13.11.24 Morning ForecastPairs on Watch -
FX:GBPAUD
A short overview of the instruments I am looking at for today, multi-timeframe analysis down to what I will be looking at for an entry. Enjoy!
Forecast
BTCUSDT short-term forecast
Waiting for a breakout of the inclined line on RSI
Collecting liquidity at the level of 89992
Rotation in the value zone with subsequent exit from it in continuation of the trend
Priority scenario - continuation of the upward movement
EUR/USD FundamentalThe EUR/USD pair is influenced by a variety of fundamental factors, including:
Euro-Zone Factors:
Economic Growth: The Eurozone's economic growth rate relative to the US economy plays a significant role. Stronger growth in the Eurozone tends to support the Euro.
Inflation: The European Central Bank's (ECB) monetary policy decisions, particularly interest rate adjustments, are influenced by inflation levels. Higher inflation can lead to tighter monetary policy, which may strengthen the Euro.
Political Stability: Political events and uncertainties within the Eurozone, such as elections or government instability, can impact market sentiment and the Euro's value.
US Factors:
Economic Growth: The US economy's growth rate relative to the Eurozone is a key factor. Stronger US growth can strengthen the US Dollar.
Inflation: The Federal Reserve's (Fed) monetary policy decisions, including interest rate adjustments, are influenced by US inflation. Higher inflation can lead to tighter monetary policy, which may strengthen the US Dollar.
Political Stability: Political events and uncertainties within the US, such as elections or government instability, can impact market sentiment and the US Dollar's value.
Global Factors:
Risk Appetite: Global risk sentiment can affect both currencies. During periods of increased risk aversion, the US Dollar, often considered a safe-haven currency, may strengthen.
Commodity Prices: Fluctuations in commodity prices, particularly oil, can impact both economies. Rising oil prices can benefit the US economy, while it can negatively impact the Eurozone, which is a net importer of oil.
Geopolitical Events: Global geopolitical events, such as wars or trade tensions, can influence both currencies.
Additional Considerations:
Market Sentiment: Overall market sentiment, including investor confidence and risk appetite, can impact the EUR/USD pair.
Technical Analysis: Technical analysis, which involves studying price charts and patterns, can provide insights into potential price movements.
Central Bank Interventions: Central bank interventions, such as currency market interventions or changes in monetary policy, can significantly impact the EUR/USD pair.
It's important to note that the EUR/USD is a complex pair influenced by a multitude of factors. Staying informed about economic indicators, central bank policies, and geopolitical events is crucial for understanding the pair's dynamics. Additionally, consulting with financial experts or using reliable market analysis tools can help you make informed decisions when trading or investing in the EUR/USD.
EURCHF: Will Keep Growing! Here is Why:
The price of EURCHF will most likely increase soon enough, due to the demand beginning to exceed supply which we can see by looking at the chart of the pair.
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CHFJPY: Expecting Bearish Continuation! Here is Why:
It is essential that we apply multitimeframe technical analysis and there is no better example of why that is the case than the current CHFJPY chart which, if analyzed properly, clearly points in the downward direction.
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DXY Is Very Bearish! Short!
Please, check our technical outlook for DXY.
Time Frame: 9h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is on a crucial zone of supply 105.886.
The above-mentioned technicals clearly indicate the dominance of sellers on the market. I recommend shorting the instrument, aiming at 104.561 level.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
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SILVER Is Going Up! Long!
Here is our detailed technical review for SILVER.
Time Frame: 2h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The price is testing a key support 30.422.
Current market trend & oversold RSI makes me think that buyers will push the price. I will anticipate a bullish movement at least to 31.289 level.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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EURUSD Will Grow! Buy!
Take a look at our analysis for EURUSD.
Time Frame: 6h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is trading around a solid horizontal structure 1.061.
The above observations make me that the market will inevitably achieve 1.068 level.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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GOLD Will Go Lower! Sell!
Take a look at our analysis for GOLD.
Time Frame: 4h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is approaching a significant resistance area 2,664.030.
Due to the fact that we see a positive bearish reaction from the underlined area, I strongly believe that sellers will manage to push the price all the way down to 2,633.716 level.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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SILVER BULLS WILL DOMINATE THE MARKET|LONG
Hello, Friends!
