Weekly Forex Forecast (07/02/22) EurUsd / XauUsd + Forex Trading Plan! [HD]

Weekly Forex Forecast (07/02/22) EurUsd / XauUsd + Forex Trading Plan! [HD]

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hey traders it's john fortune here with this  week's weekly forex forecast i hope you're having   a great weekend we're going to kick off with a  quick review of the key events first of all from   last week and also heading into the next couple  of weeks there isn't too much going on in the next   couple of weeks so we do have a fairly clear run  in terms of the markets we're then going to look   at the relative currency analysis so we're going  to look at the score cards for the coming week   and when we look at the scorecards there are  significant signals flashing in the scorecards   which are suggesting that last week's three  interest rate decisions and non-farm payrolls   week was potentially a pivotal week for 2022 and  so when we look at the scorecards we really need   to pay attention not only to what it's  telling us heading into next week but   also what it's suggesting in the bigger picture  for what is coming this year once we've done that   we'll look at the individual currencies in the  futures markets just to match up the individual   currencies with the scorecards before moving on to  the currency pairs themselves to identify the best   markets and opportunities coming up for the week  ahead and as always once we've done that we'll   finish off with stocks gold silver and bitcoin  and it does now look like the bottom is in for   bitcoin so with that said let's get into today's  video so to start with just a couple of things   to take away from the economic calendar last  week we did have an interest rate decision out   of australia we didn't see the raising of interest  rates we also had an interest rate decision out of   the uk where we saw interest rates being raised  from 0.25 to 0.5 we also had a third interest rate   decision out of the eu where they maintained  their 9 interest rate and finally we had some   employment data out of the us and out of canada  now the employment data out of the us was mixed   we did have the unemployment rate going up but we  also had a better than forecast jobs number here   on non-farm payrolls however something important  to note was the canadian employment data i mean   pretty disastrous minus 200 000 and the  unemployment rate jumping from 5.9 to 6.5   so this is something to note because although  we're seeing an increase in the oil price the poor   economic performance out of canada is actually  weighing on the canadian dollar and this is why   we're not seeing the canadian dollar strengthening  in line with the recent rally in crude oil so   when we look at the scorecards this is really  something we need to be paying attention to when   we're looking to go long or short the currencies  apart from that you can see if we head over to   the upcoming week we really do not have anything  we need to pay attention to we have some cpi data   on thursday which can cause volatility but not  something we really need to plan around and if   we go to the following week as we usually just  have a glance two weeks ahead you can see again   because we've pretty much had the interest rate  decisions we also had the fed and fomc not this   week just gone but the week before you can  see there's not really too much we need to   plan around over the next couple of weeks so we  can pretty much take the currencies as they come   in the scorecards okay so let's have a look at  scorecards heading into next week and you can see   i mean look at this this is truly significant  this is not business as usual there was a sea   change almost last week in the scoring systems it  hasn't yet fed through into the currencies when we   go and look at the dollar index for example we're  still technically structured to the upside but   the scorecards are telling us in advance that  we could be seeing a top in the dollar index   and if that is the case if we are seeing a top  in the dollar index that has quite substantial   implications not just for the currency markets  but also for the stock market okay so let's   unpack this a little bit and see what we're  being told here well the first thing to note   is the massive gaining strength of the  euro we went from a -2 before last week   to a plus five net change up to a rating of three  so we went from a bearish bias we had the interest   rate decision this is very often what interest  rate decisions and press conferences can do   to a strong bullish bias in the scoring system in  the space of a week that's almost unprecedented   you don't usually see net change of plus five so  there was a big gain that's the first warning sign   that we could be seeing a top in the dxy here  why because the euro makes up 57 of the dxy so if   the euro is gaining strength you're going to see  that take away from the dollar and you're going   to start see the dollar weakening you're not  going to see the us dollar and the euro both   strengthening for long periods of time together or  both weakening for long periods of time together   so that's really the first warning sign that  we're facing a top