Weekly Forex Forecast (24/01/22) EurUsd / XauUsd + Forex Trading Plan! [HD]

Weekly Forex Forecast (24/01/22) 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 fantastic weekend we're going to kick off with  a quick review of key events coming up next week   and we have fomc so we cannot create a trading  plan going into next week without taking into   account fomc out of the us on the 26th next week  we're then going to look at the scorecards for the   currencies going into next week and last week we  had new zealand cad to the downside highlighted as   the best currency pair and that was a fantastic  market if you shorted that last week and that   actually takes us to three out of three for the  first three weeks of the year in terms of the   performance of the best currency pair highlighted  in the scorecards we're then going to look at the   currencies individually in the futures markets  before moving on to the forex pairs and we're   going to look at the best forex pairs either to  long side or the short side heading into next week   which offer us the highest probability to make  money next week and once we've done that we're   going to finish as we always do with stocks gold  silver and bitcoin and we did see a big shift in   the stock market which we're going to cover at the  end of the video so with that said let's get into   today's video so if you have a quick review of the  economic calendar for upcoming events because we   can't create a trading plan without knowing what  events are coming up in the next week or so you   can see there's lots of data we're not interested  in going through all the pieces of data because   most of these are irrelevant for short-term  trading however there is a very important piece   of data coming out next week or an event which  is the fomc interest rate decision out of the us   on wednesday and at the same time or just earlier  slightly earlier a few hours earlier we have the   boc the bank of canada also with an interest rate  decision so the canadian dollar and the us dollar   and probably all of the markets because of the  global reserve status of the us dollar are going   to correct move sideways and really do nothing  in all probability between monday and wednesday   so the first thing to note is if that's the case  it's not a great idea to go into the days before   fomc taking lots and lots of trades because  most of the time the markets will be choppy   and when you've got choppy markets really you have  generally speaking a lack of opportunities so in   terms of my own forex trading plan heading into  this week whereas usually i would be very reliant   on the scorecards to be predictive in the sense of  showing what the best pairs are for the upcoming   week because of the market moving nature of the  federal reserve and of fomc it has the ability   to change up the scorecard so yes the scorecards  are still important because they show us lots of   information and they're going to be giving us a  general idea of what's going on and in fact when   we look at new zealand there's a very interesting  score for new zealand which we're going to look at   and we can discuss what that might mean for the  markets in general but with fomc week we really   want to try and shift into a more reactive instead  of predictive mode in the sense that we're going   to be looking at us dollar setups and pairs which  can be traded both ways so if we get a hawkish   response from the fed and we see the dollar  rallying or we see the dollar strengthening there   will be us dollar markets we can trade in that  direction and we're also going to be looking at   setups in the other direction so if for whatever  reason the fed came out with a more dovish tone   and we saw the dollar selling off there are also  markets and setups with the us dollar which we   can trade to the short side so that's really the  first thing to note going into this week which   is that between monday and wednesday the markets  are likely to be corrective and a shift to a more   reactive approach based on the outcome of fomc and  a little patience in the days prior to it is going   to be the best way to approach next week in my  opinion you can see we also have some cpi data but   really the overriding theme next week is going to  be this fomc meeting on wednesday if we go to the   following week very quickly you can see we also  have more interest rate decisions out of australia   we also have an interest rate decision out of the  uk on february 3rd and we also have an interest   rate decision out of the eu and then that friday  we have non-farm payroll so there's a lot of data   coming up in the next two weeks and unlike the  previous three weeks where we pretty much had   a clear on in the markets without any real market  moving events the next two weeks is likely to see   some volatility and it's going to require some  careful planning to navigate so let's have a   look at the scorecards heading into next week and  you can see last week this was the new zealand cad   score which was highlighted last week as the best  market to play which is new zealand cad to the   downside because new zealand was the weakest and  the cat was highlighted the strongest