AlgoVenture

AlgoVenture

EURUSD had another bearish week right after a short recovery from the week before, essentially breaking new low again. While reviewing our past weekly forecast, it actually followed an ABCD pattern based on the weekly timeframe and shall be completed this week should the price drops further into the demand level at 1.16. The dollar has been strengthening weeks...

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Bitcoin has remained bullish for the 5th consecutive week and it has now regained more than 50% of its previous losses. There's been a growing sentiment that the crypto-market has resumed a bullish trend as demand for crypto payment is growing in different sectors. but right now, bitcoin is about to face a very key supply level around 50,000 mark and may bring...

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WTI just recorded another record-breaking drop in a week, showing no sign of stopping even in the last trading day. The oil price has definitely reached an extremely overbought level and it should not be any surprise to see major correction like this. Do keep in mind that oil is still in a bull market and it's very likely that oil demand will reach another...

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Nasdaq pretty much recovered from a dip last week and is about to retest its current high at 15170. For the past couple of weeks, we have been waiting for a major correction in the stock market amid a strong sentiment of tapering from the Fed. Ironically, both the S&P and Dow continued to break new high except for the Nasdaq which continued to range around...

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The gold plunged to a 14-month low at as the market opened last week. It quickly made a sharp rebound and continued to climb through the rest of the week, showing a build up in the buying momentum. As of current, the gold may face some resistance at the FR618 level, and slightly higher will be the breakout level at 1795. This week, we expect the market to shed...

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EURUSD broke lower at the beginning of last week but ended with a strong bullish candle on the last trading day. The strong bullish rebound came from the lowest point of an 8-month market range which helps explain the rebound itself. Despite growing sentiment of a rate hike by the Fed, the dollar has already strengthened for the last 3 months. That means there...

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Bitcoin has turned out just the way we have forecasted, pulling back at first and eventually forming another bullish wave. It has even broken above key resistance level at 42000 over the weekend and will certainly invite more buyers at this point. However, Bitcoin is about to face the real challenge, the key supply zone around the price of 50000. Although we've...

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WTI gained a little at first and fell through the week by more than 6 USD. This is due to a surprise increase in the US oil inventories, showing that the delta variant might have a huge impact in curbing the demand for oil. At the same time, the OPEC+ has also agreed to increase the oil supply to keep oil prices from going higher. Nevertheless, as most...

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Nasdaq continued to climb higher but, forming 3 consecutive bullish candle before finally turning bearish on last Friday. Interestingly, Nasdaq is the only US indices that turned bearish whereas both the Dow Jones and S&P were still bullish. This is because Nasdaq is heavily fueled by stimulus and a strong NFP data last Friday signals for the tightening of...

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Gold had the biggest drop in 7 weeks, wiping out all gains previously and is now back to 4-month support at 1760. The gold has struggled to make any progress since it reached a high of 1830 and consolidated for more than 3 weeks, and it finally lost its grip amid a strengthening dollar due to a strong US labour market. As of current and despite a strong selloff...

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EURUSD has wiped out gains from the week before last, sending the price back to 9-month support at 1.1750. This is mainly due to a robust US labour market that prompts the Fed to tighten their ultra-loose monetary policy and helped strengthened the dollar. The buying of the dollar is likely to continue as such and we are expecting a temporary breakout of the...

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Bitcoin made a comeback with a lot of firepower behind as it climbed for 10 consecutive days, rising from 30000 low to 42000 high. This is certainly not just a major pullback from the recent bearish trend but potentially the new bullish trend. However, for the price to pullback beyond 40000 is totally within expectation as the key supply zone is still a little...

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Nasdaq fell this week as it has potentially completed the final wave of a bullish Elliott wave. And as mentioned in our previous forecast, this is also a repetition of a combined ABC corrective and impulsive pattern started from September 2020. If this repetition were to yield the same result, we will be expecting a major pullback in the coming week. As of...

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WTI climbed throughout the week and broke above a falling trendline. This bullish trend came about after the recovery of a selloff in the previous week where OPEC+ agreed to increase oil supply, leaving a long lower shadow in the weekly timeframe. The entire rebound also showed a strong support by the 63 and 126 MAs thus a sign of a strong bullish trend. This...

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Gold was very well supported at the resistance turned support level 1795. Last week, the price managed to rebound higher but faced with significant rejection as it retest the current high at 1830. At the end of it, it was somewhat able to close with a higher low and that gives the bulls a little more advantage. This week, we will be looking for buy opportunity...

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EURUSD broke above a falling wedge as it climbed for 4 consecutive days before facing resistance on the last trading day. The bullish reversal came about from the bottom of a bigger range as well as a key demand zone at 1.1760 area. With a strong breakout and reversal from a key level like this, this could already be the beginning of a new short-term bullish...

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EURUSD found support at 1.1760 and has started to reverse as it broke above a falling wedge, arguably a Elliott triangle of the final Elliott wave. We will be looking for a buying opportunity as the price has already pulled back to the 61.8 Fib level, and the bottom of a probable rising channel. Our main target will be somewhere just below 1.1900 where there's...

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Bitcoin managed to push away another attempt to break lower and climbed throughout the week. There's been statements going around by bitcoin market leaders to support Bitcoin and that they are holding and may buy more again. Nevertheless, this rebound could still be very temporary as the market is expecting a strong buyback at a much lower price and it probably...