Weekly Forex Forecast (21/02/22) EurUsd / XauUsd + Forex Trading Plan! [HD]
![Weekly Forex Forecast (21/02/22) EurUsd / XauUsd + Forex Trading Plan! [HD] Weekly Forex Forecast (21/02/22) EurUsd / XauUsd + Forex Trading Plan! [HD]](/pic/weekly_forex_forecast_21-02-22_eurusd_-_xauusd_forex_trading_plan_hd_/LW9iNHlSOFdkU3c_.jpeg)
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 heading into the next week or two and we do have some interest rate decisions coming up that we need to pay attention to and we have an interest rate decision next week that we have to take into account and it forms part of my trading plan heading into next week we're then going to look at the scorecards before looking at the individual currencies in the futures markets and we're going to then move on to the pairs themselves to see which markets are setting up the best this week before finishing as always with stocks gold silver and bitcoin and last week at the beginning of the week i tweeted out that i'm going to be paying special attention to gold last week because of the big breakout to the upside we've been talking about over the last few weeks and we did get that breakout last week and it does mean gold once again is going to be quite a big focus of my trading plan heading into next week i'm going to cover that more at the end of the video so if we just have a quick look at the economic calendar for the upcoming week you can see we do have a bank holiday out of the us on monday so monday is probably just going to do nothing it's probably just going to move sideways and you might even have some inside days the week then really starts from tuesday onwards and heading into wednesday we have an interest rate decision out of new zealand this is really the key thing we need to pay attention to next week because new zealand pairs are unlikely to do anything between monday and wednesday and then you're likely to get the moves from wednesday into the end of the week you can see there is expected to be a raising of interest rates and so this interest rate decision is something i'm going to be paying attention to and it's going to form parts of my plan heading into next week and apart from that we have some gdp data but nothing else really we need to pay too much attention to for next week it's really just the interest rate decision on wednesday out of new zealand and if we skip ahead a week just to see what we've got coming up in a couple of weeks we have an australian interest rate decision and also we have a canadian interest rate decision and on top of that we also have non-fund payrolls that week as well so we may see the australian dollar and maybe the canadian dollar lacking a little bit of volatility this week heading into that however usually when you're two weeks out you can still look to trade those currencies but certainly the week of the interest rate decision you want to be waiting primarily for that to take place before looking to position in if you think you have a good idea of where the market's going to go from the interest rate decision then by all means you can position beforehand but if you want those steady consistent returns from the interest rate decisions rather than the kind of gamble before the event takes place it's better to wait for those follow-throughs and then look for positions in that direction so just a note that we do have interest rate decisions coming up in a couple of weeks as well but i am still happy to trade aussie and cad pairs this week and in fact when we look at the markets the canadian dollar is something that figures into my trading plan quite a bit next week and i'm going to explain why as we go through the video okay so if we look at the scorecards going into next week the first thing that stands out is look at the neutrality of the currencies the currencies are extremely choppy they are lacking clear direction and the only currencies with any real strength or weakness heading into this week is the pound and is the end where we only have we do not have a strong bullish bias this would be strong bullish this is just bullish and this is bullish to neutral and to the downside bearish to neutral these are all bearish neutral so in other words just neutral these six currencies and then bearish and then strong bearish buyers so we have six currencies which are neutral and we have one currency with a somewhat bullish bias or a bullish bias and a currency with a bearish bias but not strong bearish buyers are not strong bullish buyers so you can see with your eyes what the market condition is because whenever we're trading we always want to understand what is the market condition and when the market condition is trending the markets are moving you will have more opportunities you will make more money you want to take more risk when the market is correcting or it's neutral you will struggle to find trading opportunities you'll find things turn on you more and that's when you want to be taking less risk so understanding the market condition is extremely important if you want to generate consistent returns otherwise what happens is you make tons of money when the market's moving and then you just give it all back when the market's correcting so it's extremely important to identify okay the market's moving it's trending therefore i can risk more okay the market's now correcting opportunities are likely to dry up therefore i'm going to risk less or take less trades and so when we look at