Welcome to your go-to spot for this week's Forex Forecast. Starting on 22nd July, dive into a trading environment where key data on existing and new home sales is the main focus, and get ready for the PCE report coming this Friday.
This is going to be a week filled with technical moves, where you’ll find the most profitable trading opportunities waiting for you.
Join Nikkhil as he digs into the charts, helping you tap into the huge potential just waiting to be uncovered.
The AUD/CHF is a bear market baring its fangs, relentlessly carving out lower highs and lower lows. Every day deepens the descent, as resistance levels turn into impenetrable barriers. How prepared are you to capitalise on this downward spiral?
The EUR/NZD is rising quickly with clear bullish enthusiasm, showing signals on both weekly and daily charts that can't be ignored. Watch the steady climb marked by a series of higher lows, signalling a clear uptrend. See every short-term correction as a perfect chance to buy. Don’t mistake the dips for setbacks; they are launching points for mountains of profits ahead. This upward momentum is a direct path for your profits to soar.
The USD/CAD pair is on an unstoppable bullish rampage, consistently marking higher lows and showing a climb that defies expectations. Current paths point upward, with a clear target in sight at 1.3912, as outlined by precise Fibonacci extensions. Think of every dip as your strategic entry point for lucrative long positions.
Crude oil is caught in a tightening triangle pattern, with the walls closing in on the weekly chart and daily signals flashing urgent bearish warnings. The downtrend sharpens its claws, ready to drop prices to a clear $75 per barrel. Beware of deceptive rallies towards the $80 mark.
NASDAQ is on the edge, sitting at the 100% Fibonacci extension mark, a key resistance that signals caution. The stage is set for a potential pullback that you can't afford to ignore, with the MACD suggesting a bearish divergence. It's a clear warning to prepare for significant downward movements.
Gold continues its impressive rise, supported by strong rising trend lines across multiple timeframes, establishing a bullish position. Yet, gold hints at a short-term bearish divergence, signalling upcoming pullbacks which present a perfect storm for smart investors to capitalise on. These dips aren't setbacks but strategic entry points into a solid long-term uptrend. Keep an eye on the key levels at $2390 and $2370; you'll be surprised.
Remember, each move you make with Nikkhil’s expert forecast is a calculated step forward, supported by thorough analysis and risk management.
Take this moment to take advantage of the unfolding opportunities and push yourself toward a week of unmatched trading success.
Make the most of the momentum and aim for another standout week in your trading journey.
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