here in the dollar index   the second warning sign is the dollar itself we  went from a rating of plus three to plus two so   we still have some strength in the dollar but you  can see the direction of travel now is that the   dollar is weakening and again that is coming from  the strengthening we saw in the euro last week   and the third sign we could be seeing a top here  in the dollar index and i've been thinking about   this for a couple of weeks is the new zealand  coming off the lows and for some reason i've   lost the labeling down here this should say nzd  just as it does over here new zealand dollar   and we're seeing the new zealand dollar coming off  the lows of minus four to minus three now why is   this significant because on the 21st of january  we saw the new zealand scoring minus four which   was the lowest you could possibly score in the  scoring system and it suggests that a near-term   bottom is coming in new zealand if we get  plus four suggest a near-term top is coming   roughly as a guide in the next four weeks and if  we have a -4 rating it suggests a bottom is coming   in that currency within the next four weeks and  we were sitting at a score of -4 for the last two   weeks it was the 22nd of january that we did the  weekly forex forecast which showed the new zealand   dollar at minus four we're at minus four for two  weeks and now we have a strengthening coming off   the bottom of that minus four score that's the  third indication here that we may be seeing   a top in the dollar index why because if the new  zealand dollar is going to bottom you would expect   conversely the us dollar to also top out alongside  the aussie dollar the new zealand dollar tends to   be the most exposed to the u.s dollar so if the  u.s dollar is very strong the aussie dollar and   new zealand dollar will be generally speaking  the two weakest currencies against it if the   new zealand dollar or the aussie dollar is very  strong you would expect to see the us dollar week   and there is even a fourth sign here that we could  be seeing a top in the dollar index and a return   to risk appetite a risk on mentality and what is  that well we're seeing money come out of the safe   haven asset of the japanese yen and the swiss  franc and the us dollar all in one week so we   really are seeing multiple warning signs here that  last week has the potential to be a top in the dxy   and that actually would set the tone for the  entire 2022 because a big sell-off in the dollar   is going to see the recent lows in the stock  market which i tweeted about on the 24th which   was actually the day of the low of the nasdaq it's  going to see those lows holding and as the dollar   comes down we're going to see a rally in the  stock market and you're also going to see bitcoin   rallying as well so if we really are seeing a top  in the dollar index here this has quite a lot of   implications for 2022 but as i said earlier  this has not yet fed through into the price   into the technical analysis because when we look  at the dollar index it's still structured to the   upside however everything we've just gone through  here in the scoring system is suggesting that may   change into next week and in the following weeks  so aside from what the scorecards are telling us   in the bigger picture here let's have a look at  specifically setups opportunities for next week   the euro with that huge gain last week is now  the strongest currency it is my favorite long   going into next week so i favor euro long  positions the pound has also increased somewhat   from a plus two to a plus three and we saw the  raising of interest rates as well last week the us   dollar is still fairly strong at a score of plus  two but everything we've just discussed as i said   here is suggesting that this may continue to come  down and we may see the dollar actually weakening   over the next few weeks the swiss franc is now  completely neutral having seen outflows last week   and the japanese yen is bearish to neutral  alongside the cad now you would expect the cad   to actually be gaining under these circumstances  but because of the poor economic performance   traders are not piling in to the canadian dollar  because the economic data is telling them that   the bank of canada is going to have to keep  very loose monetary policy conditions you can't   tighten into such terrible job numbers so as a  result traders are choosing to put their money   in other currencies and that's exactly what we  should be doing heading into next week and so with   a rating of minus one but a potential weakening of  the dollar over the next couple of weeks the cad   is probably best left out altogether as it's not a  good long but it's also probably not a good short   at this point and in fact i wouldn't be surprised  to see the cad remaining neutral for a few weeks   and to the downside here we have the australian  dollar which is still fairly weak at -2 and the   new zealand dollar which has strengthened somewhat  and has looked to potentially be bottoming   as the scorecard suggested it would on the 22nd  of january so to summarize here something very   important to note is if we are forming a top  in the dollar index and we're