and that   was a great short last week in fact the cad pairs  overall which were highlighted the best long plays   performed really nicely the pound pair is slightly  underperformed uh against the new zealand they   wasn't too bad we had pound who's even closing  strong against the yen and the dollar which were   neutral currencies so a strong versus a neutral  currency it didn't perform so well and this really   goes to show as well why sticking to the best  scored currency pairs is going to give you the   highest probability of making money and when you  start to get into the strong versus neutral or   weak versus neutral you do have a higher risk of  reversals that's why i highlighted the cad pairs   as a priority over the pound pairs last week but  you can see heading into this week the change   was we saw the us dollar gaining we saw the swiss  franc gain in the yen gaining and we saw the new   zealand with a score of minus two or a net change  of minus two giving us an overall score of minus   four now we know when we get to the minus four or  the plus four this usually signals an impending   reversal in that market the market has become  a bit overstretched it doesn't necessarily mean   straight away but over the next few weeks usually  it means so anybody who had long term positions   in the new zealand dollar this is telling us we  don't want to go long because it's still very   weak but this is telling you it is a good  time over the next week or so to start to   look booking some profits on those new zealand  short positions if you've been holding them   for a number of weeks and we've been shorting the  new zealand dollar for a number of weeks so just   looking at the net change and the momentum behind  the currencies and the scores heading into fomc is   pretty clear what we're seeing here we are seeing  a flight to safety we've seen the japanese yen the   swiss franc and the dollar increasing in strength  although across the board they're fairly neutral   still you can see plus one or minus one for  people who follow this channel on a regular basis   is kind of neutral so the frank is bullish to  neutral the dollar is bullish to neutral the yen's   bullish to neutral the aussies bearish to neutral  the euro is bearish and neutral and the new   zealand is super bearish to the point where we're  probably going to see some profit taking coming in   and a reversal over the next few weeks so the real  takeaway here heading into fmc is first of all   these scorecards can change based on the outcome  of fomc however we are seeing a flight to safety   pre-fomc and that money is coming out of the stock  market we saw a big sell-off in stocks and we're   seeing a flight to safety as the stock markets  decline and of course we're going to be looking at   the stock markets later on at the end of the video  so based on the scorecards although they could   change i would prefer to look at risk off setups  on the basis that more likely than not we're going   to continue to see a risk-off environment so  when we look at the currency pairs themselves   i will be focused as a priority on risk-off setups  which we will look at however just to be on the   safe side we're going to look at markets which  involve us dollar weakness which we can pivot to   in the event that we get a more dovish fed now  why might we get a more dovish fed coming out on   wednesday well they may be looking at the stock  market and they may be looking at the sell-off   in the stock market and looking at the stock  market they're going to feel pressure to come out   and give a somewhat softer rhetoric which is  going to be more supportive of stocks so whether   they act on that pressure and they come out with  a more dovish tone on wednesday remains to be seen   but of course they're stuck between a rock and  a hard place because the more dovish they get   in order to support economic growth and the stock  market they also run the risk of exacerbating the   inflationary situation which they're trying to  control so if you have a look at the individual   currency starting with the dxy you can see the us  dollar has been correcting from the highs and from   the low over here we've also been correcting  so there is no real clear direction in the dxy   we are currently bearish on this correction  technically speaking however when you look at this   in the bigger picture this as it stands looks like  a correction in an overall uptrend here and this   looks more like a ball flag and i do think we come  up and take out the previous high at some point   and especially if the risk of environment is to  continue we will be seeing highs in the dollar and   that may be catalyzed from fmc on wednesday so the  score cards show us a kind of bullish to neutral   and the technicals show us are somewhat bearish  to neutral so the dollar is neutral heading into   fmc and that is unlikely to change until fomc  takes place and we get the next directional move   in the dollar next is the euro now the euro is  essentially just the opposite of what we discussed   here you can see we are technically bullish you  would say this is technically bullish to neutral   and when we look at scorecards it's bearish to  neutral so