SILVER downtrend evident from the last 1W red candle makes longs trades more risky, but the current set-up targeting 32.262 area still presents a good opportunity for us to buy the pair because the support line is nearby and the BB lower band is close which indicates the oversold state of the SILVER pair.
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CAD/JPY SENDS CLEAR BEARISH SIGNALS|SHORT
Hello, Friends!
CAD/JPY pair is in the uptrend because previous week’s candle is green, while the price is clearly rising on the 17H timeframe. And after the retest of the resistance line above I believe we will see a move down towards the target below at 108.755 because the pair overbought due to its proximity to the upper BB band and a bearish correction is likely.
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NZD/JPY BEARS ARE GAINING STRENGTH|SHORT
Hello, Friends!
NZD/JPY pair is trading in a local downtrend which know by looking at the previous 1W candle which is red. On the 1D timeframe the pair is going up. The pair is overbought because the price is close to the upper band of the BB indicator. So we are looking to sell the pair with the upper BB line acting as resistance. The next target is 90.022 area.
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CAD/CHF SELLERS WILL DOMINATE THE MARKET|SHORT
Hello, Friends!
We are going short on the CAD/CHF with the target of 0.623 level, because the pair is overbought and will soon hit the resistance line above. We deduced the overbought condition from the price being near to the upper BB band. However, we should use low risk here because the 1W TF is green and gives us a counter-signal.
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12.11.24 Morning ForecastPairs on Watch -
FX:EURGBP
A short overview of the instruments I am looking at for today, multi-timeframe analysis down to what I will be looking at for an entry. Enjoy!
EURUSD: Bullish Continuation is Highly Probable! Here is Why:
Balance of buyers and sellers on the EURUSD pair, that is best felt when all the timeframes are analyzed properly is shifting in favor of the buyers, therefore is it only natural that we go long on the pair.
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GBPAUD: Bullish Forecast & Outlook
The charts are full of distraction, disturbance and are a graveyard of fear and greed which shall not cloud our judgement on the current state of affairs in the GBPAUD pair price action which suggests a high likelihood of a coming move up.
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US30 Will Go Up From Support! Buy!
Here is our detailed technical review for US30.
Time Frame: 17h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a key horizontal level 44,172.7.
Considering the today's price action, probabilities will be high to see a movement to 44,971.3.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
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USDJPY Will Go Up! Long!
Please, check our technical outlook for USDJPY.
Time Frame: 12h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is on a crucial zone of demand 153.692.
The oversold market condition in a combination with key structure gives us a relatively strong bullish signal with goal 157.722 level.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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GBPJPY Will Move Lower! Short!
Here is our detailed technical review for GBPJPY.
Time Frame: 1D
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The price is testing a key resistance 197.995.
Taking into consideration the current market trend & overbought RSI, chances will be high to see a bearish movement to the downside at least to 193.732 level.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
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BITCOIN Is Going Up! Long!
Here is our detailed technical review for BITCOIN.
Time Frame: 4h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a key horizontal level 76,455.27.
Considering the today's price action, probabilities will be high to see a movement to 78,368.39.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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GOLD BULLISH BIAS RIGHT NOW| LONG
Hello, Friends!
We are now examining the GOLD pair and we can see that the pair is going down locally while also being in a downtrend on the 1W TF. But there is also a powerful signal from the BB lower band being nearby indicating that the pair is oversold so we can go long from the support line below and a target at 2,789.654 level.
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AUD/CHF BEST PLACE TO SELL FROM|SHORT
Hello, Friends!
The BB upper band is nearby so AUD-CHF is in the overbought territory. Thus, despite the uptrend on the 1W timeframe I think that we will see a bearish reaction from the resistance line above and a move down towards the target at around 0.571.
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NZD/CHF BEARS ARE STRONG HERE|SHORT
Hello, Friends!
Previous week’s green candle means that for us the NZD/CHF pair is in the uptrend. And the current movement leg was also up but the resistance line will be hit soon and upper BB band proximity will signal an overbought condition so we will go for a counter-trend short trade with the target being at 0.513.
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