candle thus show still under below our weekly resistance key level, please have a look at our Q3 Forecast towards 2021.

FOREX: EURUSD

Last week pullback & temporary correction towards NFP this week.
We are still looking at US Dollar weakness & continue lower against EUR, JPY, AUD, CAD, NZD and others.
From our technical outlook, current price is above upper line – out of the channel (support key level) at 1.17500 , if price break below then high probability to retest towards median line support
Strong resistance still around 3.82 fibo at price 1.2000 and based on our weekly mapping price made reversal on lower line resistance, please refer to link related ideas
We might see a long retracement towards end of the week!

FOREX: GBPUSD

Pound didn’t made any significance drop on the last trading months – July referring towards versus the US Dollar pullback strength.
Price made reversal on upper line at 1.31700 resistance key level and we are looking another retest on upper line. If price failed to break above then it will fall back towards median – lower line support key level.
Based on our weekly mapping, price closed last week inside channel below upper line resistance level.

FOREX: AUDUSD

RBA monetory policy meeting tomorrow and we might see a correction lower if the central bank expresses voices such concerns.
Price also had made several attempt towards resistance key level at 0.72000 and our weekly mapping candle closed below & reverse inside resistance key level 2.618
Current movement price hovering around median line and looking at towards lower line support level.

FOREX: USDJPY

Price is moving towards out from the channel yet bearish bias still intact.
We are looking from our technical mapping perspective as price on weekly showing towards lower line key level support 102.000 with the current weakness US Dollar.
Anyway, please follow the current downtrend movement.

FOREX: USDCAD

Drop in WTI prices will adds to the gains on major, as price is reverse from key level support and however downside pattern still intact.
We are looking price to retest on upper line resistance key level on a downtrend channel.
However price might also hovering inside channel for awhile and be alert on price break above upper line or lower line.

Technical Analysis – Weekly Market Outlook 27 – 31 July 2020

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CFD: S&P 500 Index

Looking at bearish movement after price made higher high and made reversal then as current price movement is breaking below median line and expecting heading lower towards lower line key level support.

Intel and Western Digital are among the worst performers in the S&P 500 on Friday. Intel is the 12th largest company in the index and the share price has fallen a massive 16% after the company pushed back the launch of its new chip due to production difficulties. AMD is one of the biggest beneficiaries of the Intel debacle and the stock has risen over 16% in the session.

Cryptocurrency: BTCUSD – BITCOIN

Bitcoin flying higher expecting towards $11,000 after a break on last week bullish flag on daily chart.
Price is currently trading out of the box and we might see a trending bullish movement after breaking critical level at $10,000.Targeting this week to head towards fibo 2.618/3.82 resistance key level.

CFD: WTI – US Oil

WTI ( futures on Nymex) has bounced-off a dip below the 41 mark and remains on track to book the third straight monthly rise. The further upside, however, remains at the mercy of the broader market sentiment and the US supply-side scenario.

Price hovering around median line level and looking a range trade towards support lower line key level for this week, a break below lower line a confirmation of bear market.

CFD: DXY – US Dollar Index

Looking at price to heading key level support at 3.82 fibo retracement level as price heading towards lower quite a strong downtrend with heavy sell-off happening to US Dollar.

So this week we might see a continuous movement (trending) towards this key level for a retracement and this will applies to most of the major pairs and especially XAU spot gold too.
On the weekly charting we have also price is nearing towards 2.618 fibo retracement level.

CFD: XAUUSD – SPOT GOLD

Trending on strong bullish movement and we are expecting a retracement on resistance 3.82 fibo key level nearing towards $2,000.

However price is making all time high it’s risky & a NO short position!

Gold has printed a new lifetime high near $1950, surpassing the previous record price reached in September 2011. The metal has rallied by over 25% this year with the US Federal Reserve’s unprecedented money printing pushing inflation-adjusted yields on Treasuries to negative territory.

 

FOREX: EURUSD

EUR/USD has crossed above 1.17 for the first time in 22 months, taking the cumulative month-to-date gain to 4.23%. The American dollar is being sold across the board amid gold’s rally to record highs above the September 2011 high of $1,920.

Price is currently trading out of the box and we are expecting a continuous strong bullish trending movement towards the 3.82 fibo retracement resistance key level till end month.

