Weekly Forex Forecast – GOLD, NZDUSD – 30 October 2022

Hi Traders! Weekly Forex Forecast 30th October 2022 is here. GOLD has been moving in a clean downtrend for a long time, and its price action is moving in a very clean daily bearish channel. As long as the price structure remains inside the channel, I would look to sell the GOLD. NZDUSD provides an interesting opportunity for both short and long-term trading. Short-term analysis shows a potential rally towards the key weekly resistance levels and the supply zone, while for long term, the trading plan is to sell this rally.

You can watch the video explanation of this forecast here:

 

 

Gold

D1 – On the daily chart, the price is moving inside a bearish channel. We didn’t see any signs of reversal yet, even after the price making a double bottom with a bullish divergence based on the MACD indicator, but it was not able to break above the last high. What we see now is a potential pullback to the top of the bearish channel where we have a volume resistance zone which coincides and the price respected this zone and is bouncing lower.

 

 

So in my point of view, the Gold is still bearish after it’s failure to switch trend and create a bullish price action structure. I believe the price might create one final low to complete the bullish divergence.

 

 

H4 – Looking at the H4 chart, we could see that the price has created three lower highs, lower lows structure which corresponds beautifully to my expectations. Currently, we have a pullback and I believe the price might create one more final low.

 

 

I would not be surprised if the price goes down and reaches the key support zone shown in the image below. This could be a classical target zone in the longer run.

 

 

 

NZDUSD

W1 – In this pair on the weekly chart, we have an on going classical bearish trend and the price has currently reached a classical support zone but this bearish trend doesn’t seem to be over yet. So in the longer term I believe rallies are to be sold here.

 

 

We have a key resistance zone as shown in the image below. the closer the price gets to this zone, I believe we might get an amazing sell opportunity for the longer run.

 

 

D1 – Looking at the daily chart, I do believe that there is a good chance that the price might push higher after pullbacks in the short term towards the massive volume resistance zone shown in the image below and then the price might move lower further.

 

 

The alternative scenario here would be, the price might create some sort of consolidation before the price moves lower further until it completes a weekly bullish divergence .

 

 

 

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