Forex Weekly Forecast Text Format May 17th to May 22nd 2020

2
718
Forex Weekly Forecast Text Format May 17th to May 22nd 2020

Hi Traders! Forex Weekly Forecast Text Format May 17th to May 22nd 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:

For this time of the crisis we all go through – I decided to arrange a special unique offer for my followers and allow to enjoy the amazing educational center for totally free with the brokers program AND get 6 months’ access to my Traders Academy Club – FREE!

Exclusive Crisis Time Opportunity


You can get my ebooks for free here

And here is the text format of the Forex Weekly Forecast prepared for you specially by my team:

GBPUSD

On the weekly chart, the price after creating the small double wave shown in the screenshot below is currently slowing down (as we can see on the moving averages of the MACD indicator). This might be the beginning of some corrective mode and this corrective mode might happen in the form of two waves.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

Or alternatively, it might happen in the form of a range, until a new trend will start.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

The way I see this pair, drops might provide some good opportunities for the bullish view. On the daily chart, we have the first leg pushing here in some sort of three waves and ending up with some sort of double top with a bearish divergence bouncing directly from the 200 moving averages.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

We also had a beautiful harami candle pattern at the psychological level 1.25 and this currently delivers us a corrective cycle.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

Looking at the H4 chart we have the bigger two waves that have formed (that is we have three waves higher followed by double wave down). This can be measured in two ways as shown in the screenshots below.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

Currently, the price is approaching the 50% fibonacci retracement zone of the triple wave. We do have a strong support zone that coincides with the same level and also the psychological round number 1.20 and we start to see some slow down on the histogram of the MACD indicator.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

It’s too early to judge if this will be the start of a new trend. But I definitely think that in the short term with the slow down I believe the area shown in the screenshot below should be the one where we may start to see bullish divergence forming and the price might provide some interesting bullish opportunities in the short term.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

Based on the Forex Crystal Ball statistics we can see that 21, 23, and 24 are critical days. We also have a very strong support zone as shown in the screenshot below. This is where we might start to see some pushes to the upside. My short term view is bullish here.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

 

 

AUDNZD

In this pair for the long term, my view is bullish and I expect rallies to happen as shown in the screenshot below.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

For the short term view, I expect the zone shown in the screenshot below to become the top. This critical area that has formed based on the weekly and daily chart might potentially end with the bearish divergence. I believe we might face some reactions to the downside from this strong resistance zone.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

In the short term, I definitely think that this area might deliver us the correction before further continuation higher.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

Also, another important fact to pay attention to is that, out of the last seven weeks, six of them are very bullish. We also have a straight band to band move on the Bollinger bands (making about 50% deviation currently). Normally such things put more bearish pressure.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

The daily chart starts to slow down and I believe the H4 chart might start to slow down as well and provide us bearish divergence. I would be looking for bearish evidences around the strong resistance zone shown in the screenshot below to deliver us some bearish opportunities.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

Based on the Crystal Ball statistics we can see that the price is approaching the critical days 24 and 20. We could also see that the price is nearing strong resistance zones. The closer we get to these zones the stronger the bearish pressure is going to be. In my POV we are going to see some serious fights between buyers and sells around these zones.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

 

 

 

GBPNZD

On the weekly chart, the price has created a triple cycle with a bearish divergence. We may now expect a potential correction to happen in the form of two waves.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

Or alternatively in the form of a range.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

On the daily chart, we have the first leg to the downside and I believe the price might be exposed to something like what is shown in the screenshot below (if it creates a deeper second leg to the downside). The second leg might happen in the form of two waves.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

Or alternatively, even if it happens in the form of a range, my plan here is to sell the rallies with bearish evidences.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

On the H4 chart, we had a bullish divergence and then a corrective movement is happening now. The area shown in the screenshot below is from where we may expect the price to move lower.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

 

 

EURNZD

On the daily chart, we could see that the price is currently slowing down, we have a bullish divergence which came in to play. So expecting a corrective cycle totally makes sense here. The correction might happen in the form of two waves.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

Or alternatively in the form of a range. This or the other way around buy retraces with bullish evidences is my plan here.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

On the H4 chart, we have the first leg to the upside and the price has created this first leg in the form of a bullish trending pattern. The way I see this pair we may look to buy retraces with bullish evidences.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

Or even if it happens in the form of a range, my view still remains the same here.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

On the H1 chart during last week we had a fantastic opportunity, we had three waves to the upside followed by two waves correction with bullish hidden divergence coming in play and the price delivered the continuation higher.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

Currently, the bearish divergence is a bit expanded so retraces are still for the buys here.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

 

 

Oil

Oil is bullish and it makes totally sense because the economy slowly started to open up so it definitely makes sense to see the price normalizing themselves. On the daily chart, we have a triple wave down, so the way I see this we are currently in a corrective cycle.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

So on the shorter view, I expect the zone shown in the screenshot below to provide some temporary resistance. The closer we get to this resistance zone I believe the stronger the bearish pressure would be.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

Note: Too much optimism normally provides the opposite direction. The majority of the traders and investors in Oil have started to be too optimistic right now.

So in my POV the area shown in the screenshot below is from where we may expect some corrections to happen before further continuation higher. Buy retraces with bullish evidences would be my plan here.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

 

 

Dax

On the H4 chart after the three waves to the upside and the bearish divergence, we got the two waves correction.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

If that’s the two waves correction then we may expect the price to continue potentially higher after the breakout of the most recent downtrend line.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

This scenario is very much possible because on the daily chart after the triple wave down currently the price is in an expanded correction here until the bearish divergence would complete or rebuild itself before the next move down.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

If the price breaks above the trend line in the form of a bullish trending pattern then we may likely assume that the second leg is going to be build up before the next move down.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

Alternatively, if the price builds a bearish trending pattern then this means we already have the top after the ABCD correction and the bearish trend is in play. If this happens then this bullish view will be invalidated.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

Personally I would not be surprised if the price creates the two waves as shown in the screenshot below until price completes a bearish hidden divergence before trend continuation but it’s too early to talk about this.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

 

 

Lufthansa

On the weekly chart, we have a strong move down.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

I don’t think the price has already hit the bottom based on the long term view (even though its too early to judge right now). But in the short term, I definitely think that the drop shown in the screenshot below is coming to an end.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

I would like to see here one more drop to complete the second false break and the bullish divergence. Then by the break above the falling wedge pattern, I would be looking for some bullish opportunities at least in the shorter term.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

 

 

Bitcoin

On the daily chart, I wanted to see the price complete the bullish trending pattern, ideally to clean the level shown in the screenshot below (slightly above 10,000).

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

If the price moves as I expected then we may expect the price to continue in the bullish direction, ideally from the bottom of the consolidation shown in the screenshot below with bullish evidences.

Forex Weekly Forecast Text Format May 17th to May 22nd 2020

Also very important to remind here that recently we all were exposed to Bitcoin Halving and it might have its impact on the cryptocurrency industry.

I have more instruments in my list which I will cover this week in the Live Trading Rooms in Traders Academy Club.

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.

Join Traders Academy Club Now

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,

Vladimir Ribakov
Certified Financial Technician

 

 

 

 

Click To Join Our Community Telegram Group

Subscribe
Notify of
guest
2 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments
Kavegood
Kavegood
1 month ago

Thanks alot

0
Vladimir Ribakov
Vladimir Ribakov
Reply to  Kavegood
1 month ago

Always with a pleasure

0