again this is just a neutral currency   we've been correcting here moving sideways a very  choppy market really since the end of november and   again this is unlikely to change until we have  fomc on wednesday and of course this is really   just the inverse of what we looked at in the dxy  it does look like we have a nice big momentum leg   to the downside here followed by correction and  i do think most likely looking at technicals here   we come down take out previous lows and continue  this to the downside and that of course would fit   in with a continuation of a risk-off environment  a deflationary environment next is the pound   so the pound is actually showing some strength  here and you can see this really confirms what   we're seeing in the scorecards we have a nice  big rally and we have this correction so i would   be looking further advances to the upside in the  pound overall but just bear in mind this is also   going to be affected by foam c but this would be  the opportunity i'd be looking for in the pound   pairs for further advances up to the 1.3829 at the  very least you can see this has been stronger than   the euro and this is just confirming what we  looked at in the scorecards next is the swiss   franc now the swiss franc has started to break  high you can see if we zoom out a bit this was the   big inverse head and shoulders which are  highlighted and a stronger frank does fit   in with a more risk off environment and if we get  the fed coming out and failing to reassure markets   and sticking with a more hawkish rhetoric then  we are likely to see as i said a continuation   of the risk-off environment we're going to see the  swiss franc continue higher you can see here on a   technical basis as well we really have on the  right shoulder here a big ball flag we've had   a correction and now we're starting to break out  to the upside and the next target is the 1.1100   so really confirming what we're looking at in  the scorecards the japanese yen the japanese   yen has been correcting off the lows here and  we're very close to reversing above the zero   zero eight eight 140. again like all of these  currencies it's really going to be affected   by a foam c and all probability next week but  you can see we are getting some strength coming   into the yen and this would turn technically  bullish on a break above this red level here   next is the cad the cad was the market highlighted  last week we did perform nicely but we have   somewhat reversed here you can see we have a  double top and we've broken the load down here   so technically speaking the cad is weakening  and looks like some profit taking coming in   so is the cad going to continue to be strong  going into this week well again we have the   interest rate decision out of canada so i would  really be looking to trade the cad pairs in the   same way as the dollar pairs i would want to wait  for that meeting to take place on wednesday and   really to be honest with you after a firm see as  well before looking at the next move in the cad   pairs expect the cad pairs to be neutral between  monday and wednesday with the australian dollar   now the australian dollar is the one that really  interests me heading into next week in terms of   the short side you can see it's still technically  structured to the upside but that would change   on a break below here that would actually  confirm a head and shoulders to the downside   and as a result this would be the start of the  next leg down and this because it's right at the   point of reversing lower it interests me the most  to the short side because as i said it could be   the start of a move down in aussie so going into  next week i do like the aussie as my best short   i favor aussie weakness and if we come and break  this low look for a sell-off down towards a 0.7030   and a new low over here this is the primary move  to the downside which i'm going to be focused   on next week and finally we have the new zealand  dollar the new zealand dollar has been the weakest   and we are heading down to the 0.66620 alongside  the aussie the new zealand is my second favorite   short the only reason it's my second favorite  is because it looks like a chunk of the move   has already taken place we've already had those  short opportunities in the new zealand whereas   the aussie hasn't really caught up yet and it  looks like the same opportunities we had in new   zealand to the downside are about to appear in  the aussie so i do still like new zealand shorts   but because it's so weak or it's been so weak i  favor aussie shorts over new zealand shorts okay   so looking at the best markets heading into next  week i am going to this week start with all of   the dollar pairs and there's going to be setups to  the upside and to the downside because as i said   especially in terms of the dollar pairs we  want to try and be more reactive after a   pharmacy takes place trading in that direction  rather than trying to be predictive because   fomc can change the scorecards so the first  markets i like to the downside is aussie dollar   and this would of course come if we get a more  hawkish fed and we start to see strengthening of   the dollar in that scenario i'd be looking for  a break of this level here this would initiate   a new trend to the downside should be a head and  shoulder reversal and what i'd be looking for is   if we come down and break this level and we get  a hawkish fed any pullback in this market then   would be viewed as an opportunity to start to  look for further declines down to the 0.7007

