Hi Traders! Forex Weekly Forecast Summary May 19th To May 24th 2019 is here. My team and I always continue to work very hard for you and your success and as we do every week, we have prepared two great gifts for you!
Forex Weekly Forecast Video:
And here is the summary of the Forex Weekly Forecast prepared for you specially by my team.
EURGBP D1 Chart:
In this pair the expectation remains bearish in terms of cycles. The price reached the bottom of the range and the turn around happened with a piercing pattern and a beautiful bullish divergence.
EURGBP W1 Chart:
On the weekly chart the main thing came to be the double bottom with bullish divergence on the histogram. Based on the cycle we are still in the triple and the main idea is to let the rallies happen and then sells. We may experience double wave down.
Based on the short term the last divergence on the weekly and daily is bullish. On the daily chart we have a breakout above the last high and the price is getting out of the ranging pattern, this opens the door for the possibility of two waves correction for the cycle. We may expect a hit from the critical zone shown in the screenshot, corrections and very likely one more rally.
In terms of Bollinger Band we have one straight move from one band to another. Based on the BB we may expect a turn around from the critical zone shown in the screenshot and then possible second leg to develop.
EURGBP H4 Chart:
On the H4 chart we have 20+ candles ride, divergence all around, RSI is above 80 thus making the zone shown in the screenshot a very good one.
Based on the Crystal Ball statistics we have very powerful days such as 17th,
So I will not be surprised if the H4 critical area acts as a resistance zone and we will see some turn around principles, providing the next bottom to hold, making some bullish setups with bullish evidences and then I may start looking for the next short term buys.
EURAUD D1 Chart:
In this pair we were looking for sell setups at the end of the rally, top of the range or from fibo levels. On the daily chart the price reached the top of the range but never provided us the turn around. Alternatively the price moved all the way higher, all the highs and lows are going up.
EURAUD W1 Chart:
On the weekly chart my view is still bearish based on the cycle but according to the weekly we don’t have any evidences for sells. We don’t have any bearish evidences on the daily as well so we can’t make any long term decisions.
EURAUD H4 Chart:
On the H4 chart we have a critical zone that has formed, the price has created a beautiful divergence (But pay attention to what happens after the election). The area shown in the screenshot could become very critical and may start to make short term moves lower. I would be looking for sells with bearish evidences.Based on the Crystal Ball statistics the critical days to pay attention to are 18th, if it doesn’t hold at the beginning of the week with the election then the next days are going to be way further, that is at the end of the month and the beginning of the next month.
EURNZD D1 Chart:
In this chart we were looking for correction according to the daily chart with the daily divergence. The price has reached the 61.8 level, divergence is in play, I would expect pullback from the current zone or slightly higher. I would definitely be expecting the price to start pushing lower.
We should pay attention to the critical levels, we should be looking for bearish evidences. One of them is at the current level around the 1.71 area. The next one is around 1.73+ area and these are the places where we should be looking for the bearish evidences. Then once the price creates the bullish hidden divergence my plan would be again to look for long term buys with bullish evidences.
In this pair our plan was to look for sells. On the H4 chart the price broke below the range as shown in the screenshot and provided the sells.
The weekly chart is still bearish and daily has nothing yet completed against us. The critical levels to pay attention are around 0.87 area and then 0.8530 area. Meanwhile the pressure is still bearish and sell the rallies is still the plan here.
USDJPY D1 Chart:
In this pair my plan was to look for sells and it paid beautifully. Currently we are facing a bounce, the pair has created false breakout and bearish divergence and now we are building here a bearish convergence. My plan here is, as long as the invalidation level holds, I may look to sell the rallies with bearish evidences. I would not be surprised if we continue in the bearish direction.
AUDNZD D1 Chart:
In this pair we were looking to trade the break of the trend line and we expected the price to reach the previous highs or even more and the price moved exactly as per our plan. Since then we got a double top and a reaction to the downside. My long term plan still remains bullish and I would be looking for bullish setups.
We don’t have any bullish evidences at the moment but I would pay attention to the critical levels as per the Crystal Ball. Based on the statistics 24th is a critical day to pay attention to and if we come slightly lower we have a massive critical area as shown in the screenshot and we may look for bullish setups with bullish evidences.
As per the fibo levels the price is currently in a critical area and if it doesn’t hold then the price might move closer to 1.04 (slightly higher or lower) and we may expect a fight from there.
EURCAD W1 Chart:
On the weekly chart I expect this pair to start its second push lower and ideally to reach the 61.8 fibo level or may be even the 100 fibo level.
EURCAD D1 Chart:
On the daily chart if we measure the first leg down the 61.8 fibo reaches almost the same level of the weekly. Currently the price is building up some kind of triangle pattern after the trending structure shown in the screenshot, break below this triangle pattern should be a great continuation to the downside.
EURCAD SPT Scanner:
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Based on the scanner both the weekly and daily swings are bearish and also the cloud becomes bearish. The trend scan has turned red as well as shown in the screenshot.
By the way the H1 chart already sets a good hint as you can see in the screenshot.
GBPAUD W1 Chart:
On the weekly chart based on the cycle we are in a bearish view, and we have bearish divergence on the histogram. Its a beautiful blockage with false break and dark cloud pattern
GBPAUD D1 Chart:
On the daily chart we have kind of a triple cycle and we have divergence with the moving averages and kicker candle pattern on the top.
In this pair as per statistics we are approaching critical days in the 20’s, it is very possible that we are going to see some pullbacks to the upside here.
NZDUSD Daily Chart:
On the daily chart we have 20 candles ride already on the Bollinger Bands. So short term bounces are acceptable here and I would assume we are going lower since sell the rallies would be the plan here.
NZDUSD W1 Chart:
On the weekly chart I believe the price is heading towards the magnet zone of the cycle. So sell the rallies with bearish evidences on the daily chart should be a good opportunity.
NZDUSD H4 Chart:
On the H4 chart I would not be surprised if we face some pullbacks around the area shown in the screenshot. Sell the rallies with bearish evidences would be the plan here.
Oil D1 Chart:
In Oil our plan was to sell the rallies and I still think we are still in sell the rally structure and I believe the price might move as shown in the screenshot. As far as the invalidation level holds, we may look to sell the rallies with bearish evidences.
US Dollar Index
US Dollar Index D1 Chart:
In this we were looking for break of the trend line or we were looking for bearish evidences on the new high. This is pretty much whats happening right now. We are waiting for the next divergence to form and then we may look for the next sell opportunities with more bearish evidences.
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