Forex Weekly Forecast - 17 to 21 July 2023 - EURUSD,GBPUSD,GBPAUD,GBPCAD - By Vladimir Ribakov

Hello traders, how are you? Vladimir here and welcome to the weekly forex forecast. In today's video, I would like to share with you 4 interesting trading opportunities the way I see them. That would be the euro-dollar, pound-dollar, uh, pound-Canadian, and pound- Australian. Each of them has something interesting technically happening. Each of them has specific levels to pay attention to, and mainly each of them has high probability to deliver significant moves. Ready? So let's begin. So the very first instrument I would like to talk about and share here would be the EUR/USD. But before I go and explain all the technical conditions, what and why I believe the EUR/USD is great opportunity and buy the pullbacks, I would like to take the opportunity and give a big shout out and thank you to Mugen Markets for supporting me, my channel, and my community. Uh, and you can learn much more about them, what they offer, in the link below this video in the description. And also you will find there in the description below this video, uh, how— what steps you can do in order to enjoy the special offer I have with Movement Markets where you can get your access to my products. So learn all the information below this video in the description. So as I shared with you a short time ago, about a week ago, this was a significant level for the euro-dollar to hold before the next rally comes in play. This rally indeed happens. The biggest question we have at the moment: Is that the end? So here is why I do not think it is the end. First of all, examining the connection of the most recent swing high, we can see that there is still room to go. But mainly, take a look on the previous highs, the zones where sellers took control on the way down. The most Recent area we have here, and and the same area is found on the way up. Right? This was a high before sellers tried and buyers took control. So all this creates for us a beautiful zone of sellers, actually including the spikes. So here, okay. So I don't think the euro dollar said the last word according to the levels. And if we plot Fibonacci. Expansion on the ongoing waves, we will figure out the 61.8 is awaiting right there. So that makes me think that after some decent pullback, which definitely could take place, the euro-dollar has enough room to go and to finalize, uh, this movement, uh, before a potential reversal will take place. And that's exactly how I want to go on the trade. Going on a daily chart, I can clearly see that even on the most recent highs here, right, that's the weekly highs, and even on the daily highs which we can see here, we have absolutely nothing against. That's usually a good sign of a continuation. And taking it down to the 4-hour chart, here is what we see. Okay, so we have over than 20 candles right on the upper Bollinger Band. Last time it happened with this pair was here, and some pullback took place. So I do think we should see some logical slowdown at the area, and the euro dollar could try and push slightly lower before the next final rally will take place. So here are the levels the way I see them that I would be looking for the euro dollar for possible buying continuation. So take a look what happens here. Okay, resistance, previous resistance, right? Of course this becomes— let me just go with the rectangle here. Okay, this becomes of course a major support. Will we see that? I'm doubtful, at least at the moment. Okay, but here is what happened since. Exploring upside, consolidation, okay, sellers trying to reject, buyers take control again. All that create a massive supportive area with a lot of volumes, okay. And take a look closer here, it's also in between the middle of the Bollinger Bands, okay, to the lower part of the Bollinger Bands, assuming the Bollinger Bands would go and do something like that, right? And the price should go and meet it in the opposite Bollinger Band. This is where I believe we should see the euro dollar stopping, in between this first area to the next important supportive area. Okay, from there I do think that the euro dollar should go prepare the— prepare itself and push on the final rally towards the mentioned levels before. What do you think about the euro dollar? Do you believe we will see the 1.13— 1.14, 1.15 actually, uh, or is that a top and it's going to reverse and go below the 1.10 again? Share your views in the comment section below this video. The next instrument on the list would be the pound dollar, which also explodes and Very likely did not say its last word. So how much further could this pair go? Let's find out. But before that, I would like to ask your support in my work and my channel. If you find this video value and the other videos I upload for you during the weeks, please show your support back. Hit this like button, few words in the comment section would do a great support. This is how YouTube algorithm works, so you know all these little things help a lot for the channel to stay relevant and keep bringing the great content for you. If you are new to this channel, please