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Weekly Analysis

Technical Analysis – Weekly Market Outlook 12 – 16 October 2020

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CFD: S&P 500 Index

S&P 500 Futures keeping Friday’s upside momentum to 3,480.
During the weekend, news broke the US House Speaker Pelosi turns down Friday’s proposal from Trump, concerning the coronavirus (COVID-19) aid package worth near $1.8 trillion. This pours cold waters on expectations of further stimulus from the US government.

Technically, price is heading towards out of the box and targeting a retracement level on 2.618 fibo or move ahead higher into 3.82 fibo cycle resistance level.

Cryptocurrency: BTCUSD – BITCOIN

Spike in buying pressure seen during the weekend, the increase in BTC demand was significant enough to push it higher.
Technically, we are looking on the uptrend channel and targeting price to break again above $12k towards upper line major resistance.

CFD: WTI – US Oil

Technically, price is moving back towards inside channel and we are looking likely a sideline trading this week.
Targeting price to move towards support median.

CFD: DXY – US Dollar Index

Fundamentally, last week US Dollar edged lower on news indicating a possible resumption of US stimulus talks.

Technically, this week price heading towards inside downtrend pitchfork channel. indicating strong bearish although long term we are looking at range trading since August drop but however on the weekly charting expecting further drop towards median major support.

CFD: XAUUSD – SPOT GOLD

Technically, price hovering around median line and also breaking above targeting towards completing it cycle at upper line major resistance

Hovewer, it might sideline around median before edge higher this week and gold is moving in lockstep with the US inflation expectations, which have risen back to highs seen in August.

FOREX: EURUSD

Bias will remain bullish held above Friday’s low, after breakout upper line major resistance downtrend channel .
Technically, this week we are looking at out of the box setup which price is moving higher towards fibo resistance 3.82

FOREX: GBPUSD

Pound inch higher despite US Dollar weakness with upside momentum staying above 1.3000. Stay alert on UK PM Johnson up for Australia-style trade deal if there’s no deal by October 15
Technically, price heading towards uptrend channel looking to touch upper line major resistance but with high volatility price structure made seen last week, kindly be cautious sudden drop 100++pips especially current price will hovering around median line

FOREX: AUDUSD

Like most of the major pairs, Aussie move seems strong than others recovering after massive drop on Sept and pullback from July low.
Technically, we are looking at uptrend channel and price going to hovering around median and either moving towards upper line major resistance or reverse back towards lower line but with US Dollar weakness much likely a stronger aussie

FOREX: USDJPY

Technically, price reverse upon hitting upper line resistance level and moving towards median support. Long-term trend quite choppy with no direction hovering sideline.
We are looking at downtrend channel and targeting price to hit next support level at lower line major support.

FOREX: USDCAD

Technically, price heading into massive drop trading out of the box and we are expecting a retracement around 3.82/4.236 fibo cycle back towards around Sept low.

Technical Analysis – Weekly Market Outlook 5 – 9 October 2020

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CFD: S&P 500 Index

Technically, choppy trend a sideway trading thru out the previous week and this week S&P 500 Futures regain 3,350, up 0.80% intraday, after declining on Friday.
Price still intact inside the pitchfork channel, we are targeting bullish move towards major resistance upper line level and might break above it with a confirm of double bottom pattern

Cryptocurrency: BTCUSD – BITCOIN

Bitcoin recovery hovers on the horizon held above support at $10,400.
Technically this week, we are looking at an uptrend channel movement towards $11,000 hit back towards median and upper line major resistance with the current weakness of US Dollar

CFD: WTI – US Oil

The US dollar is facing selling pressure. West Texas Intermediate (WTI), the North American oil benchmark, is flashing green in response to President Trump’s doctors’ comments that he could be discharged from coronavirus hospital as soon as Monday.