as i said earlier on in the video my base case  is for further risk off sentiment and aussie   dollar to the downside would be a continuation  of a risk-off environment the next dollar pair   i'm going to look at is new zealand dollar  now this market very similar to aussie dollar   is going to be an opportunity i'm going to look  at in the event of a stronger dollar or a more   hawkish fed you can see we've already started to  break out here and any pullback in this market   say we start to break down monday to wednesday  we correct like this and then on wednesday we   get the fed coming out more hawkish or failing  to reassure markets and we see the dollar rally   this breakdown lower would be the opportunity to  look further declines down to the 0.6725 now as   i said the only reason i like aussie dollar more  is because the new zealand dollar is scoring as   so weak that in the next couple of weeks we may  see some profit taking and a short-term reversal   or bottom in the new zealand dollar pairs next is  euro dollar now euro dollar i've put this kind of   a middleman you can see you could trade this both  directions what i'd be looking for in EurUsd is   the following we are currently structured to the  upside so if for whatever reason we get the fed   coming out with a more dovish rhetoric trying to  support the stock market and we see a weakening   or a sell-off in the us dollar that would  coincide with a rally to the upside in EurUsd   and any pullback after that would be viewed as the  opportunity to look for further advances into the   previous high and then on to the 1.1513 if you  like to trade euro dollar i know some of you do   just like to trade EurUsd all the time what i'd  be waiting for is either that to take place or   if we start to trade below the 1.1274 that would  be where i would turn bearish on euro dollar and  

that would be looking for a continuation of  this move down so it would come down break   the 1.12743 for example and then any pullback  after that would be viewed as an opportunity to   further declines into the 1.1188 so you can trade  this either way however because we're currently   structured to the upside this for me is a market  i would come to if we get a weak dollar or we see   the dollar selling off because the fed come out  with dovish rhetoric to support the stock market   the next market is us dollar swiss franc now  us dollar swiss franc again of course would be   the fed coming out more supportive with dovish  rhetoric talking down the dollar that is to say   and what i'd be looking for is any continuation in  this market say we pull back monday to wednesday   like this and then we see a sell-off out of fomc  that would be the opportunity to look further   declines into the 0.9011 next is pound dollar  pound dollar is clearly structured to the upside  

and this would be a market i would come to if we  get a weakening of the dollar once again so if we   start to correct between monday and wednesday and  then on wednesday we get a weakening of the dollar   and we see a rally like this in pound dollar that  would be the opportunity post wednesday's fomc to   look for a pullback into the previous highs over  here and then on to the next key of resistance   which is 1.3827 and the final us dollar weak  pair that i'll be looking at is us dollar cad   us dollar cad has been selling off to the downside  and we are now kind of correcting if the market   continues to pull back and we get a dovish fed  and what we see between monday and wednesday is   the market doing this and then on wednesday we  get a sell-off like this i will be looking for   a pullback and any opportunity to look further  declines into the 1.24 320. so to summarize the   dollar pairs my preference going into next week  is for a continuation to the upside in the dollar   and i'll be looking for aussie us dollar to the  downside primarily and then second new zealand   dollar if that as plan a fails to materialize and  we get the fed coming out and trying to support   the stock market and talking down the dollar i  will not be interested in looking at those pairs i   will instead look at euro dollar to the upside us  dollar franc to the downside pound dollar to the   upside and us dollar cad to the downside so those  four pairs there are based on dollar weakness and   the top two the two i like the best are based  on dollar strength so again being reactive   instead of predictive next week on the dollar  pairs prepared to try and play that in either   direction if possible the next market we're going  to look at is crude oil now crude oil did take out   the target this was a market highlighted as one of  my top markets last week to look for opportunities   in and we did take out the target set so crude  oil to the upside was a good move last week but   you can see here we've traded into the previous  high and if we continue to see a risk-off   environment this is going to be negative for crude  oil so personally speaking i would be wary of   trading crude oil going into next week it is still  bullish and you can see now the next target to the   upside is the 88.75 but in my opinion the best  opportunity was last week and i think we have a  

