Forex Weekly Forecast Summary May 5th To May 10th 2019

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Forex Weekly Forecast Summary May 5th To May 10th 2019

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Hi Traders! Forex Weekly Forecast Summary May 5th To May 10th 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:

EURGBP W1 Chart:

In this pair our plan from previous week was to look for sells. So far so good, we have a triple cycle to the upside which ended with divergence and is followed by double wave down. We aim the bottom of the range or even lower. There is no divergence yet so everything remains bearish here but of course it can change any moment when the divergence ticks but as of now its bearish.

Forex Weekly Forecast Summary May 5th To May 10th 2019

EURGBP D1 Chart:

On the daily chart the price reached the top of the range and we had the trend line breakout.

Forex Weekly Forecast Summary May 5th To May 10th 2019

EURGBP H4 Chart:

We also had a bounce from the double top, bearish divergence on the MA and then lower lows. Since then we have built a structure of bearish trend (lower highs, lower lows) therefore the expectations remain bearish. The trend line was broken as well, we got the breakout, retrace and then continuation.

Forex Weekly Forecast Summary May 5th To May 10th 2019

We might see some pullbacks or fights at the bottom of the range in the zone shown in the screenshot but the idea is still bearish. At this stage we may use the downtrend line shown in the screenshot as an invalidation.

Forex Weekly Forecast Summary May 5th To May 10th 2019

 

CADCHF:

CADCHF SPT:

Important Note – The SPT strategy is available totally free for Traders Academy Club members.

If you still aren’t, I invite you to join our family – Traders Academy Club and get your SPT strategy copy, totally free.

In this pair our plan from previous week was to look for two waves down or range and then buys. We also had great signs on SPT (Swing Point Trader). In the beginning of the week we got our rally and the second leg down, its still in the range and also making two waves inside. Its all good here and still stays the same.

Forex Weekly Forecast Summary May 5th To May 10th 2019

CADCHF D1 Chart:

The idea here is still bullish and I expect this pair to push higher.

Forex Weekly Forecast Summary May 5th To May 10th 2019

CADCHF H4 Chart:

Therefore the current scenario is a corrective scenario, it might hold the range shown in the screenshot easily and might play inside it. Or alternatively the price might go and make it slightly lower with the next bullish divergence to form, all these are very acceptable scenarios and with every bullish evidence, I am personally after buys.

Forex Weekly Forecast Summary May 5th To May 10th 2019

 

AUDUSD:

In this pair we wanted to see the price pushing lower, making a low after the correction and then we are back to buys for the longer term.

Note: Keep an eye on the fundamental news. This week’s news in Australia is critical so don’t try to make the decisions based on the technical analysis that we make now, as this would be secondary.

AUDUSD H4 Chart:

In the short term we got the rally and the price created bearish hidden divergence, then we got the sells. We then got a block in the form of double bottom and divergence, so the high shown in the screenshot has to be broken if we want to discuss about the buys.

Forex Weekly Forecast Summary May 5th To May 10th 2019Or alternatively we may look for triple higher highs and triple higher lows and then we may look to buy retraces with bullish evidences.

Forex Weekly Forecast Summary May 5th To May 10th 2019

AUDUSD MN1:

My longer term view remains bullish and it is unchanged based on the cycle shown in the screenshot. So I do expect long term buys.

Forex Weekly Forecast Summary May 5th To May 10th 2019

AUDUSD W1:

Weekly doesn’t turn around yet, this is why we can’t make any conclusions as of now. The divergence is of course still bullish and it is building up, its still the same and very powerful.

Forex Weekly Forecast Summary May 5th To May 10th 2019

AUDUSD D1:

If we didn’t get a bullish turn around then the price might easily visit the lows as shown in the screenshot and take us to the desired levels of 0.69, 0.68 recreate some divergence there and then it might start to move up.

Forex Weekly Forecast Summary May 5th To May 10th 2019

AUDUSD Crystal Ball:

I want you to pay attention to the statistical data of the Forex Crystal Ball. We have a beautiful support area and mainly critical days 8th and 9th, it might happen at the beginning of the week or at the middle of the week. The closer we get to that, the stronger the low would be. We have the official low on 3rd so if it holds and makes the reversal then we have the statistical approval for the hold but we must have a higher high or a turn around with 3 higher highs, 3 higher lows on the lower timeframes. If it doesn’t happen then the price might go down very likely to 0.69, 0.68 and the next critical days will be only in the twenties.