going to find out   over the next few weeks if that's the case then  some of the opportunities won't be as clear-cut   because when you get these major turning points  in the markets if that's what's happening   you would expect for example the australian  dollar to benefit and the euro and yet we go   into next week with a bias to the upside on  EurAud is a market that i'll be looking to   trade so with that said let's have a quick look at  the individual currencies heading into next week   so starting with the dxy and i'm looking on  the daily charts here i want to come out of the   intraday charts just to get an understanding  of what's going on in the bigger picture   you can see that the dx white is still currently  structured to the upside and what we had last week   is we had pretty much all down days until nfp we  had a bounce on nfp that actually happens quite a   lot you see that kind of setup i even tweeted that  this would likely be the case because i've seen   this so many times in non-farm payrolls week and  so when you get such a steep sell-off like this   this is not usually indicative of a correction  you would expect to see on a correction market   kind of doing this and then continuing up like  this so alongside everything we looked at in the   scorecards the technicals here are also suggesting  a potential reversal as we see this momentum we   see this almost straight-line sell-off in the  dxy now when will what we're looking at in the   scorecards start to show up in the technicals  well that would be on a break below the 9468   why because what we would have here is a major  double top reversal technically speaking in the   dollar so the score cards are warning of this  but the technicals are not yet confirming what   we're seeing in the scorecards and so because  of this in my opinion any bullish setups in the   dollar index itself despite the fact it has a plus  two scoring is going to be a bit risky next week   because i think what we could very well see is we  could see a correction and we see this coming up   a little bit choppy to the upside and then we get  the continuation down breaking the 9468 and then   confirming technically the warning signs which  are flashing in the scorecards so because this   is still structured to the upside i do have a  target of 9780 but i often get people confusing   this and this is why you should watch the whole  video because it puts all the pieces of the puzzle   together this is a target based on the uptrend  which is currently intact in the dollar it does   not mean i think every chart is going to go to  the target listed these are the technical targets   for the direction of the trends in the  markets and when we go through the video   we make a decision based on which ones we think  are going to continue to the targets and which   ones we don't want to trade so those of you who  follow the videos on a regular basis will know   i don't like to try and pick tops and bottoms  shorting the dxy up here would be trying to pick   the top but at the same time what i'm seeing in  the scorecard suggest at the very least if you're   not going to short the dxy and try and pick the  top which i'm not going to do i want to try and   avoid any dollar long positions next week because  the dollar is weakening and potentially reversing   and topping out next is the euro now here's where  it gets interesting because the euro did actually   break a double bottom pattern last week you  can see we came up and we just took out the   high over here and this is in the bigger picture a  double bottom reversal now one of these two charts   is going to fail either the euro is going to  fail and this is going to end up being an abc   and it will continue down like this and in which  case the dollar which is currently doing this   will form a higher low and it will continue up in  its trend or the euro will continue to the upside   having confirmed this double bottom and that is  going to instead of forming a high low over here   in the dollar we'll see next week this will break  down if that happens in the euro and we're going   to get that double top reversal in the dollar  index so just as i said i wouldn't be surprised   to see the dxy correcting up first and then  breaking lower and breaking that double bottom   i wouldn't be surprised as well to see this  forming a ball flag and if this forms a ball flag   that would be the indication that this is going to  continue higher and that we're going to get that   reversal in the dxy so both the dxy and the euro  are currently structured to the upside and bullish   but as i said that's not going to remain long  term one of these is going to break in the other   direction next is the pound now the pound is kind  of been moving sideways here however i have been   bullish on the pound previously and we were even  looking at pound aussie pound new zealand in last   week's video it is currently structured to the  upside and it is forming an inverse head and   shoulders so i am looking further advances and not  only up to the 1.3829 but if we break this level   that would be a confirmation of a much bigger  inverse head and shoulders and especially if   we get that double top in