FOREX: GBPUSD

GBP/USD rises to the highest level since March 12. Acceptance above 1.2813 (June 10 high) will likely cause more buyers to join the market, leading to stronger gains toward 1.32.

Price is on bullish uptrend channel and heading towards upper line, clearly a trending market is going on and expecting to hit upper line resistance key level as dollar weakness across the board.

FOREX: AUDUSD

AUD/USD fills in the bearish opening gap, extending the bounce back towards 0.7150. The aussie is underpinned by the relentless US dollar sell-off across the board amid a mixed market mood, upbeat Chinese Industrial Profits data and RBA Kent’s speech.

Price made reversal around median line and reverse back towards upper line ‘hagopian rules’ targeting movement is heading key level resistance on upper line.

FOREX: USDJPY

USD/JPY flirts with four-month lows just above 106.50 amid broad US dollar weakness. Gold’s relentless rally keeps the greenback under pressure. BOJ expects Japan’s economy to improve in the second half of this year.

Price is currently trading out of the box and we are expecting heading lower towards 3.82 key level support fibo retracement.

 

FOREX: USDCAD

USD/CAD has pushed 0.21% higher on Friday but it’s still a pretty bearish week. The oil price has also suffered and the risk theme has supported the move higher in the pair.

Price is trading out of the box and we are expecting movement still consolidating on a range market but a break below 1.33500 will heading lower towards 2.618/3.82 key level support fibo retracement.

 

Technical Analysis – Weekly Market Outlook 20 – 24 July 2020

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CFD: S&P 500 Index

Price retest and made twice reversal on upper line
Expecting movement towards median and key level support lower line

Cryptocurrency: BTCUSD – BITCOIN

Price strongly on range trade and look out on key level support lower line and upper line resistance level
We are still looking price to break above $10k

CFD: WTI – US Oil

Crude has been flat since June 8. The commodity has been trading horizontally since it fell on June 24, below the uptrend line since April 28.
We are targeting price to move towards lower line key level support, any break below indicates a change of trend

CFD: DXY – US Dollar Index

Price is heavily on bearish trend and targeting sell-off on US Dollar
expecting price move towards lower line and break key level support

CFD: XAUUSD – SPOT GOLD

Looking at price of gold towards $2k per ounce in the next 3-5 months and this week we are looking at price to break the key level resistance and towards upper line level

FOREX: EURUSD

Looking at US Dollar weakening trend and strong bearish movement
Targeting price for this week to head towards upper line resistance level

FOREX: GBPUSD

Current price is breaking below median and still hovering around this area
Expecting to move towards lower line support till end of week and rebounce at this key level

FOREX: AUDUSD

Targeting price to break lower line for a confirmation out-of-the box setup and we are looking price to retest previous key support level
A break on support lower line indicates opportunity price to head lower but however trend is still on range

FOREX: USDJPY

Range trading but we are looking at price to move towards median resistance to retest before head towards next resistance key level on upper line

FOREX: USDCAD

Price is inside channel pitchfork and targeting to move towards median resistance and retest before heading towards upper line resistance key level

Technical Analysis – Weekly Market Outlook 13 – 17 July 2020

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CFD: S&P 500 Index

Looking at strong bullish trend and price moving towards upper line
High probability price to retest weekly upper line key level

Cryptocurrency: BTCUSD – BITCOIN

Price is strong above $9k and this week targeting to retest again on upper line resistance level

CFD: WTI – US Oil

Price is still strong above $40 and targeting to retest again on previous high
Expecting to move towards upper line

CFD: DXY – US Dollar Index

Looking towards weaker US Dollar and trend is still on consolidating between resistance & support key level
Target 95.78 support level

CFD: XAUUSD – SPOT GOLD

Price moving steady above $1,800 and still on uptrend channel
We are targeting price to hit upper line resistance on $1,833 by end of this week

FOREX: EURUSD

We are looking at bullish trend and price moving towards uptrend channel
Targeting price to hit next resistance level at upper line

FOREX: GBPUSD

Looking at bullish movement towards upper line and expecting to retest the previous high
Price will restest around median line before decide to head above or falls back to lower line

FOREX: AUDUSD

Looking at uptrend channel as price is on range
Targeting price to retest median resistance before heading above upper line

FOREX: USDJPY

We are looking at downtrend channel and price to move further below towards lower line
However range trading and might be high impact on BOJ rate this week

FOREX: USDCAD

Price currently around resistance upper line and we are still looking at range trading
High probability price to retest on support median before falls towards lower line

Technical Analysis – Weekly Market Outlook 6 – 10 July 2020

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CFD: S&P 500 Index

Completing it cycle on weekly TF?
We are looking price towards upper line Momentum bullish trend is in control.