Technically, price is heading towards inside pitchfork channel and trend still look likely a sideways but this week targeting a recovery in oil prices moving back towards $40 per barrel

CFD: DXY – US Dollar Index

Risk sentiment improves on reports that Trump could be discharged from hospital on Monday, S&P 500 futures rise, pushing the safe-haven US dollar lower.
Technically, opening week candle break below the major support lower line indicates price to move out of the box but we expecting another retest on the latest resistance for confirmation of any changes on the short-term bullish turn to bearish

However, longer-term we are looking still at US Dollar weakness major downtrend on weekly charting. This week possible move lower towards the support fibo zone if price doesn’t move back towards inside the uptrend channel

CFD: XAUUSD – SPOT GOLD

Technically, gold price struggling to move ahead above $1900 and stay after consecutive weeks of sell-off

We are focusing on a downtrend and a mid-term ranging market on gold, this week price has made reversal on major resistance upper line after hitting the highest $1917.00 last Friday.
Price is moving towards downtrend channel and high probabilities to move lower towards median support and lower line major support

FOREX: EURUSD

Technically, price above median line after made sharp reversal on major support lower line targeting price to move towards upper line major resistance level completing its cycle.
We are also looking at US Dollar weakness to boost Euro higher, a price break above upper line resistance level could bring this pair back towards previous highest 1.19000

FOREX: GBPUSD

GBP/USD trims gains on 1.2900 after touching Friday’s top of 1.2954, current price still hovering around median line still looking for direction.
Technically, price on the uptrend channel and targeting to move towards upper line major resistance and significance price still above median line.

FOREX: AUDUSD

AUD/USD consolidates the recovery below 0.7200 following Friday’s downbeat performance. US President Donald Trump’s recovery news combined with the improvement in the Australian NAB Business Survey lifted the overall market sentiment.

Technically, price has made into inside pitchfork channel and currently hovering resistance median line . We are looking at a complete cycle swing into upper line major resistance level with a confirmation of break above median would take price move higher

FOREX: USDJPY

Technically, price lack of direction still on sideways trading after made a reversal at 104.00 entering back into channel.
We are looking at price is above the median line and targeting to move towards upper line major resistance. USD/JPY is steadily inching higher, now testing the daily highs at 105.61, up 0.25% on the day.

FOREX: USDCAD

Technically, price is trading out of the box and we are expecting trend towards bearish with the current oil prices recovery.
Targeting to break fibo support towards 3.82 major fibo support level , RSI conditions also not oversold, sellers are likely to hold the reins for a bit longer.

Technical Analysis – Weekly Market Outlook 28 Sept – 2 October 2020

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CFD: S&P 500 Index

Price is entering the sideway channel pitchfork and recovery after the drops, we might see a sideline trading this week
Trend is heading towards median resistance level and a break above might bring price higher towards upper line key resistance level
However, bearish trend is still strong on the weekly we are looking at price is right below the key resistance level upper line (Weekly)

Cryptocurrency: BTCUSD – BITCOIN

Price is moving towards uptrend channel and still holding strong above $10k looking to break again above $11k range
Long term trend is bullish based on weekly analysis, this week we might see a break again above $11k towards $12k

CFD: WTI – US Oil

Technically, sideway channel pricing piercing above median and heading towards upper line key level resistance
Targeting price might trade on sideline and a bullish trend might need to head above upper line resistance key level

CFD: DXY – US Dollar Index

Technically, price is entering into pitchfork channel after looking reversal made at key level resistance fibo 1. 618 retracement level
Targeting this week, we might be looking at a pullback US Dollar. However long term is still on a bearish trend but short term bullish in place
High probability price on a retracement after hitting fibo level before continuing towards movement uptrend channel

CFD: XAUUSD – SPOT GOLD

Price made reversal at key level support lower line, it might retest again on this zone for a confirmation change of bullish trend towards median line or a continuation trend if the price breaking below lower line

Correlation between our US Dollar Index analysis this week, gold might bounce back towards $1900
However, price will move towards median resistance and a break above might see price is confirmed towards upper line resistance key level

FOREX: EURUSD

We correlated our analysis towards US Dollar Index , as most pairs are around key level (S&R)
Retracement is happening around lower line key level support and will retest for a confirmation whether price break below a continuing of bearish trend else price would bounce and we are looking back towards median line resistance level then break above will take it higher back into previous high 1.18000 area