the dxy and we start to  break down next week you will see the pound rally   and again just as this would be a major top in  the dxy this would likely be a major bottom in   the pound next is the swiss franc now the swiss  franc is currently structured to the downside   and we had a big sell-off recently it is overall  kind of choppy isn't it i mean it's not surprising   we have a score of zero this week because look  how neutral this is i mean it's kind of been in   a range overall it's been going up and down but  it's right in the middle of this correction if   the dxy reverses to the downside i would expect  to see a slight strength of the swiss franc but   if a reversal in the dxy kickstarts a risk on  appetite and we're seeing lows in the stock market   and we see stocks continue to rally then the swiss  franc is not going to benefit as much as the euro   as much as the pound as much as the australian  dollar in new zealand so yes we may see this rise   but i would prefer to be long the euro the pound  and perhaps in the next couple of weeks the aussie   in new zealand as well if we get to sell off in  the dxy because the safe haven currencies of the   end and the frank and the dollar should all suffer  in a risk on environment next is the yen now the   japanese yen started to break to the downside  last week we are overall in a downtrend as well   and again if we're topping out in the dollar we're  likely going to see the japanese yen continue down   as money moves into a risk appetite next is the  canadian dollar the canadian dollar is currently   structured to the upside just about however it's  also kind of neutral you can see pretty much since   july we haven't really gone anywhere and this is  because we're seeing crude oil rallying so this is   supportive of the canadian dollar but we're really  seeing poor economic data coming out of canada   which is preventing traders from investing  in the canadian dollar they're putting their   money elsewhere and as i said that's what i'll  be looking to do next week as well so i'm going   to be leaving the canadian dollar next week next  is the australian dollar the australian dollar   is still trending to the downside however just  like we discussed the double top or the potential   double top in the dxy which hasn't yet confirmed  this is potentially a double bottom but it's not   confirmed until we break this all the time we  don't break this high this is the downtrend once   we break this high this is a confirmed reversal so  the aussie is still kind of weak and it's likely   direction is going to be determined by  what happens next in the dollar index   and if we go and have a look at iron ore you can  see iron ore is actually starting to trend to the   upside it's technically strong and this is also  going to be supportive of the australian dollar   and finally we have the new zealand dollar the new  zealand dollar very similar to the aussie is still   weak it's still in the downtrend however we may be  coming close to a bottom here as we discussed in   the scorecards markets don't tend to bottom with  such deep momentum so i wouldn't be surprised   to see us come down maybe to the target and then  form a double bottom in this area before reversing   so we may have a little bit of weakness still  left in the new zealand which is why i'm still   looking to short next week and also the australian  dollar but i wouldn't go too heavy on those shorts   if the dxy is reversing some patience is going to  be required next week in the markets and i would   really recommend next week picking just a couple  of the best opportunities you see and not going   too crazy until the dollar index once again  starts to find direction one way or the other   okay so let's have a look at the actual markets  heading into next week see if we can identify   where the opportunities are going to be starting  with crude oil we had a really strong rally taking   out both targets and we finished the week at  the second target last week the next target to   the upside in crude oil is the 95 46 but i have  to tell you guys i am very wary of trading crude   oil at these levels due to time constraints i  can't go through all of the data that i have   with you in the weekly forex forecast however i  do score card multiple assets over and above just   the forex markets and it helps me to generate my  overall view of the markets and a few weeks back i   did have a score of plus four in xle which is the  energy sector of the SPX and it tends to move in   line with crude oil and i tweeted that out about  the time that it happened and that is warning me   that we may be seeing a top in crude oil in the  next couple of weeks so looking at this market you   wouldn't think it because it does look like we're  getting more momentum even to the upside i would   not be surprised if we came up a little bit higher  maybe took out the highs maybe even onto the 95-46   but because of that reading of plus four in xle  about three weeks ago i personally am very wary   about trading crude oil to the upside here i think  there are better markets i think we need to wait   for clearer direction and i won't be trading crude  oil any more to the upside because