Forex Weekly Forecast Text Format September 13th to September 18th 2020

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Forex Weekly Forecast Text Format September 13th to September 18th 2020

Hi Traders! Forex Weekly Forecast Text Format September 13th to September 18th 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:

EURUSD

On the weekly chart, the price has reached a strong resistance zone next to the psychological round number 1.20. Also by duplicating the range of the Bollinger Bands, I believe we are now in a period of a slow down.

Forex Weekly Forecast Text Format September 13th to September 18th 2020Personally on the daily chart as long as the critical area around psychological level 1.20 shown in the screenshot below holds we should experience slowdowns.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

This slow down may happen in the form of two waves before further continuation higher.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

Or alternatively in the form of a range.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

Personally I believe every rally for whatever reason it comes should be considered as an opportunity for the sells. And the way I see this, on the H4 chart if the rallies do take place then I would be looking for bearish evidences expecting a bearish bounce.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

 

 

GBPUSD

On the daily chart, the price reached a key resistance zone around the psychological level 1.35, we also had a massive bearish divergence at the ending part as shown in the screenshot below.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

The way it looks right now, the price is building the first wave of correction.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

We have two strong supportive areas and if we draw the rising trend line, we could see that the price has broken below the dynamic supportive line, and also the price has reached the 200 moving averages. The zone shown in the screenshot below is a good zone to expect the price to make a retrace.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

Also while looking at the Bollinger Bands we could see that we have a straight move from one band to another. Right now we have a Doji candle pattern which is a great sign that shows the ratio of the buyers and sellers is equal.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

On the H4 chart, the price starts to form some sort of bullish divergence based on the histogram of the macd indicator. As I mentioned earlier we have some strong supportive zones on the way here. And every drop taking place towards this supportive area should provide some corrections and then likely might provide the next opportunities for a bearish continuation. If my analysis is correct then we should experience pullback and then a bearish continuation.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

Note: Keep an eye on fundamental news.

 

 

CADCHF

In this pair on the H4 chart, the price has created a beautiful bullish trending pattern which ended with a bearish divergence, right on a resistance zone where the psychological round number 0.70 coincides.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

From the very top we have classical false breakouts followed by a beautiful candle switch to bearish direction. And after a significant drop, we can now see the price trying to slow down.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

We also have some very powerful supportive zones as shown in the screenshot below. Based on the Bollinger Bands we could see that the price has moved from the top of the upper band through the lower band making it around 50% deviation of the big range.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

On the H1 chart, we could see that each wave is getting smaller and smaller. Also, the price is making a good sign for a possible round and bounce. Pay attention to the developing bullish divergence. These are the classical combination of technical tools for a potential reversal.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

The way I see this, the area shown in the screenshot below is the one where we may see the price slowing down and making some pullback.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

 

 

GBPNZD

On the daily chart, this pair has a beautiful rally and it had all the possibilities and technical reasons to complete the second wave before the pull to the downside but it never managed to hold it. After holding the bearish hidden divergence shown in the screenshot below with the new high, currently it is making a retrace.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

This retrace is in a “V” shaped pattern and goes through all the fibonacci levels (in one straight move) inside the first rally, which makes it a strong bearish momentum.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

One of the ways to fit this on the weekly chart is the possibility of three waves up followed by an ABCD correction as shown in the screenshot below before any possible continuation.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

So the way I see this, the price might complete the second leg until the bullish divergence would complete on the weekly timeframe (it’s impossible to say when it will happen as it is long term).

Forex Weekly Forecast Text Format September 13th to September 18th 2020

The thing that is clear now is after pretty narrow Bollinger bands we got a straight movement and there is a good chance that it is about to continue as we have no signs against on he weekly, daily, and H4 chart.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

So in my POV, all these facts make a great sign for retraces (whenever they happen) and should deliver a good opportunity for potential continuation to the downside.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

Based on the fibonacci expansion levels we could see that 61.8% is a great first zone to pay attention to. If the price breaks through this level then it might be the beginning of a move down to the 100% fibonacci expansion level shown in the screenshot below.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

 

 

Oil

On the daily chart, the price reached a key resistance zone and it had a hard time breaking through this resistance zone. In addition to this, the dynamic moving averages keep its negative slope, and also we have the psychological round number 45 around the same zone. So all this makes a good possibility for a correction.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

Personally I think this correction is temporary and later or sooner the bullish hidden divergence will complete and then we should be exposed to a new rally. Until then my short term view is bearish here.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

On the H4 chart, the way the first leg has developed, it looks very bearish.

Forex Weekly Forecast Text Format September 13th to September 18th 2020Currently, it looks like a pullback is happening, we have several strong zones on the way. The closer we get to the resistance zones shown in the screenshot below the better the bearish pressure should be. And I would not be surprised if every rally at the moment gives some new bearish evidences and opportunities to ride that to the downside.

Forex Weekly Forecast Text Format September 13th to September 18th 2020Also, I would not be surprised if this correction happens in the form of consolidation for a while as it is a very common scenario after strong impulsive waves. But this will not change the fact based on the technical view that these short term rallies are nothing more than a noise (of course the market can surprise) and might provide us bearish opportunities.

Forex Weekly Forecast Text Format September 13th to September 18th 2020And once this correction gets completed, we have several supportive zones on the daily chart where I would personally expect the Oil to deliver the next further buy opportunities.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

 

 

Dow Jones

On the daily chart after the massive rally shown in the screenshot below, the price is now facing a strong bearish divergence based on the MACD indicator.

Forex Weekly Forecast Text Format September 13th to September 18th 2020On the H4 chart, the price has provided two waves to the downside and I do want to see the price breaking below the low (marked in red) shown in the screenshot below and complete the bearish trending pattern with bullish divergence. After that, we may expect pullbacks to happen, and then we may look for possible sells deeper. So if the price manages to break this low then it’s a great sign which shows that the price is likely building up a deeper corrective phase.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

On the daily chart, the price which was rallying has created lower lows for the first time and there is a good chance for a deeper correction. But before that, the price has to complete the bearish trending pattern on the H4 chart in order to confirm the bearish pressure.

Forex Weekly Forecast Text Format September 13th to September 18th 2020

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

This is how the report looks like. A table with the hottest market opportunities, screenshot behind every pair and time frame (anything that is in blue inside the table is clickable and leads to a screenshot) + a summary in text format, kind of highlights. And of course Live Market Analysis every single day. If you want to enjoy similar trading ideas as they come live (we run our Live Market Analysis on daily basis, where we analyze the market choosing the synchronized opportunities as we see them) I invite you to join our Traders Academy Club

Forex Weekly Forecast Text Format September 13th to September 18th 2020

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.


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I wish you a wonderful trading week

 

Yours for your success,

Vladimir Ribakov
Certified Financial Technician

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