FOREX: GBPUSD

Trend is clear strong bullish and breaking above median resistance and high probabilities looking towards key level resistance upper line
However, price might consolidate around median line before a confirmation a continuation towards the next resistance upper line level
Weak US Dollar this week might bring Pound towards the top in majors

FOREX: AUDUSD

Trend is sideway and seems like a consolidation after massive drops, this week we are targeting a pullback with US Dollar weaknesses else if price break below fibo 3.82 key level support area then we might see a continuation strong bearish trend

FOREX: USDJPY

Price made reversal upper line key level resistance and might retest again (consolidation at this area) before making a move towards downtrend channel for confirmation
US Dollar weakness might take this pair towards median line support level and long term still looking at a strong bearish trend on our weekly analysis, we are looking price to move towards key level support

FOREX: USDCAD

Looking at familiar pattern M top, price made twice reversal on key level fibo 3.82 resistance and targeting price to move back towards possibilities inside the channel
Stronger WTI crude oilwould and US Dollar weakness would sync into our analysis, however we are looking at long term trend is still on strong bearish
Breaking above trendline resistance on weekly would confirm a towards a change into bullish trend

Technical Analysis – Weekly Market Outlook 21 – 25 September 2020

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CFD: S&P 500 Index

S&P 500 futures down over 1.50% as risk-off mood remains at full steam, current price break below support key level
Technically, setup out of the box looking at a new price change of trend towards bearish is high and targeting price will break below and retest towards fibo support level

Cryptocurrency: BTCUSD – BITCOIN

Bitcoin is on its third positive consecutive session in a row on the dominance chart and points to strong market share increases
Weekend saw one attempt by Bitcoin towards $11000 but fail to break above median key resistance level , expecting price to consolidate around median then high probabilities head back above towards upper line key resistance level

CFD: WTI – US Oil

Prices drop from $41.18 to begin the week made reversal on upper line key resistance level , targeting bearish trend price move inside downtrend channel
Break below median key level support could bring price back towards previous low

CFD: DXY – US Dollar Index

Technically, US Dollar seems to have increase demand on earlier trading this week after re bounce/reversal made on lower line key level support
Although the trend on consolidation a sideway trading looking for a fresh direction to breakout, price current pointing towards uptrend channel and we expecting to hit the previous high for a breakout above-median key resistance line
Hitting above the median could bring US Dollar higher and stronger correlation broadly towards most major pairs

CFD: XAUUSD – SPOT GOLD

Technically, pointing pitchfork towards downtrend after several failed attempt to break above upper line resistance key level
Price will test to break below $1932 key level support towards median line , a break below median could bring price lower to next level support at lower line
However price is looking trading towards south but an increase of demand in US Dollar could drive Gold move lower to retest on previous $1902

FOREX: EURUSD

Technically, price made several attempts to break above the resistance key level but failed and we are looking at a downtrend channel.
This week we are looking at high probabilities trend to move lower on US dollar demand and spike in coronavirus cases on europe
Targeting a price break below key level support median line could bring price to move further lower for fresh key level support at 1.16000

FOREX: GBPUSD

GBP/USD drops below 1.2900, risk-off sentiment worsens and boosts the haven demand for the US dollar. UK’s health authorities mull lockdown restrictions. Chancellor Sunak may extend business support loans.
Technically, price made a reversal on the key resistance level upper line towards median key support level . Break below median could bring price towards lower line fresh support level at 1.26500

FOREX: AUDUSD

Broad US dollar demands bring most major pairs lower as from our technical point of view, downtrend channel price heading lower towards for a fresh new key level support.
Although trend looking towards the south trading on a range, expecting price to break below median line and the next key level support would be at lower line

FOREX: USDJPY

USD/JPY is technically oversold, current price has shown breaking below lower line key level support and will retest bottom support fibo level
We are looking at fresh bottom would hit towards 2.618 fibo support for a retracement, strong bearish is confirm