scorecards it's quite straightforward how we can determine that when that's going to take place and that is when the euro and the dollar start to score together and the first time we saw this was on the fourth of february so the fourth of this month we saw both the euro and the dollar both strong for the first time all the way throughout january we had the dollar on one side either strong or weak and we had the euro on the opposite side and this is a sign that the markets are moving that we can start to take more risk and all the way throughout january every single week the top scoring currency pair closed in the direction we were looking for every single week without fail and then on 4th of february for the first time the dollar and the euro both turned positive and that was the sign that the markets are going to start to get corrective opportunities are going to dry up and the market condition is changing to a more neutral condition and so i highlighted that for you at the start of the month it's time to reduce risk after a good january we can still trade i always trade every single week but when the euro and the dollar are scoring together i will take less trade i'll take less risk and i will spend more time trying to find the best setups which is what we're going to be doing in today's video where are the number one setups heading into next week with a ranging market condition and a real lack of direction across the currency pairs and there are a couple of opportunities that look to be setting up the best as we'll see so let's have a quick look at the individual currencies here we'll start with the dollar index we're on the daily chart just to zoom out a bit to get a general idea of what's going on here with the individual currencies and you can see i have a blue arrow here this was the 4th of february it was this green candle here and this was the first time we got a signal from the scorecards to say the euro and the dollar are both scoring positively they're both strong and therefore we should be forwards looking because the scorecards are forwards looking they are actually a leading indicator and it was telling us right here on the fourth that we should over the next few weeks be looking to reduce our risk not to be taking the same amount of risk or trades as we were in january because opportunities are drying up and we're likely to see over the next few weeks the market getting choppy getting corrective and that's exactly what we had ever since this day here you can see we've hardly moved anywhere we went from here to here so we really have had no movement over the last two weeks or so ever since the scorecards first told us that the market was going to transform into a more neutral or a low volatility environment now what's interesting throughout january as you can see the dollar itself didn't actually go anywhere but the difference was in january we started here the month you can see this is the 4th of january we started here we came down and then we rallied high and then we sold off low into february so although we didn't actually go anywhere in terms of the dollar index itself we didn't trend anywhere we just bounced down bounced up and then bounced down again we actually had volatility we had the market you can see selling off then rallying and then selling off and because of that there was volatility across the currency pairs and that's why we had such good trading opportunities in january so the first thing to note is the euro and the dollar are both still strong so it's still telling us to expect low volatility market conditions and to reduce our trading risk but the uptrend in the dollar itself is still intact you can see the uptrend is still intact although it has been in a range since december here so no real change in the technicals for the dxy and as it currently stands if we are reversing to the downside in the dxy it looks like we're going to come up and attempt probably to test this level over here and then the 9704 and that would be the point at which you could see a right shoulder and then a further decline in the dxy if this is going to be the top but for the time being you can see the technicals here in the dollar index reflect what we saw in scorecards which is a bullish to neutral currency next is the euro now the euro is just doing the opposite of what we saw here in the dxy and i did note when we traded into this area over here that we would likely see this was a couple of weeks back we'd like to see the euro just flag into the downside here and this is because this is forming a potential right shoulder here it is not yet an inverse head and shoulders as it currently stands this is just a range in an overall downtrend so we should be looking for this to come down a bit further the question is whether it starts to bottom out over here and then reverse higher for the inverse head and shoulders as it currently stands over although you can see in the futures market this is really a neutral currency just like the dxy it's been in the range since december next is the pound now the pound is the highest scoring currency this week and you can see it does look like in the pound index here we are starting to form a flag and now we're looking to come up take out the previous high over here in the 1.3739 so i do quite like the pound it does even look like it's starting to break out somewhat and pound strength as you can see is going to be something i'm going to be looking at heading into