Forex Weekly Forecast Summary May 5th To May 10th 2019

 

EURAUD:

EURAUD D1:

In this pair our plan from previous week was to look for two waves and sells. The price has created two waves and we may now start looking for the sells with bearish evidences. The price is still under the top of the range, we also have bearish hidden divergence in play.

Note: Australian news would be a main factor and we must pay attention to that.

Forex Weekly Forecast Summary May 5th To May 10th 2019

EURAUD H4 Chart:

Based on the cycle the price is at the 61.8 fibo expansion level and it is false breaking it. If it holds, we may then expect the price to move lower from there. If not we are after the higher zone which is closer to 1.61 and then we may look for the sells with bearish evidences. Currently we have all the reasons (divergence, candle structure) for sell continuation.

Forex Weekly Forecast Summary May 5th To May 10th 2019

EURAUD H1:

On the H1 chart the price already started to build two false breakouts and convergence.

Forex Weekly Forecast Summary May 5th To May 10th 2019

EURAUD H4:

If the momentum continues and the trend line is broken we may then expect a continuation to the downside. If we turn around with the news then get out.

Forex Weekly Forecast Summary May 5th To May 10th 2019

EURAUD D1:

We may expect sells with bearish evidences from the current level or slightly higher.

Forex Weekly Forecast Summary May 5th To May 10th 2019

 

EURNZD:

EURNZD H4:

In this pair our plan was to look for buys. We got a straight movement with bullish hidden divergence.

Forex Weekly Forecast Summary May 5th To May 10th 2019

EURNZD D1:

My personal view is that we are on a critical place (massive resistance, the 200 MA) and we are getting very close to the psychological zone 1.70 and we have a divergence. I think its the time to play inside a range.

Note: Pay attention to the news from New Zealand.

Forex Weekly Forecast Summary May 5th To May 10th 2019

If the news is more dovish than expected, then we might get a breakout and continuation higher for the second leg as shown in the screenshot.

Forex Weekly Forecast Summary May 5th To May 10th 2019

Alternatively if the news is Hawkish enough then the price might continue to move as shown in the screenshot before the rally.

Forex Weekly Forecast Summary May 5th To May 10th 2019So my plan in the long term was and remains bullish.

 

NZDCAD:

NZDCAD H4:

In this pair our plan is bearish on the long term and the idea here was to look for sells in two waves or a range. As for now we are moving inside a range, we got only one leg to the upside and the plan remains the same. We may expect the price to move as shown in the screenshot and then we may look to sell the rallies with bearish evidences.

Forex Weekly Forecast Summary May 5th To May 10th 2019

Or alternatively if the price develops two waves with bearish divergence then we may look to sell the rallies with more bearish evidences.

Forex Weekly Forecast Summary May 5th To May 10th 2019

 

USDJPY:

USDJPY D1:

In this pair my view was bearish and I was looking for sells. So far so good, we have no changes. The target we aim is the 38.2 fibo retrace.

Forex Weekly Forecast Summary May 5th To May 10th 2019

USDJPY H4:

In the shorter view we got two waves down with bullish divergence but it never created higher highs. Instead of that the market is trying to build the beginning of the bearish trend, if we get a third low as shown in the screenshot then sell the rallies with bearish evidences becomes the official plan.

Forex Weekly Forecast Summary May 5th To May 10th 2019

We need to pay attention to the levels shown in the screenshot (of course the price should break below the low first).

Forex Weekly Forecast Summary May 5th To May 10th 2019

 

EURCHF:

EURCHF H4:

In this pair our plan was to look for retraces and buys. We got the next portion but you need to remember the fact that after the special cycle, there are two possibilities, that is we might get a double wave correction

Forex Weekly Forecast Summary May 5th To May 10th 2019

Or alternatively the correction might happen in the form of a range.

Forex Weekly Forecast Summary May 5th To May 10th 2019Both scenarios are for the buys. I would definitely be looking for the buy setups with bullish evidences.

Forex Weekly Forecast Summary May 5th To May 10th 2019

EURCHF Crystal Ball:

If we take a look at the Forex Crystal Ball statistics, we could see that we have a bullish channel. We also have a massive area in the hold and slightly lower. The 6th and 8th are the critical days to watch out for possible buys to begin.