i think the   downside risk here for the time being is greater  than the upside reward so i'm going to be keeping   my arm crude over the next two weeks to see if  a top materializes just as the xle scorecard   suggests that it will so again i wouldn't want to  go in and short this market and try and pick the   top but it does put me off oil long positions  for the time being next is EurNzd now EurNzd   is my favorite market going into next week why  because that's what the scorecards are suggesting   we have really strong momentum to the upside and  so any pullback in this market next week is going   to be viewed as an opportunity to look for bullish  setups into the next care resistance the upside   the 1.7403 and we could very easily be coming up  towards target 2 at 1.7522 so i do like euro new  

zealand heading into next week next is euro aussie  now euro aussie also has very strong momentum to   the upside it's one of the best scoring pairs  going into this week any pullback in your aussie   is going to be viewed as an opportunity  to look for further advances to the upside   into the 1.6320 the next market i have here is  euro yen now i've highlighted EurJpy in gold   as a market that i'm going to be paying special  attention to next week for a very specific reason   because if in the event the dollar does start  to form a double top and we get a weakening of   the dollar you might see the new zealand and the  aussie catching a bid from that next week and if   that's the case you will get those corrections  in euro new zealand you will get the correction   EurAud but if we get a bigger sell-off in the dxy  you might struggle to really rally in those pairs   so although i want to belong those pairs euro yen  provides a really nice addition to those pairs   because if we were to get a risk on move coming  in and dollar selling off by mixing in euro yen   with any potential euro new zealand or euro aussie  longs you kind of give yourself a little bit of an   additional hedge in the scenario that the aussie  and the new zealand start to strengthen off of   the back of any sell-off in the dxy and again we  haven't had the reversal in the dollar index we're   talking about a potential reversal in the dollar  so if the dollar rallies to the upside you're   still likely to see euro new zealand euro aussie  advancing because the euro tends to outperform   the aussie and the new zealand when the dollar has  some strength to it next is euro dollar so cover   euro dollar every single week however this is not  one of my favorite markets heading into next week   first of all because of the scorecards both the  dollar and the euro are scored as being strong   and second even if we are going to continue in  EurUsd i wouldn't be surprised to first of all see   a correction take place so we may just spend  next week correcting in euro dollar and then   maybe we rally in the following weeks so because  of that i would much rather trade euro new zealand   euro aussie and even euro yen next week and EurUsd  will come back onto my watch list in terms of one   of my favorite pairs if we actually start to  see the dollar index reversing to the downside   next is pound new zealand pound new zealand was  a market i was looking to the upside last week   we did have a correction and for anybody not  already involved any pullback in this market   next week would be viewed as an opportunity  to look for bullish setups into the 2.0611   i do favor EurNzd EurAud EurJpy however over  the pound pairs because the euro is actually   slightly stronger than the pound even though  they both scored plus three next is GbpAud,   GbpAud was a market that highlighted  the upside last week we did pull back   and i suggested in last week's video any pullback  was an opportunity to look for further advances   we have started to advance so any pullback once  again for anybody not involved is simply another   opportunity to look for bullish setups into the  1.9330 now again with GbpNzd and pound aussie  

you have a similar potential issue as you do  with EurNzd EurAud which is that if you get   a real sell-off in the dollar and you start  to see aussie in new zealand catching a bid   you might see pound and new zealand struggle to  go to the upside they won't necessarily reverse   to the downside very strongly because they're  both kind of strong currencies in that case   so pound yen would be a good market to mix into  that because you would see pound yen rallying   to the upside in a strong risk on move so if  you have a look at pound yen this is a market   that we've had a big ball flag and we've started  to break to the upside any pullback in pound yen   next week is simply viewed as an opportunity  to look for bullish setups into the 158.20   and finally we have the dollar pairs now  new zealand dollar and aussie dollar are   both still structured to the downside and we do  technically still have a strong dollar because   it's scoring a plus two on the scoring system  and also it has not reversed to the downside   it's still in an uptrend the uptrend in the  dollar is still intact so new zealand dollar to   downside does go on my watch list but this would  really be in the event of the dollar