next week next is the swiss franc the swiss franc is really quite choppy and again not surprising this is neutral in the scorecards look at this technically speaking we're really right in the middle of a range and it hasn't really gone anywhere although it is slightly bearish to neutral here because we are structured to the downside after this double top break here but as you can see only really bearish to neutral lack in any real direction next is the japanese yen now the japanese yen is structured to the downside and it is the weakest currency going into this week in terms of the scorecards the slight issue we have here as you can see it's actually lacking momentum so yes the japanese yen is weak so i am still interested at looking at pound yen next week but when you start to lack momentum like this you have to ask a question are we going to start to reverse or break higher so what i would also like to do pairing pound yen when we go through the markets here with some risk off currencies because pound yen is a risk-on move pound yen to the upside is risk on but if we start to see stocks weighing on the currencies and we start to get a bit of a flight safety we also want to have some of those risk off currencies we can pivot to and so that's why although we have this risk on setup with pound yen that'll be looking at i am going to have other positions to look to trade both ways because the markets are neutral and because we're lacking momentum in the end we risk a bit of a break to the upside next is the cad now the cad is an interesting one because although it's currently structured overall to the upside again just like the other currencies it's really stuck in a range here the problem is as i said it's not so much when the market's ranging like this the problem is when the market starts to range like this that's when you get opportunities drying up when for 10 or 15 days the market just moves from here to here that's when you get opportunities drying up so a kind of a range like this you can still trade there's still opportunities but this becomes very difficult to find trading opportunities so with this coiled up like this this is likely to start to make a move one way or the other and when we look at crude oil this week this is going to play into my trading plan for next week because although we're currently structured to the upside we are neutral i do think we are starting to get a top in crude oil as we're going to see and that's why i do like a couple of these canadian week pairs heading into next week these are risk off currencies so pound cad to the upside us dollar cad to the upside cad frank to the downside are all risk off pairs so it gives us opportunities to trade risk on or risk off next week as more information comes into the market and finally we have aussie you can see the aussie is also stuck in a range it's slightly bullish because it's got this counter trend move over here but really you can see this is just bullish to neutral and then finally we have the new zealand which does look to be forming a bear flag and i question whether we're going to get a failure to see the raising of interest rates next week and that drives new zealand down to make new lows to continue this bear flag which we're currently seeing to the downside so when the markets are trending you have an interest rate decision sometimes this can be a bit frustrating because the market stops moving for a few days however with the markets being as flat as they are and lacking any real volatility the interest rate decision on wednesday out of new zealand is a little bit of a breath of fresh air because we're going to very likely get volatility and that's going to allow opportunities to come back into the market so as you can see down here now when we move on to the pairs the new zealand interest rate decision on wednesday is going to be quite a big part of my plan next week and you may find actually that the new zealand pairs are the primary place in which you're going to find setups next week because it may be one of the few places that starts to get volatile and starts to move okay so let's have a look at the markets themselves starting with crude oil and crude oil is a market that i've been highlighting is a market to the upside but over the last few weeks i said to you i'm not interested in being long crude oil itself because i do think crude oil is starting to a lack momentum and b likely to top out there is a very strong key area of resistance up to 95 58 and 46. we traded into this this was the previous target we took out the target but i do believe now this could be the high in crude oil and i would only like to get long crude oil once again if we break through here with momentum and then we start to do this that would be the sign that we're likely to continue to the upside so if we have now traded into the major area of 95 58 and crude oil really is going to start to roll over to the downside first of all i still don't want to be looking for long positions in crude oil because i mean really it hasn't gone anywhere over the last few weeks just kind of chopped around took out the target and pulled back but the second thing is this may now be starting to point towards a decline in the canadian dollar and you remember for the last 10 days or so the cad was in a very very tight range so if this goes it's going to go likely with momentum and when you look at the scorecards themselves the canadian dollar because