higher risk of reversing or correcting in crude  oil based on a combination of trading into the   previous high and seeing a risk-off environment  taking hold even in the stock market we're seeing   defensives gaining against cyclicals and we're  also seeing xle potentially peaking in the stock   market as well so i would leave crude oil for  next week and it has no relevance to the cad pairs   because the cad pairs are primarily going to be  decided next week based on the boc interest rate   decision on wednesday now after the dollar pairs  next week i do like these risk off setups in the   following five forex pairs first of all is aussie  yen you can see aussie yen has actually failed   to make a new high in this area and in fact this  marks a potential major double top in aussie yen   and we've started to break down you can see  here is the head and shoulders in aussie yen   this is the original head and shoulders which  started this new leg to the downside and   since we're training to the downside we've  broken out of this shallow correction here   i am going to be looking for any pullback next  week in aussie yen and any pullback in this market   is going to be viewed as an opportunity to start  to look for further declines and bearish reversals   down to the next care of support to the downside  the target set at the 78.97 my fourth favorite   market heading into next week is new zealand  yen i've ranked this after aussie for reasons   discussed earlier however when you look at this  market you can see there is really really nice   momentum to the downside and this is usually  always indicative of further declines in this   case so any pullback in this market will be viewed  as an opportunity to look for bearish reversals   first and foremost down to this level here you  could argue that this is the next target down here   and then on to the next care of  support to the downside at the 74.83   this is highlighted as a high conviction target  so although the new zealand is very very weak   we may still have further to come in new  zealand yen when we look at new zealand frank   and we have the high conviction targets  we started to take those out last week   even though they had been there for a couple  of weeks so new zealand yen to the downside   is one of my favorite markets heading into next  week next is euro yen so the euro is also weak and   if we continue with a risk-off environment the yen  is going to be the biggest gainer so any pullback   in euro yen would be viewed as an opportunity to  look for bearish reversals down to the next key of   support to the downside in the target set at the  127.31 i do prefer aussie yen and new zealand yen   over euro yen personally speaking and the final  two pairs here in the forex markets are ozzy frank   we have started to break to the downside this is  a big correction which is now coming to an end   and it's coming to an end with head and shoulders  reversal we've now broken the low down here   and we've confirmed this pattern so and we're  starting to get momentum as well so any pullback   in this market is simply viewed as an opportunity  to look for bearish reversals down to the next   care support to the downside the target set and  the 0.6416 and this kind of mirrors what we looked   at remember in the swiss franc when we looked  at the currency itself we highlighted that big   inverse head and shoulders and we're sitting  right at the right shoulder over here   and we're threatening to break up with a ball  flag so if that breaks higher you're going to   see this coming down and i do really like aussie  frank to the downside it's another deflationary   or risk off set up and the final forex market here  is new zealand frank this was a market highlighted   to the downside and i had some people ask me on  twitter and what should we do with new zealand   frank because it's getting very choppy and i  said i would still be shorting every rally and   we traded into the first high conviction target  here of the 0.614 although it wasn't on the list  

last week but now we've had that sell-off and you  can see we've got this sell-off with momentum so   i do have another high conviction target i think  there is a very good chance we come down to the   0.60870 so any pullback in this market and of  course this is another deflationary risk off setup   is going to be viewed as an opportunity to look  for bearish breakouts and bearish patterns into   the 0.6087 so to summarize these markets for you  heading into next week fomc makes next week a big   week it makes next week a week for patients and  it's not a week in my opinion to start going and   trading lots and lots of currency pairs because  the markets are unlikely to move between monday   and wednesday and then they're going to get very  volatile from wednesday thursday friday so i have   a reduced list here of forex pairs