failing to   reverse lower and even break into new highs so  in that case any pullback would be viewed as an   opportunity to look to short once again first  of all into the lows and then on to the 0.6491   and once we finish the next two charts i will  just summarize my plan in case this is confusing   to anybody to let you know exactly how i'm looking  to trade those next week so next is aussie dollar   so aussie dollar also sold off to the downside on  non-farm payrolls and both aussie dollar and new   zealand dollar were inside weeks in other words  they just kind of corrected and they went nowhere   so going into this week it is structured to the  downside and the dollar still scores strongly   so any pullback in this market would be viewed  as an opportunity to look for bearish reversals   down first of all to the lows and then on to  0.6933 however again it's not highlighted as   one of my best or favorite pairs going into next  week why because these markets up here score more   strongly and finally we have UsdJpy, now UsdJpy  is highlighted here for a specific reason because   UsdJpy can often be a very good market to pivot to  if you're getting a trend reversal say in the dxy   because the dollar is still fairly strong at  plus two and it's still technically structured   to the upside so in the event that the dollar  strengthens because the yen is quite weak   we will likely see the us dollar  appreciating against the japanese yen   but also if we have a big sell-off in the dollar  and we get a risk on mentality coming into the   markets you can also still see us dollar yen  rising to the upside because the yen is more of   a safe haven asset so in a risk-on environment you  actually see us dollar yen moving to the upside   and conversely if you have a deflationary shock  you see us dollar yen selling off so us dollar   yen is a really important chart i'm going to be  keeping on next week because if i take for example   euro new zealand to the upside or perhaps i take  your aussie to the upside i would also want to   keep an eye on us dollar yen and maybe mix that  in with those trades because in the event that   euro new zealand you're aussie just kind  of correct we could still see us dollar   yen moving to the upside does that make sense  so by mixing in overall say EurNzd EurAud and us   dollar japanese yen you provide yourself some sort  of a hedge and increase the chances of catching   a nice move so those are the pairs i like in the  forex markets heading into next week and that is   how i'll personally be looking to trade them i'll  also put some updates on twitter throughout the   week in case any of that information changes and  finally i do think it's a good week to just pick   only the best setups that you see i'll be looking  personally just to take a couple of trades next   week because when the dollar index has no clear  direction opportunities tend to dry up briefly   and when the dollar index starts to find clear  direction one way or the other you get more   opportunities coming into the markets so wrapping  up the video with stocks gold silver and bitcoin   in last week's video i did note that the spx was  still trending to the downside but the targets   that we took out previously i believed were going  to form a low in the market we have formed the   low and now we've reversed to the upside so going  into this week i do have a bullish bias on spx any   pullback would be viewed as an opportunity  to look further advances into the 4733.33 i still wouldn't be naked long on stocks because  volatility is still high so i would prefer to be   long in a longshore portfolio or net long and  still have some hedges in place just in case   but watch out as well for that dollar index  reversal because if we get that reversing to the   downside with a double top next week this is going  to lift and add to any rally in stock prices next   is the nasdaq the nasdaq has also formed a low in  this area and we started to break to the upside i   have the same view on all the stock markets here  that i am bullish now on the nasdaq looking for   a move into the 15 508 40 but i'll still have some  hedges in place because of the level of volatility   we're seeing in the markets so the vix the vixen  etc are still elevated which brings in some   downside risk to the markers so bullish but hedged  is my preferred position here in stocks next is   the dow jones the dow jones has also reversed  to the upside and any pullback here is currently   viewed as an opportunity to look for bullish  setups into the 36 060.27 next is the russell  