of poor economic performance has actually been flat it's been completely neutral as crude oil has run up to the downside so if crude oil is rallying to new highs as it has been and the canadian dollar is failing to catch a bid what do you think is going to happen to the canadian dollar if crude oil then starts to decline you're going to see it coming down quite steeply so i know the canadian dollar is currently neutral in the scorecards what we're doing here is we're kind of preempting a turn which when you try and preempt turns you can get your fingers burnt but there isn't really a huge amount of opportunities in the market under the current conditions so this is an opportunity i'm looking at i am looking at anticipation of crude oil reversing lower and then as a result because the canadian dollar has failed to rally with a strong crude oil i'm looking for that to weigh in quite heavily on the canadian dollar and that is my second primary trade idea after pound yen to the upside heading into next week it's that reversal in wti to the downside and then a weakening and a breakout to the downside in the canadian dollar from that tight two week range so next is pound yen now pound yen is the highest scoring currency pair but the problem i have here and the reason why i've added in these other currencies is that when we look at this there is no momentum in pound yen you can see we're in a very tight range here in the four hour chart and there's no momentum i mean this thing is just stuck sideways and when you have the market doing this it is at risk of reversing lower so what i would like to do here going into next week if i am going to be looking at pound yen to the upside which is a risk on currency pair and that's because it's the currency pair thrown up by the scorecards although we know they can reverse there's a greater chance of these reversals because of the euro and the dollar both being strong what i would like to do is i would only like to trade this to the upside next week if we start to get some momentum so if pound yen starts to come down like this and then it breaks highs not like this but we start to break higher with momentum that would be when i would start to look for pound yen into the 158.20 and if you have a risk on pair like pound yen and you also have risk off pairs like poundcad us dollar cad and cad frank what will happen is one will likely work and the other one won't so you don't have to trade both if you're waiting for the breakout because if pound yen breaks to the upside like this you're unlikely to see any momentum in pound cad whereas if pound cad when we come to it next starts to break higher with momentum like this and we start to see risk off coming into the markets then this is not going to break out with momentum to the upside it's just going to continue to do this in which case you don't need to trade it you filter it out because you've had no momentum break to the upside does that make sense so it allows you when you wait for the breakout it allows you to potentially trade the markets either way and although one might work and one won't you will generally be kept out of the one that won't work because you won't have that momentum break first so i hope that makes sense as we go through the next few pairs so pound you into the upside but only if it starts to break with momentum higher pound cad now pound cad has already broken out higher and again this is a play on the potential top in crude oil what i'd like to hear in pound cad is just what i said in pound yen if the market starts to pull back you can see we don't have any momentum above the previous hydras yet if it starts to pull back and then breaks out with momentum look for the pullback and then look for the move into the 1.7432 and again if you imagine what we just looked at in pound yen because this is risk on and this is risk off you'll likely see these moving in opposite directions so if we get this breakup like this in pound cad and a pullback impound yen you'll likely see it just doing this it will just start to sell off if pound yen starts to break out of the correction to the upside like this then what you may see is instead of the break higher in pound cad you just see pound cad correcting lower like this does that make sense you don't have to trade both you trade the one which provides the breakout next is us dollar cad this is again a play if we do get the reversal lower in crude oil and we start to sell off sharply in the canadian dollar and the reason i'm looking at us dollar cad here is this is a risk-off move to the upside and we've been correcting in a very tight range almost coiling and so again if we get that breakout what i'd like to see first is we've already started breaking above the height here i'd like to see this break with momentum and then you can look for the pullback and that would be the opportunity into the 1.2842 and finally cad frank also a play on any reversal in crude oil which should bring