FOREX: USDCAD

Pickup in the USD demand pushed the USD/CAD pair back above the 1.3200 round-figure mark during the early European session
Targeting bullish week towards US Dollar demand and technically breaking above resistance key level upper line is high, making new high and a fresh direction

Technical Analysis – Weekly Market Outlook 14 – 18 September 2020

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CFD: S&P 500 Index

S&P 500 extends its corrective setback and we see a bounce on key level support at 3.82 fibo major cycle targeting price to move back towards uptrend channel
Technically on our weekly mapping, price hold steady above major key level support and expecting this week price correction before a change of trend towards bulls

Cryptocurrency: BTCUSD – BITCOIN

Bulls strike back, price steady moving above $10k with price confirm its move towards inside channel nearing median key resistance level
Targeting next level a break above median resistance could bring price heads towards $11k upper line key resistance level

CFD: WTI – US Oil

Price is on consolidation trend and looking to drop further to retest key level support fibo 3.82 with our weekly mapping price is trading below median resistance indicates strong bearish in control
Current global sentiment with Iran, coronavirus on Europe is rising and this week OPEC meeting could drive black gold to drop further lower as sellers in control

CFD: DXY – US Dollar Index

Technically, Friday’s candle close below resistance key level & pricing is still pointing towards downtrend channel (Weekly mapping) see link related to ideas
We are still looking at choppy trading which is still trade below 94.00, price also made reversal on 2.618 fibo resistance key level on a downtrend channel

Trend is strong bearish and current consolidation looking for direction but anyhow on the longer timeframe we are expecting price to move lower towards median key level support on our weekly charting unless price break above 94.00 then indicates confirmation on new trend towards bullish

CFD: XAUUSD – SPOT GOLD

Trend is clearly on a range, looking for direction & downside seems limited after reversal last week hit lower line key level support
Bull trend fight back and move towards median line , price steady around $1950 and technically we are expecting trend to complete it cycle towards upper line key resistance level this week

FOREX: EURUSD

Price made reversal and several attempt on strong key level support lower line and currently steady around median line trading at around 1.1850, holding up its gains.
This week markets are optimistic about a coronavirus vaccine and shrugging off rising European cases. Investors await EZ figures and the FOMC Fed rate decision.
We are targeting price to hit towards upper line resistance key level and bullish trend still in intact although price is on a range/consolidation looking for fresh direction

FOREX: GBPUSD

Technically view, price is entering into channel trading above 1.28 after consolidation dan made reversal on key level fibo support 1.618
Daily mapping view price hit towards major key level support and we are expecting price to re bounce this week, rising amid market optimism and ahead of a critical debate in parliament. MPs will discuss a controversial deal that violates the Brexit accord with the EU

FOREX: AUDUSD

Price stuck in a range below 0.73000 and looking retesting below key level resistance, a break above could bring this pair towards median line resistance back to previous high 0.74000
Clearly AUD/USD pair lacked any firm directional bias and remained confined in a narrow trading band, Price would drop further lower with current trend which showing trade out of the box setup if price unable to push above uptrend channel with current situation the US Dollar remain strong

FOREX: USDJPY

USD/JPY remains on the defensive amid a weaker tone surrounding the greenback near 106.00 mark
Doubts about the US fiscal stimulus measures kept the USD bulls on the defensive. The risk-on mood undermined the safe-haven JPY and helped limit the downside.
Technically, price is currently hovering below median resistance key level looking to further drop towards lower line key level support

FOREX: USDCAD

Price is currently above the channel and consolidating, we are looking at out of the box setup and high probabilities bullish trend amid of current situation with US OIL WTI dropping further lower
Technically, market structure is bullish formation and we are targeting price to move towards fibo resistance 2.618 for another retest at this area

Technical Analysis – Weekly Market Outlook 7 – 11 September 2020

By | Weekly Analysis

CFD: S&P 500 Index

Price is holding strong bounce back towards inside channel lower line key level support and technically we are looking at uptrend channel
Targeting price to climb back and moving towards median line resistance level