now the russell is an interesting one because  this was the one market that really broke lower   and started to make lower lows here in some sort  of a significant way however the 2107.08 which was   the key level identified to the downside so if the  russell breaks here be careful this is a warning   we could be seeing something deeper in stocks  this once again becomes significant to the upside   so the next target to the upside is the 2107.8  and once we trade into this level if we trade into   this level what the russell does next here will be  indicative of the next moves in the stock market   if the russell breaks back through here especially  with momentum this is going to be a very bullish   sign and it's going to add to the idea that  we've seen a low in stocks so i am bullish on   the russell into the 2107.08 and if we do come  back and test this level keep an eye on this   market because as i've said in previous videos  the russell tends to lead other stock indexes   and finally we have the nifty now the nifty is  actually structured to the upside and it has   been structured to the upside in previous videos  and i said i am overall bullish on the nifty but   just be careful because of what we're seeing in  u.s stocks this is likely to weigh on the nifty  

and now we've started to bottom in the u.s stocks  we are also starting to rally in the nifty so any   pullback in the nifty is viewed as an opportunity  to look for bullish setups into the 18 208.30   so finishing up with XauUsd XagUsd and bitcoin  XauUsd is still structured to the downside   and i noted in previous videos we had this big  sell-off we had a failed breakout to the upside   and we are forming this bear flag now any  continued decline in XauUsd would more than   likely see the dollar rising to the upside in this  causing the declining gold so perhaps what we get   is perhaps in the dollar we've sold off like  this perhaps we get a correction in the dollar   and as that happens we come down in gold 1759.44  and then perhaps we bounce from these areas and   then we get the double top in the dxy so just  like with aussie dollar and new zealand dollar   i will keep an eye on gold but it's not one of my  favorite markets going into next week there's a   very good chance i don't trade any of the dollar  pairs next week purely because the dollar doesn't   have real clear direction it could be reversing  but it's still in an uptrend hence why i prefer   euro new zealand to the upside you're aussie to  the upside euro yen even us dollar japanese yen   it's pretty much the only dollar pair i quite  like going into next week so overall patience   required on these markets but i would be looking  if you're looking to trade gold because we cover   it every single week look for a break lower down  in this area break out of this bear flag and any   correction in this area would be the opportunity  to go short if in fact you're starting to see the   dollar rallying not one of my favorite markets  going into next week however next is XagUsd,   XagUsd is exactly the same you can see silver is  still structured to the downside and the target   is 21.47 and again because of the dollar index  because it's still in an uptrend but maybe   reversing i'm not looking at this as a favorite  market heading into next week i wouldn't mind just   having some patience and waiting for the next  clear direction in the dollar before trading   gold and silver so any pullback in silver would  be viewed as an opportunity to look for bearish   reversals as it currently stands but you would  need to see the dollar rallying in order for this   setup to materialize which the dollar has not yet  done and in that scenario any pullback would be   views an opportunity into the 21.47 if the dollar  reverses to the downside next week i will not be   looking at shorting gold or silver i would in that  scenario if we get the double top in the dollar be   anticipating another run to new hires and another  attempted breakout to the upside in these markets   and last but not least we have bitcoin bitcoin  has actually broken to the upside and has turned   bullish so very simply put going into this  week any pullback in bitcoin and this is very   interesting as well because bitcoin has proven  itself not to be a hedge against inflation but   in fact speculative asset and this is suggesting  more of a risk on mentality when we see bitcoin   starting to reverse or trend to the upside so  any pullback in this market would be viewed as   an opportunity to look for bullish setups into  the 45 650. i have noticed a couple of times in  

the past that bitcoin tends to even lead the  dollar a little bit and so maybe time will   tell whether this is another indication that the  recent run in the dollar is coming towards an end   so that is it for me for this week guys just to  summarize the us dollar is lacking clear direction   and there are many indications to suggest that  it might even be topping out as a result i don't   favor the dollar pairs this week i favor the euro  pairs to the upside primarily euro new zealand   euro aussie i also like pound new zealand and  pound aussie to the upside and apart from those   markets i would also like to mix in a couple of  risk on pairs such as euro yen pound yen and even   us dollar yen to broaden out my trading plan a bit  next week so i hope you all enjoyed this video and   if you did please let me know by liking sharing  and subscribing a big thanks to everybody who does   that on a regular basis and a big thank you to  everybody who has subscribed to the channel so far   i want to wish you a fantastic weekend and i want  to wish you all the best in your trading next week   the only thing left to say is take  care and don't forget trade safely

2022-02-07 08:44

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