the canadian dollar lower you can see we've already started to break out of here and we're starting to get a little bit of momentum into this market so again what i would like to see is any continued momentum like this this will be the opportunity to look for a pullback and any pullback in this market would be viewed as the opportunity to look for shorts into the 0.7189 and then on to the 0.7159 so you have three markets here which are risk off one market which is risk on that i'm looking at and if you wait for the breakout before trading either of these markets what you'll find is the risk off pairs will break out and the risk off one won't or you'll find the risk on pair will break out and the risk off pairs won't next is euro dollar now euro dollar is still corrective and ever since we traded into the high over here we've just kind of corrected and flagged down and i don't see this ending anytime next week before i start to trade euro dollar i would like to see this break in with momentum i think what's most likely to happen because both these currencies are still fairly strong we're going to just get continued correction the market just continues to crack down we'll probably be coming down to try and attempt to take out this left shoulder over here and that will be the next decision point whether we continue lower for the trend or whether we start to bounce but this move from here to here is probably the next move for this currency pair it is not highlighted as one of my favorite pairs because of how choppy it is but we do cover euro dollar every week i won't be trading euro dollar next week however okay so after pound yen as a primary idea heading into next week to the upside and also the canadian weakness pairs as a second trading idea heading into next week the third idea that i'm looking at heading into next week in the forex markets is the new zealand interest rate decision on wednesday so between now wednesday i won't be doing anything with these pairs however the first three pairs i will be looking at in the event we get a sell-off awakening of the new zealand dollar on the interest rate decision and that might be because they're expecting an interest rate rise and perhaps it doesn't come in which case the new zealand dollar sells off and what you'll see is this will likely continue to correct and then on wednesday you have to rally up and then look for the pullback that will be the opportunity next week right here that i'll be looking for into the 2.0611 and because the pound is structured as the strongest currency this is my preferred new zealand week set up on the interest rate decision next week next is euro new zealand again only looking to trade this if we get a sell-off in the new zealand dollar from the interest rate decision the market is likely to continue to correct down like this and then on wednesday if we get that weakening you'll see a rally to the upside and then any pullback will be the opportunity to look further advances in this market back up to the previous high first and foremost and then maybe over the next couple of weeks on to the 1.7403 and the third new zealand dollar week set up is new zealand dollar to the downside itself i did highlight the fact that the new zealand dollar index looks to be forming a big bear flag which is what we're doing here as well in new zealand and so if we get especially if we start to get a bit of a stronger dollar next week if we get a weakening of the new zealand dollar look for a sharp sell-off like this and then any pullback will be the opportunity from wednesday thursday friday for shorts into the previous low first and foremost and then on to the target of the 0.6491
and the final two pairs here new zealand new zealand cad are in the event we get a strong new zealand dollar we perhaps get that interest rate rise and the reserve bank of new zealand come out extra hawkish and it causes the new zealand dollar to rally to the upside in that scenario i'll be looking towards new zealand and new zealand cad and what i would expect to see there in new zealand yen is a continued correction down into wednesday and then any rally to the upside especially if we start to get crude oil reversing in terms of new zealand cad but any rally to the upside i will be looking for a pullback and then a move into the 78 24. and new zealand cad as i said if we get the especially if we get the reversal to the downside and we start to see the new zealand cad weakening what i would like to see is if we get a correction into wednesday and then on the interest rate decision itself we get the rally higher look for the pullback in new zealand cad and then i'm going to be looking for further advances into the 0.8592 so there's a common theme here which you can see when the markets are lacking volatility and the outlook is less certain you can be more reactive than predictive you don't have to always try and predict the market the idea is to make money not to be right in your opinion you think something's going to go up and then it goes up great you've made a good call that actually is not very important what's important here is making money so when you have a very very clear trend and the market is really trending to the upside you see all of the risk on currency scoring positively let's say and all of the risk of currency scoring negatively and you have a really nice trend to the upside let's say in something like pound yen and you've got momentum you can be predictive you can say i'm going to predict this trend is going to continue we're going to see higher highs and higher highs because the market condition is trending and that is what happens in a strong uptrend you get higher highs and higher lows but if the outlook is less certain perhaps you have an interest rate decision and so the outcome of that event is less certain or you have a situation where the market is kind of oscillating between risk on risk off which is what we're seeing