FUNDAMENTAL OUTLOOK
On previous week increasing of US % rates didn’t bring anything new to the market, because he is already expected that and included this rising to the price. On this week we do not have any important news, so market will be trading sideways.
Eur/usd is trading on main resistance level as 1.0780 (previous 2 high and neck line), from that will fall with correction to support 1.0560 (low + trend line). Same with gold, market will be on correction. And oil market will be trading sideways before wednesday “Crude oil inventories”, but with risk of downtrend continuation to the main support 48.00.
TECHNICAL FORECAST
EUR/USD
Uptrend scenario:
An uptrend will start as soon as the market rises above resistance level 1.0780 - 1.0830, which will be followed by a move up to resistance level 1.1130. he uptrend may be expected to continue, while market is trading above support level 1.0750.
Downtrend scenario:
Start of downtrend we can expecting from now from resistance 1.0780 (neck line), which will be followed by a move down to support level 1.0500 - 1.0560. On h1-h4 time frame pair creating trend turn down pattern "double top". The downtrend may be expected to continue, while market is trading below resistance level 1.0830.
GOLD
Uptrend scenario:
An uptrend will start as soon as the market rises above resistance level 1240, which will be followed by a move up to resistance level 1261..
Downtrend scenario:
Start of downtrend we can expecting from right now, from accumulation of resistances 1234 - 1240, which will be followed by reaching support level 1198 - 1200. On h1-h4 market is creating trend turn down pattern "double top". The downtrend may be expected to continue, while market is trading below resistance level 1240.
US CRUDE OIL
Uptrend scenario:
Is not expecting before wednesday news "Crude oil inventories", so market will be trading sideways between resistance 50.15 - 49.70 and support 49.00.
Downtrend scenario:
An downtrend will start as soon, as the market drops below support level 49.00, which will be followed by a move down to support level 48.00.
by Anton Kolhanov
All information provided by Anton Kolhanov is for informational purposes only. Information provided is not meant as investment advice nor is it a recommendation to buy or sell any trading instrument. Anton Kolhanov is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained. You should do your own thorough research before making any investment decisions and seek advice from an independent financial advisor.
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