Hi Traders! Forex Weekly Forecast Text Format February 9th to February 14th 2020 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 text format of the Forex Weekly Forecast prepared for you specially by my team:
In this pair my view remains the same from the last week, after the daily triple cycle, currently it looks like the price is in a corrective mode, this correction could happen in the form of two waves down.
Or alternatively it might happen in the form of a range.
This or the other way around, the plan remains the same for us, that is to sell the rallies with bearish evidences. If you are already in the sells then manage your trade and enjoy your profits. An ideal target for the bears if they continue to have the control here would be the 50% fibonacci retracement (we also have a strong clearance zone around this area) of the daily triple cycle.
If the bears continue the momentum to the downside then I believe the price might start to slow down when the daily and H4 chart starts to face the bullish divergence.
In this pair our plan from previous week was to look for a false break followed by the creation of higher highs for buy retraces. Or alternatively we were expecting the price to create a bullish trend pattern. We are still following this setup, it never happened yet, the price is still below the high shown in the screenshot below, which we wanted the price to break.
The price has not created the bullish trend pattern as well in the form of three higher highs, higher lows (we have got only two higher highs, higher lows as of now).
So we need to wait here with a bit more patience based on this longer term scenario.
In this pair our bullish plan from previous week got invalidated and based on the current scenario my view is bearish here. We may expect possible double wave correction after the daily triple cycle which ended with a bearish divergence. The ideal target for this pair would be the important technical support zone shown in the screenshot where the 50% fibonacci retracement level of the daily triple cycle and the 100% fibonacci extension level of the first wave we have coincides.
Pay attention to the fact that if the price creates a bullish divergence on both daily and H4 chart then it would be a warning sign for us to cash out.
On the daily chart we have a triple cycle to the upside with bearish divergence, we may now expect possible corrective cycle to the downside.
On the H4 chart during the week we got a bearish trend pattern and then we got a false break at the bottom and top as shown in the screenshot below, so we might get a possible range correction. This is why my view is bearish here.
Pay attention to the correction shown in the screenshot below because if it breaks above the falling trend line then this becomes an ABCD correction. If this happen then our bearish view will be invalidated.
We also have a bearish trend pattern on the H1 chart here, so sell the rallies with bearish evidences is my plan here. If the price suddenly goes above 61.8% fibonacci retracement zone in one straight move then this bearish view will be invalidated.
On the weekly chart we have a bearish trend pattern and currently it looks like a correction is happening in the form of double wave to the upside.
On the daily chart we have a bullish trend pattern and currently it looks like a correction is happening in the form of double wave down. What I want to see here is the turn around and the break of the most recent downtrend line.
Once the daily trend line is broken, I want to see the creation of bullish trend pattern on the H4 chart, I may then look to buy retraces with bullish evidences.
In this pair on the H4 chart the price moved lower and reached the important technical support zone, completed the bullish divergence and is currently moving higher.
The way I see this pair right now, we had a triple cycle to the downside on the H4 chart and currently I believe we are in a corrective cycle. This corrective cycle could happen in the form of two waves.
Or alternatively this corrective cycle could happen in the form of some sort of a range.
Buy dips with bullish evidences would be my short term plan here.
On the H4 chart we didn’t get a down trendline breakout as we expected, instead the price created a bearish trend pattern followed by a double wave correction and broke below the most recent uptrend line. Currently the price is recreating the bearish trend pattern
Looking at the daily chart we can see that there is nothing that prevents this bearish continuation. In my POV the price is developing a bearish trend pattern and the last leg of this pattern is a bearish trending pattern by itself on the H4 chart.
On the weekly chart based on the fibonacci expansion levels of the cycles we have, we can see that the next possible zone for a potential bullish trend to start is the area shown in the screenshot below.
There is no ending bullish divergence on the H4 chart so personally I think we are in a clear bearish view.
If the price moves higher in one straight leg and breaks above the 61.8% fibonacci retracement level then this bearish view will be invalidated.
In this pair according to the daily chart we have a triple cycle and I will not be surprised if the price continues in the corrective cycle. This corrective cycle could happen in the form of two waves.
Or alternatively in the form of a range.
On the H4 chart we had an ABCD correction with bullish divergence and then the price broke above the most recent downtrend line. This is where the bullish power came into play.
This break of the trend line happened with a bullish trend pattern and then we had a retrace in the form of ABCD correction with bullish divergence, then the price moved higher and broke above the most recent downtrend line on the H1 chart which is a beautiful sign for us. This is a good example of perfect synchronization of timeframes.
In Cotton we were expecting continuation lower and nothing really changed since then, my view still remains bearish here.
The only thing that I would be paying attention to right now is the way the H4 chart starts to slow down. The price starts to create some signs for bullish divergence, so I would not be surprised if we start to experience some retraces from the important technical support zone shown in the screenshot below. As long as the price holds below the 61.8% fibonacci retracement zone we may look for corrections and then possible continuation lower. If the price breaks above the 61.8% fibonacci retracement zone in one straight leg then this bearish view will be invalidated.
The way I see this, we may expect possible corrections in the form of two waves.
Or alternatively in the form of a range.
Currently it seems like, sell the rallies with bearish evidences would be the right thing to do here.
In Oil on the H1 chart we currently face expanded three higher highs, higher lows followed by two waves correction. The way i see this, if we manage to break above the downtrend line shown in the screenshot below, we may expect further continuation higher.
Alternatively if the price creates three lower highs, lower lows pattern as shown in the screenshot below.
Then according to the daily chart we should see the continuation to the downside until the price recreates a bullish divergence. The important technical support level to pay attention to in such case is the one shown in the screenshot below,
In Ethereum the price is approaching an important technical resistance level and I believe this is where we might start to see the slow down. Also pay attention to the extreme zones that the market in approaching. I believe we might face some corrections here and then possible continuation higher.
The H4 chart starts to round slowly as you can see on the screenshot with a bearish divergence.
The H1 chart is the place where we start to face the false breakout and the slow down. Once we create the three lower highs, lower lows pattern I believe the correction is going to take place.
The Bitcoin is continuing its momentum and approaching to the important technical resistance zone and the price is slowing down with a bearish divergence.
The H4 chart is rounding as well with its bearish divergence and on the H1 chart we already got one false break, we might experience a second one as well. If the price breaks below the low shown in the screenshot below with the price creating a bearish trend pattern, then this is likely the place where the correction is going to begin.
I believe in the longer run, Bitcoin is still bullish.
Note: Bullish evidences could be in the form of candle stick patterns, false breaks, trend line breakout etc… supporting the bullish view and bearish evidences could be in the form of candle stick patterns, false breaks, trend line breakout etc… supporting the bearish view.
I invite you to join me in my live trading rooms, on daily basis, and improve your trading with us.
Also you can get one of my strategies free of charge. You will find all the details here
I wish you a wonderful trading week
Yours for your success,