right now at the start of last week we saw the markets reflating we saw aussie new zealand euro all pushing higher against the yen and then at the end of the week we saw the reverse happen the yen and the swiss franc they started to strengthen against the reflationary currencies or the risk on currencies we saw risk off so risk on at the start of the week risk off towards the end of the week so when you have market conditions being a little bit less certain like that get reactive let the market break out let the market show you the direction it's moving and then look to trade it you don't have to always try and predict the market and especially if you have an interest rate decision or if you have low volatility conditions you're probably going to be wrong more times than you're right trying to call the market or be predictive with the next moves in the market so three-part plan heading into next week for the forex pairs first and foremost the risk on currency pair of pound yen if we start to break higher i'll be trading those risk on moves to the upside if that fails to materialize and pound yen just starts to reverse lower look for the breakout in pound cad us dollar cad and cad frank because that will signal risk off so as pound yen fails to break out risk off currency should start to break out and then also going to be reactive on the interest rate decision with pound new zealand euro new zealand and new zealand dollar for any big sell-off in the new zealand dollar and new zealand yen and new zealand cad for any strengthening of the new zealand dollar next week so we're going to move on to stocks gold silver and bitcoin and in fact gold is my favorite market going into next week it is once again going to be the market i'm going to be paying the most attention to okay so moving on stocks and starting with spx last week i highlighted the 4305.29 and the fact that the spx was stretched the downside as you can see when we go through here we are seeing a number of these stock markets starting to sell off towards the previous lows and this is why i've added in those risk off currency pairs next week because if that happens you're going to start to see a bit of a flight safety and pound yen is not going to break out to the upside instead you'll get those risk-off pairs breaking out which are highlighted alongside pound yen so any continued pullback in spx as it currently stands is an opportunity to look further declines into the 4305.29 and if we break through here on to the 422958 which is a very significant low i mean we're at a point here where the market could either start to rally to the upside or if it breaks the 42 to 9.58 the market could be in serious trouble when you're at a decision point
like this in the stock market you don't have to go out and take big bets on which way it's going to go either let the market start to break to the upside in which case it will probably form a higher low over here and then reverse higher and then you can start to get bullish once again or if we start to break the 42 to 958 with momentum like this that would actually start a potential bear market in the spx as it currently stands and then you can get bearish on the spx as it currently stands this is a correction and this is just a low so we're right at the area where this could go either way so if you want to look for shorts into the 430529 that's entirely up to you but i would rather stay out of the stock market or the indices at the very least themselves until we get a clearer sense of direction are we going to start to bounce form a higher low and then rally because if we do break the 4591 with momentum like this and we start to we form a high low over here and then we break up it's not going to go all the way to 5000 in a day it's going to pull back and then it's going to rally it's going to pull back and it's going to realise you can have lots of opportunities to buy you don't have to be on or in the market at the exact turning point you can wait for the first break and then you can trade the rest of the movie you can capture the rest of the 90 you don't have to have that first 10 percent so i would personally rather wait for clearer direction but it is currently structured to the downside with four three zero five two nine as the next key of support next is the nasdaq also structured to the downside approaching the target of 13784.98 exactly the same applies to the nasdaq as the spx any shorts into 1378498 could be risky because we may start see a bounce somewhere in this area and then we can continue up above the 1506 2.29 until we get clearer direction i'm not interested in taking any significant positions in the stock markets but a key thing to take away from these charts even if you're not trading them is that stock markets are still selling off to the downside and this is what's bringing risk off into the currency pairs this would be the reason for pound yen to fail next week and to set off those risk off currencies highlighted so overall patience required on the stock market next is dow jones also selling off took out the target of the three four zero two three point ten last week again you could look at this and say well is this now going to be an inverse head and shoulders where we start to turn at the previous shoulder and break higher like this and we break above here and this starts a new trend to the upside or are we going to break here and this becomes a one a two and then we kickstart a third