Cryptocurrency: BTCUSD – BITCOIN

Price to drop further lower as price breaking below the key level support lower line.
Confirmation of trading out of the box and targeting to retest key level support below $9,000 towards $8,500

CFD: WTI – US Oil

Trend is strong bearish after a fall below $40 per barrel and we are looking at a further drop towards fibo 3.82 key level support

CFD: DXY – US Dollar Index

US Dollar remain strong & closed the week with gains against most major rivals, last Friday NFP US employment figures recovered 1.37 million jobs in August.
Unemployment rate improved to 8.4% better than previous 10.2% and Labor Force Participation Rate increased by 61.7%.

Technically, price is entering into uptrend channel pitchfork and short-term trend is bullish , targeting price movement would head towards median line key resistance level for another retest.
We are still looking at long-term range trading at the moment.

CFD: XAUUSD – SPOT GOLD

Price is breaking out of the line and we are looking at continuation of bearish trend towards fibo key level support 3.82
Trend is on the sideline but high probability opportunities price to further drop lower if fail to climb above the uptrend pitchfork channel

FOREX: EURUSD

We are looking at price to break further lower as trend is showing out of the box pattern a reversal of trend towards bearish
Targeting price to hit and retest key level support around 2.618 fibo 1.17500

FOREX: GBPUSD

Price is getting out from the box and looking at strong bearish trend towards to retest key level support at 2.618 fibo
Current strong US Dollar comeback would take

Technical Analysis – Weekly Market Outlook 24 – 28 August 2020

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CFD: S&P 500 Index

S&P500 rises steadily with expectations of further stimulus from governments and central banks
The global stock market capitalization – the amount of money required to buy every single share listed on the stock exchanges across the globe at the current market price – reached an all time high of $89.7 trillion last week, as noted by popular macro analyst Holger Zschaepitz.

Technically, trend is pushing higher and pointing towards upper line channel steadily above median targeting to reach and record higher resistance level at 3480.00

Cryptocurrency: BTCUSD – BITCOIN

Bitcoin consolidate making recovery after hitting low $11,300 during weekend session and currently trading at $11,800 bouncing off the fibo channel support

Technically, Bitcoin is trading on range but highly towards bullish after a break inside pitchfork channel, key resistance level still high on $12,500 and a break above median would bring Bitcoin towards $13,000

CFD: WTI – US Oil

US dollar’s strength and the coronavirus (COVID-19) fears could be cited as negatives, storms marching towards the Gulf of Mexico are the latest positives for the black gold.

Technically we are looking at sideline range trading after declining from top $43 and currently trading around $42.5, key level support would hit lowest at 41.5 lower line

CFD: DXY – US Dollar Index

US Dollar reclaimed the 93.00 barrier pullback towards inside pitchfork channel and we are looking at price heading towards upper line to retest key level resistance 93.65

Technically, price is currently consolidating however long term stay on strong bearish trend .
A break above upper line might indicates a pullback on higher timeframe (weekly) or a change of trend towards bullish

CFD: XAUUSD – SPOT GOLD

Current US Dollar strength pullback from the multi-month low could be considered as the major reason for the weakness in bullion, vaccine hopes and equity gains exert downside pressure.
Gold drops below $1,950 early monday Asia session, it’s a second consecutive weekly loss.
Technically, we are looking at price to head towards key support level on lower line to retest 12th Aug previous low level

FOREX: EURUSD

Weekly chart clearly showing range trading EURUSD pair, tehnically we are looking at high probability price risk falling to key support level at 1.16500 lower line area

Indicator crosses into negative territory indicating a bullish to bearish trend change but be alert that we are still on sideways channel

FOREX: GBPUSD

Cable is trading around 1.31 stable as markets await developments on the furlough scheme and another round of Brexit talks is weighing on the pound.

