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In this pair on the daily chart the price is in a corrective cycle of the triple double cycle shown in the screenshot below, I would not be surprised if the price continues to the upside.
Considering that the daily is a corrective cycle, the first daily leg was a cycle by itself on the H4 chart and the current leg is not, this is why I consider this as a possible opportunity for continuation.
Alternatively if the price creates one more low in the H4 chart then it changes to bearish trend pattern in that it would invalidate the bullish view and the buys will not be relevant any anymore.
As long as it didn’t happen I would expect this pair to continue and complete the second leg to the upside and then complete it with a bearish divergence, then most likely we would be looking for the sells again.
Basically the best scenario here would be if the weekly could deliver us a visit to the opposite band in the Bollinger Bands indicator this is why I think this pair might be under bullish pressure in the upcoming weeks. We will follow up closely to see how this develops.
In this pair on the longer term I think we will see something like what is shown in the screenshot below.
But in the short term, watching on the daily chart we can see that the price has created a triple cycle and while measuring the levels of this cycle using the fibonacci expansion, we can see that the price is in a very strong technical resistance level in my POV. Basically this is a triple descending cycle and we can clearly see a slow down. In my POV the area shown in the screenshot below is a massive one (we also have the psychological 122.50 and a strong technical resistance zone around this area) and currently we also have a bearish divergence.
On the H4 chart we could see the verification to the daily cycle, the price bounced from a double bottom and then we have sort of a turning pattern to push to the upside. The price then created a bearish divergence and currently the price is starting to create lower lows.
If we take a look at the H1 chart, we have the H4 chart lower lows but the trending condition is still to be created so I want to see trend change pattern, if we manage to get a bearish trend pattern, we may then discuss about sell the rallies.
And then we may expect a corrective cycle as shown in the screenshot below. where from very likely we may see some bullish opportunities.
The invalidation for the bearish scenario would be the 61.8% fibonacci retracement level on the H1 chart, if the price suddenly goes above this level in one straight leg then the bearish view will be invalidated.
In this pair the bearish pressure is here yet but I believe its soon coming to an end. On the weekly chart we have a developing triple cycle and the bullish divergence is not yet completed.
The daily has a massive run, also the MACD indicator after crossing is going to the negative side, also on the RSI indicator we can see the the price is touching the area of 20, which is a clear slow down. We also have more then 20 candles ride on the Bollinger Bands indicator (on the lower band).
So I believe the closer we come to the area of 1.07, 1.06 the more serious the slow down is going to be. I believe the bullish divergence shown in the screenshot below is going to complete and most likely we are going to see some false breakout forming and after that, then we may wait for the downtrend line breakout and higher highs to happen. I think this should happen from the zone shown in the screenshot below.
Meanwhile the pressure remains bearish but as you start to see the slow down and as I just explained above, the rounding bottoms, false breakout and bullish divergences coming in play you should know that its time to take the money from the sells and start looking for the bullish evidences (candle stick patterns, false breakout, trend line breakout etc…) and buy opportunities.
In this pair we got what we wanted to see on the H4 chart, that is double wave correction and the price is currently breaking below the most recent uptrend line. Nothing significant yet as the price is still holding here some range, we need to see the price continue and gain momentum.
if it manages to do so then it will be a good continuation to the downside for one final low with the bullish divergence and then very likely we might get massive rallies.
As for now, as long as the top shown in the screenshot below holds I would be looking for sell opportunities with bearish evidences (candle stick patterns, false breakout, trend line breakout etc…) the price might rally before the possible sells but as long as the top holds my view remains the same here. If the price breaks above the last top then it would invalidate this bearish view.
The H4 chart fits in perfectly here and now the second leg is developing, we got the two waves and a breakout. So in my POV this pair has some more to go to the downside.
I believe on the daily chart we should see the two legs completing itself, it should happen somewhere around the technical support zone shown in the screenshot below very likely with a bullish divergence, we may then discuss about further buy opportunities.
I have the similar view as that of GBPUSD on this pair as well. On the daily chart we had a bullish trend pattern which ended with a bearish divergence and then we expect a corrective cycle to happen.
When we put together the fibonacci retracement of the triple cycle and the fibonacci expansion of the developing double cycle, the 50% fibonacci retracement level and the 61.8% fibonacci expansion coincides on the same zone which makes this area a very strong technical support level where I expect this pair to reach. So my plan remains bearish and sell the rallies with bearish evidences (candle stick patterns, false breakout, trend line breakout etc…) is still the plan.
In this pair on the daily chart we had a triple cycle and we may now expect a retrace to happen towards the 50% fibonacci retracement zone. As you can see on the screenshot below we are very close to that zone now.
On the H4 chart once the bullish divergence gets completed as shown in the screenshot below then game over for the sells, we may then potentially discuss about further buys.
On the daily chart because of the bullish divergence I expect some corrective cycle in the form of two waves.
Or alternatively in the form of a range.
On the H4 chart we got the first leg and the correction, I would not be surprised if we see the second leg or we might get some sort of a range. Buys dips with bullish evidences (candle stick patterns, false breakout, trend line breakout etc…) would be currently the right thing to do here.
Once this is completed with the bearish divergence I would then be looking for possible sells but its too early to discuss now.
This pair paid us amazing on the previous week and currently we have no opposite divergences, this makes me think that there is more to come.
It also fits in the triple cycle from the daily chart which should basically complete some corrective mode here.
On the H4 chart I just want to see the price completing the bullish divergence and then we can discuss about buys again.
We have a triple cycle on the daily, currently it looks like a correction is happening, we have the first leg down and we may expect the second leg to develop.
On the H4 chart after the first leg down, the price has currently built here some sort of consolidation and by breaking below it, I believe the second leg should be created and completed. So I wanted to see the breakout here and the price to gain some momentum, we may then look to sell the rallies with bearish evidences (candle stick patterns, false breakout, trend line breakout etc…).
On the weekly chart the price is very likely to form here a bullish hidden divergence on the coming weeks.
The daily should complete the double wave correction, which it does with a bullish hidden divergence, we also have a massive technical support zone as shown in the screenshot below and the closer we get here and structure the reversal, the better the buys should be.
The price is currently nearing a very important zone, I want to see here a reversal ideally with a false breakout and then basically a bullish trend pattern, we may then look to buy retraces with bullish evidences (candle stick patterns, false breakout, trend line breakout etc…).
In my POV there is big room to the rallies which is yet to come. Based on the cycle shown in the screenshot below we may now expect possible corrections to happen to the upside.
I think we should face some resistance around the area shown in the screenshot below and also some slow down.
On the H4 chart we have already started to see false breakouts and bearish divergence taking place, I believe reversals should happen from the area shown in the screenshot below. After the reversal takes place, mark the trend line and the magnet zone. After the retraces, the area shown in the screenshot below is the place to look for the massive continuation to the upside.
The cycle shown in the screenshot below is the current ending cycle that we had on the daily chart. We had a massive bullish divergence and basically I expect a corrective cycle to happen here.
Very likely we might face another false breakout here and then very likely possible corrections to happen.
After that mark the zones based on the rising trend line, we have three important technical support zones as shown in the screenshot below, these are the places where we would want to see our next buy opportunities.
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