wave to the downside we're right at that decision point you don't have to be involved when it starts either to the upside or the downside as i said in this kind of scenario i prefer to wait if it breaks higher you'll have plenty of opportunities to ride the next up leg if it breaks lower and we start a bear market you'll have plenty of opportunities to short into the bare leg you don't have to position right as the market is making a decision so the next target to the downside is the 33 628 but again patience required in my opinion i'm not going to be trading these as it currently stands i'm going to wait for a breakout either way and clear direction in the stock market next is the russell now last week the russell actually broke head and shoulders to the downside from the two zero eight six point one five so it broke down here pulled back and it retested and now it's broken and shoulders to the downside so again either the head and shoulders is going to fail and this will kickstart a new break to the upside and all of these sellers will have their stop losses taken out and this will kickstart the impulse wave to the upside or this is going to continue down to the 1929.38 and you might be saying well all you're saying
is it could go up or it could go down well that is what i'm saying so in that scenario i would rather not trade this i'd prefer to wait for a clearer direction but if you absolutely have to trade this i would prefer to look for shorts into the 192930 and finally in stocks we have the nifty the nifty is also structured to the downside and we've bounced and this bounce as it currently stands is viewed as a potential opportunity to look further declined into the 16 843 again if you just look at the nifty you could ask yourself well is this an inverse head and shoulders are we going to start to break higher from here and kickstart and you move to the upside break here that would be a major breakout in the nifty well if you've got an opinion on it that's great time will tell whether that's correct or not however i'd prefer to wait as i said just the same with the other stocks if i were trading this next is gold now gold was the primary thing i was keeping my own last week as i tweeted out on monday and going into this week is once again my number one market that i'm going to be watching keeping an eye on if i only trade gold and i catch a good breakout in gold and i don't trade anything else i'd be completely happy with that next week although i do think those risk-off currencies may also pay dividends next week based on what we're seeing in the stock market we took out the target to 1877 and we sold off that was people selling profit taking and i tweeted out afterwards on the 16th that i am back in gold at 1853.50 which is right here and i'm looking for a run into the 1877.24 and a break why because everybody who sold here they play stop losses here and that causes the rally that causes the breakout that provides the fuel for the momentum and the second run at 1877 we did break through and we started to hold towards the high of last week that's a good sign going into this week i'm leaving the 1877.24 on here because it's a major breakout level and any pullback towards this level is viewed as an opportunity to look for bullish setups and buying opportunities into the 1916 16.63 and interestingly the 1916.63 is a secondary breakout point so just as we broke over here with momentum this is the same breakout but to a much higher degree you can see if i zoom out further we have a low over here we have a higher low and this is actually the breakout point of this highlight over here so this breakout level is the same as this but a couple of degrees higher so when we get to 19 16 63 there's every chance you see the market maybe test first and pull back as profit taking comes in but certainly if we test the second time i'd be looking for this to explode through the 1916 63 and the next target to the upside is the 19 57.47 next is silver now
silver is kind of grinding to the upside you can see we're lacking a little bit of momentum so i do like silver to the upside but not as much as i like gold any pullback in silver is still viewed as an opportunity to look for bullish reversal so look for the momentum to come in and any breakout i'm going to be looking up towards the 24.55 and last but not least we have bitcoin bitcoin has reversed lower as of last week and we are now heading towards the 38 960. this is another sign risk offs coming into the markets towards the end of last week so any pullback in bitcoin is currently viewed as an opportunity to look for bearish breakouts down to the next key of support downside to 38 960. so that is it for me for this week guys i will be posting updates on twitter throughout the week as new information comes in and things start to change i'll be giving my perspective on what i'm seeing in the markets it's much easier for me to just fire off a tweet during the week than it is to actually record and edit and put out a youtube video so if you want to know what my thoughts are on the markets as they change as they evolve as setups appear be sure to follow me on twitter because i will be posting everything on there as always i hope you enjoyed this video and if you did please let me know by liking sharing and subscribing 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 all 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 to trade safely you
2022-02-20 16:42