Technically, with the current US Dollar strength could pull the pair into downwards trend towards lower line key level support at 1.29 area with a break below median would strengthen bearish trend supported RSI current negative territory

FOREX: AUDUSD

Our view on markets situation correlates between major pair versus the US Dollar strength which affect GBP, EUR, AUD pointing downwards pitchfork channel
Technically, a break below median line could mark the pair slide back towards key level support at 0.708 on lower line and long term trend is still looking pretty much sideline at the moment

FOREX: USDJPY

The pair’s rebound from 105.10 support and we are looking at sideline on long term weekly chart and 4-hourly (week) uptrend pitchfork channel.
Resistance would be at 106.50 on median line previous level was on 3th Aug, a break above channel could bring high probability towards upper line key level resistance at 107

FOREX: USDCAD

USD/CAD recently recovered from an upward sloping trend line stretched from August 19. Buyers are targeting the 1.32500 key level resistance on upper line with US Dollar recovery

Technically, price would need to re-bounce key level support lower line to make a move towards breaking above median line and target key level resistance on upper line

Technical Analysis – Weekly Market Outlook 17 – 21 August 2020

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CFD: S&P 500 Index

Price stay near six month’s high defy last Friday losses, futures pick-up above 3,370 during Tokyo session. Risk barometers recently gained from the news that the US Congress will reconvene later this week. Even so, the coronavirus (COVID-19) woes and the US-China tussle keeps the risk-on mood pressured.
Technically we are still looking at bullish uptrend channel and high probability downside is limited as price steady inside current channel.

Cryptocurrency: BTCUSD – BITCOIN

Bitcoin and other major cryptocurrencies are extending range trading over the weekend and price still hold steady above $11,000.
Technically our main focus is price to hold above $11,000 towards $12,000 on uptrend channel, targeting price to break key level resistance on median line to go further on next resistance on upper line.

CFD: WTI – US Oil

Prices on WTI keep trading without clear direction but the target on upside remains at $44.00 mark per barrel.
Price steady holding above $40 per barrel and we are looking technically towards uptrend channel towards a retest on median resistance key level on this week.

CFD: DXY – US Dollar Index

US Dollar remain weak after bullish attempt last week hitting 93.91 and made reversal on upper line and return towards median line.
Current price is moving towards lower line after breaking below median support and we are still looking at downside remain strong.
Expecting ended this week towards lower line key level support.

CFD: XAUUSD – SPOT GOLD

Gold remains on the back foot for the second consecutive day while ignoring the mixed catalysts. Price made strong reversal near $1,900 then seesaw around $1,950.
We are looking at short-term range trading between inside pitchfork channel a break above $1,970 towards key resistance level at $2,030.

FOREX: EURUSD

EURUSD holds on to its long-term bullish bias and for a second consecutive week, the pair is still closing with modest gains above 1.1800 level on greenback weakness supported.
On technical view price steady inside pitchfork channel with opening weeks breaking above median looking towards upper line key resistance level.
We are targeting price to hit upper line for a retest and however short-term range trading still holding strong.

FOREX: GBPUSD

GBPUSD steady above 1.3000 with current US dollar weakness favors the bulls.
Cable stay beyond short-term range trading inside pitchfork channel and we are still looking price towards moving uptrend heading to retest on median/resistance upper line.

FOREX: AUDUSD

AUD/USD extends Friday’s gains hitting 0.72431 last week highest since February 2019 still holding bullish bias.
Looking at technical level price steady inside pitchfork channel and strong short-term range trading in place.
After price made reversal at support key level last week closing around median line last friday, opening this week targeting price to look for resistance key level upper line.

FOREX: USDJPY

US Dollar fell against all other majors on last Friday after rise in USDJPY from 105. xx to 107. xx then fall back towards inside pitchfork channel.
Technically, price is currenty hovering inside channel and targeting towards support key level on median/lower line.
We expecting short-term range trading in place between pitchfork channel with US Dollar weakness and bullish in USD is fading.

FOREX: USDCAD

USDCAD drop to seven month lowest since January 30 with six week down channel and the decline of the US Dollar against all majors.
Technically it will try for another break towards 1.3190 key level support and our pitchfork is pointing downtrend channel and we are targeting price go further lower.
Break below key support level will bring another leg towards downside further median to lower line support level.

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.