because of  that i'm not looking to trade lots of pairs   going into next week my primary plan is to be  reactive to fomc either to the long side or to   the short side and based on that outcome i'll be  trading either aussie us dollar and new zealand   us dollar if we get a stronger dollar or euro  dollar us dollar swiss franc pound dollar and   us dollar card i'll pivot to if we get a weaker  dollar and a more dovish fed outside of the dollar   interest rate decision setups i favor  aussie yen new zealand yen to the downside   in this risk-off environment and i also favor  aussie frank and new zealand frank to the downside   and this list right here represents the only  forex markets i'm going to be paying attention to   heading into next week so wrapping up with stocks  gold silver and bitcoin and over the last few   weeks we've really seen the stock market kind of  being choppy kind of being corrective last week   i highlight the fact that tech stocks the nasdaq  were bearish and it was one of the markets which   was actually structured to the downside while all  the other markets were still technically bullish   but they were correcting and they were close to  reversing well last week we had a reversal to   the downside in a number of these markets and  you can see we came down with momentum this is   where we're getting the risk of sentiment coming  into the currency pairs that we discussed and   the sell-off in stocks is what's setting up some  of those really nice risk-off setups like aussie   frank like new zealand frank like aussie yen like  new zealand again to the downside and one of the   reasons i really like those risk-off setups in the  currency markets is even if the fed comes out and   tries to support the stock market somewhat  it would have to be almost a complete u-turn   in order to send stocks from where they currently  are back up to new all-time highs i think that's   unlikely we may see a softening of the rhetoric  start to support stocks somewhat but a complete   reversal and then back into a reflationary kind  of environment seems very unlikely and that's one   of the reasons why i think this risk-off sentiment  is likely to continue and why i'm looking to trade   in the way that i am heading into next  week so very simply put any pullback   in stocks is currently viewed as an  opportunity to look for further declines   down to the next care support to the downside  the target is set at the 4296 next is the nasdaq   now last week i highlighted that the nasdaq was  actually bearish and you can see we did come down   take out the target set at the 15150.38 heading  into this week i mean we're coming down here with   momentum and yes we have fomc but the nasdaq is  still bearish overall so it looks like we may   take out this target first if we take out this  target any pullback in the nasdaq is currently   viewed as an opportunity to look for further  declines to the downside down towards the next   key of supports on the downside at the one three  nine five six point eighty next is the dow jones   now the dow jones has also reversed the downside  and we're approaching the target of the 34.01  

any pullback in the dow jones would be  viewed similar to the other stocks here as   an opportunity to look for further declines  bearish reversals down to the 34.019.29   next is the russell now the russell is a market  which i highlighted previously although it was   bullish i did highlight the 2107.080 as a key area  to look for i said if this level on this level   has been on here for i don't even know how many  videos but it's been on here for quite a long time   and i said if the russell breaks the 2107 expect  this to break with momentum and for this to be a   warning sign that stocks in general are starting  to reverse lower and once we broke the 2107   that's exactly what we saw we came down here with  momentum and the russell is now bearish that has   started a trend to the downside it's not a major  trend this is actually a counter trend if you look   at the bigger picture you can see the major trend  is still to the upside but a new counter trend   move has started and we could be seeing further  declines in the russell over the next few weeks   if not longer so very simply put any pullback  in the russell as it currently stands is viewed   as an opportunity to look for further declines  to the downside and we're going to be looking at any pullback down towards the next key of  support at 1932.62 and finally we have the nifty   now i did highlight the fact that the nifty is  currently still structured to the upside it is   bullish but as you can see although if you  were to be long stocks being long the nifty   would be a better idea than being long us  stocks because it's likely to outperform   however you can see it's not immune from  what's happening in the u.s stock market   so yes the nifty is currently bullish and any  break higher should be viewed as an opportunity   to look further advances into the 18594.90 but  that breakout higher is unlikely to take place  