Forex Weekly Forecast Summary May 5th To May 10th 2019

EURCHF SPT (Swing Point Trader):

Important Note – The SPT strategy is available totally free for Traders Academy Club members.

If you still aren’t, I invite you to join our family – Traders Academy Club and get your SPT strategy copy, totally free.

If we take a look at the SPT scanner we can see that both swings are bullish in the weekly and daily.

Forex Weekly Forecast Summary May 5th To May 10th 2019

We can also see the bullish clouds, as long as it holds and the area shown in the screenshot has to become green. We have got the setup and the idea to trade.

Forex Weekly Forecast Summary May 5th To May 10th 2019

 

AUDNZD:

AUDNZD H4:

In this pair our plan was to buy retraces, we wanted bullish hidden divergence, two waves and buys. We got the two waves and the beginning of the divergence already, now its building the second leg a bit deeper. We need the divergence to form and then the price to break above the trend line, retraces and then buys with bullish evidences is my plan here.

Forex Weekly Forecast Summary May 5th To May 10th 2019Or alternatively we may look for the price to create higher highs and then we may look to buy retraces with bullish evidences.

Forex Weekly Forecast Summary May 5th To May 10th 2019

 

GBPUSD:

GBPUSD D1:

In this our plan was, if the price reaches 1.29 or closer to 1.27 we may look for bullish evidences in order to join the bulls. The price reached the 1.29 level and is holding, in addition to this the price has also broken above the trend line and we are flying.

Forex Weekly Forecast Summary May 5th To May 10th 2019

My personal view remains bullish until the invalidation level holds and I expect the rally to continue or we might see some corrections and then possible continuation of the rally.

Forex Weekly Forecast Summary May 5th To May 10th 2019

 

Gold:

Gold D1:

In Gold my plan was to look for buys. The price didn’t break above the trend line and instead the price did a retrace back and it is still holding with bullish divergence.

Forex Weekly Forecast Summary May 5th To May 10th 2019

Gold H4:

On the H4 chart the price went through all the fibo retrace levels in one straight leg without any divergences, this is a suspicious sign.

Forex Weekly Forecast Summary May 5th To May 10th 2019

So for me Gold remains bullish for the long term and it has nothing to offer on the shorter term.

Gold D1:

This trend line is critical and if the price breaks above the trend line then look for retraces and buys with bullish evidences.

Forex Weekly Forecast Summary May 5th To May 10th 2019

I do love the engulfing candle pattern and I definitely love the price dancing around the break and uptrend line. If the price breaks above the downtrend line, then we are bullish, if the price goes below then its a bad sign.

Forex Weekly Forecast Summary May 5th To May 10th 2019

 

Silver:

Silver D1:

In Silver the price broke below the last low, just to make a false breakout. Now we wanted the price to make higher highs, break the trend line and then we become bullish. Because of the bullish divergence the pressure remains for the buys. The market condition is more aggressive now so we have to be very conservative here.Forex Weekly Forecast Summary May 5th To May 10th 2019

Oil:

Oil H4 Chart:

In Oil the plan was to sell the rallies and we got it. We have some signs against in terms of divergence.

Forex Weekly Forecast Summary May 5th To May 10th 2019

Oil D1:

The expectations still remains bearish and I think there is a good chance that we are heading towards the 38.2 fibo retrace level in the longer term. We need to pay attention to the critical zone around 61, 60 psychological area, if the price holds here with the bullish hidden divergence developing then it might possibly fly.

Forex Weekly Forecast Summary May 5th To May 10th 2019

 

US Dollar Index:

US Dollar Index W1 Chart:

On the weekly chart we are building a divergence but its not clear right now.

Forex Weekly Forecast Summary May 5th To May 10th 2019

US Dollar Index D1 Chart:

On the daily chart we want the price to create lower lows or at least trend line breakout before we talk about the sells.

Forex Weekly Forecast Summary May 5th To May 10th 2019

Alternatively it can easily turn around re-build the next divergence and then it might move down. So do not rush in to decisions here.

Forex Weekly Forecast Summary May 5th To May 10th 2019

 

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I wish you a wonderful trading week

 

Yours for your success,

Vladimir Ribakov

 

 

 

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