Cryptocurrency: BTCUSD – BITCOIN

Key level support $9k holding strong and price rebound again on range trading Targeting price to move towards $10k again.

CFD: WTI – US Oil

Bullish trend and momentum is still looking strong with most countries resume economics activity.
We are targeting price to move inside uptrend channel and towards around $45 Next resistance on upper line.

CFD: DXY – US Dollar Index

Looking at range trading and yet mapping the movement price on downtrend channel.
Targeting price towards lower line and currently will retest on the median level

CFD: XAUUSD – SPOT GOLD

Very strong bullish trend and price had several retest on key level $1,760 below seem downside is limited.
We are still looking at breakthrough above $1,800 price level.

Price currently on uptrend channel and expecting to move towards median – upper line resistance level.

FOREX: EURUSD

Correlates between US Dollar Index DXY and EURO seems both on range trading.
Expect nothing much on any rally movement but target price moving towards uptrend channel.
Targeting to reach upper line by end of the trading week

FOREX: GBPUSD

Same compare to most major pairs as market still in range trading but looking at strong uptrend towards upper line after breakout on median line and will retest on this level.
However upper line is our price target to reach next resistance level

FOREX: AUDUSD

Tight range on moving towards uptrend and price is still looking strong on inside uptrend pitchfork channel.
Targeting next resistance on upper line else price moving inside between median & lower line channel.

FOREX: USDJPY

Price made reversal on fibo 1.618 resistance and return inside pitchfork channel.
We are looking price to retest on median support before breaking below towards lower line support Highly probabilities market is still on range trading.

FOREX: USDCAD

OIL prices lead to stronger Loonie and we have high impact news on Friday.
Trend is looking at downtrend channel and we are targeting price to break below median and towards lower line key level support.

Technical Analysis – Weekly Market Outlook 29 June – 3 July 2020

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CFD: S&P 500 Index

Looking price shifting back towards bearish after 2nd wave is hitting United States
Current movement showing towards downtrend channel

High probability targeting price to move next support on lower line

Cryptocurrency: BTCUSD – BITCOIN

Price still haven’t break below $9k level and made reversal again on this support level
Targeting movement towards upper line as we looking to break above $10k

CFD: WTI – US Oil

Range trading, expecting price to retest on support lower line
Reversal on support line could bring price back towards median
Next resistance would be at upper line

Targeting price still on range

CFD: DXY – US Dollar Index

Weekly mapping current price retesting upper line and still inside weekly downtrend channel
Targeting movement indicating strong bearish

This week expecting price to move towards downtrend channel on TF H4
Target to hit median then high probability next support at lower line

CFD: XAUUSD – SPOT GOLD

Price looking strong towards $1.8k on uptrend channel
Targeting movement will move inside channel

High probability price would retest previous support before heading further
Breaking above $1,780 resistance would confirm a breakout

FOREX: EURUSD

Price still on range trading and current price around support pivot
If US Dolar showing weakness, EURO & other currency might go stronger

Current price moving towards upper line channel
Targeting to hit median then next resistance would be at upper line resistance

FOREX: GBPUSD

Looking at price consolidation after drop from past weeks
Support zone at lower line and price might retest on this area

Reversal could happen and will move towards median line
If break above median next resistance would be at upper line
else looking at range trading for this week

FOREX: AUDUSD

It’s been range trading since past few weeks
Looking at price to retest on support lower line

Targeting moving towards median then next resistance would be at upper line

FOREX: USDJPY

Looking price moving towards uptrend channel but still on range trading
Expecting movement targeting upper line

FOREX: USDCAD

Price is above median line and currently retest on this zone
Targeting price moving towards upper line