if we see continued selling off in the us indices  because as you can see from last week this is   going to have a knock-on effect on the nifty so  overall we're taking neutral stance on the nifty   as it's going to struggle to break higher all  the time u.s stocks are selling off as they are   okay so wrapping up the video with gold silver  and bitcoin starting with XauUsd i covered this   in the previous two videos in fact not last week  but the week before i covered it in quite a bit   of detail spent six minutes talking about this out  of about a 30 minute video and i highlighted this   retest of the broken double bottom reversal and  i noted that i was looking for a move into the   1842.97 and that move i mean that was exactly what  took place we actually finished the week pretty   much right at that target so that was a really  nice move an opportunity to take some profits if   you wanted to however i did highlight something  else that although we took out the target last   week this was potentially the start of a major  move to the upside in XauUsd we are looking at   a potential right shoulder here and a breakout of  the right shoulder and the real key breakout from   last week was the high of this retest over here  and you can see once we broke above this level with momentum which is suggestive of a much bigger  breakout as well we came back to retest it and   we're sitting right at this area now this is the  area where if there is going to be a big breakout   the market is going to rally higher and it's also  the area that if the market were to fail here for   whatever reason you could see some momentum to the  downside because you can see all the people who   traded that breakout pulling their long positions  and of course if you bought on the breakout long   and you exit that position you're selling that  position the fact that we're getting a sell-off   in the stock market and the fact we're seeing  a risk off mentality taking over is actually   somewhat supportive of XauUsd and actually it  tells us on balance that this risk off mentality   is likely to send the gold price higher and it  is actually going to help this breakout somewhat   so for anybody who's not already involved from  gold when we looked at the pullback down in this   era at the 1793 any continued ball flag really  to be honest with you not breaking much below   the previous high over here any ball flag is going  to be viewed next week as an opportunity to look   for bullish breakouts i'm going to be looking into  the 1854.93 as a near-term target but again if you   want to keep hold of gold or you want to hold some  of your long position in gold for a much bigger   rally which could be potentially coming that is  also on the card still as well as this breakout   is still intact next is XagUsd now before we look  at XagUsd i want to show you the gold silver ratio   gold had been out performing silver up until last  week we had a huge sell-off in the gold silver   ratio and this is now technically structured  to the downside we have a trend reversal to the   downside in gold versus silver and what this  is saying is XagUsd long positions somewhat   look more attractive than gold even though we  have potentially a really nice breakout in gold   so going into next week i'm absolutely bullish on  silver and you can see a really nice break with   momentum is indicative of further advances  in this market so i do really like silver   any pullback in silver is simply viewed as  it currently stands as an opportunity to   look for bullish reversals into the next  clear resistance the upside at the 25.37   and last but not least we have bitcoin i have  been bearish on bitcoin and we did take out both   targets to the downside last week first at 39.63  and we have just taken out the second target at 35  

452. you can see in bitcoin we broke down below  this correction here with momentum so what this   is suggesting is there's going to be a correction  and then there's going to be further declines   to the downside i'm looking for the declines  into the three two one one two point zero zero   now the other thing with bitcoin is if we are  getting a risk-off environment taking over   this is negative for bitcoin because bitcoin has  been performing best when stocks are going up   when we have a reflationary type of environment  so don't get me wrong i really like the concept of   bitcoin however the fact is the risk is weighted  to the downside so that is it for me for this week   guys to summarize we do have fomc next week so you  need to be careful in the markets because fomc has   the ability to move not just the forex market  but the stock markets and other markets as well   i do favor risk off setups with my six favorite  forex pairs being aussie dollars to the downside   new zealand dollars to the downside aussie yen  to the downside aussie frank to the downside   new zealand frank to the downside in new zealand  yen to the downside i am also looking for further   declines in stocks and bitcoin however as it  currently stands it does look like we're going   to get further rallies in both gold and silver  so as always i hope you enjoyed this video and   if you did please let me know by liking sharing  and subscribing a big thank 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

2022-01-23 14:15

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