consider to subscribe and to enjoy from all the trading content I have here for you. And also I would like to invite you to our trading family, the Home Trader Club, where you will get your access As you can see on this very image, where should I point? This very image, uh, where you get access to the beginners and advanced course, all our real-time trading opportunities and real-time trading education, access to our community, myself, my team, and so much more. Join us with the link below this video in the description. And thanks a lot for your help and for taking the time to support me, my channel, And our work. So pound-dollar would be once again our next one. And after failing the double top that we had back then here— well, not really failing because we still saw the pair making some corrective move down, but this corrective move down did not complete the double top pattern. All it did is just ABCD before further continuation upside. So let's go back to the pound-dollar waves and let's see what do we have here in terms of the waves. Take a look, and I want to remind you, for those who do follow me for a long time, I explained that, that after these 3 major waves and a huge bullish divergence, it's very, very possible that we entered a long term of a corrective cycle. So for the very long term, I'm very bullish on the pound dollar. However, on the short term, there is a very high probability of a slowdown. And here is basically why. If we plot Fibonacci right now at this moment, we will see that we are in a key zone here. Okay, there is no evidence that this is over. There is no ending divergence on the moving averages or RSI or anything like that. But there is a Very high probability that after some pullback, the pound dollar will shoot further upside to go and complete its cycle. And that makes tons of sense because even if we take a look on the supply areas we have on the go, then the significant high is here, and the next one, look where it is. All this sequence of highs, it's right there next to the Fibonacci. That's where the sellers were taking control every time buyers tried to push back on the bearish trend. So that's why I'm saying for the long run, nothing looks really like a stoppage, and any pullback should be an inviting opportunity to go and to ride it. Going down to the daily chart, same story. There was a potential divergence here which never completed. The MACD just made a new high. There are No ending signs. The only thing we do have at the moment is RSI coming close to over bought conditions on the daily chart, which is around the 80, and we have some levels of Fibonacci I showed before. And on the four-hour chart, exactly like with the euro dollar we saw before, we have over 20 candles right on the upper Bollinger Band. Last time it happened was here, and we did. Get a good corrective movement. So I would not be surprised if the pound-dollar actually does that, but as I just saw before, I think it has more to offer. Take a look on this beautiful rising supportive line. Take a look on this area where buyers, sellers, and buyers again explode, right? And then you have this little inner area All that create for us a beautiful first potential slowdown zone, of course, including then that resistance which now behaves as support and the rising supportive line. So any pullback towards this zone between these 2 levels here, right, and we should be looking for bullish evidences or further continuation up. At that moment, there are no evidences. The pound-dollar finished its rally. The way it looks like, there is much more to come, and buy the dips should be a correct trading plan. By the way, as you can see, euro explodes, pound explodes, all the other pairs against the dollar really make dramatic move. What and why? You probably know that during this last week, a CPI report was published in the US, and we saw that the inflation there Almost gone. 3%, getting very, very, very, very close to the 2% target. But is it close? If you think about it, 2% target, 3%, it's 50% difference. So what will the Fed do, right? Will they really go for one final hike of the rates or not? Time will tell us. I think they would not rush, and if they do, it would be pretty much the, um, the last one for, uh, this, very likely, uh, next year as well. I'm not sure about when the trend will start to reverse, but the way it looks right now, the numbers are working in their favor. The Fed should be happy. Will that really be the the end? Time will tell. Anyway, at the moment, I think the anti-dollar move is not over, and any pullback should be considered as an opportunity to go and to join this massively ongoing trend. What would you say about the pound dollar? Are we going all the way to 135, 138, maybe even higher from here? Or did we just see the top and the pair is ready to turn around and go below 125? Share your inputs, insights, and views and thoughts in the comment section below this video. And of course, thank you very much in advance for sharing. Then next instrument would be the pound Aussie. I published my video on a daily analysis, um, If you missed it on the channel, you can watch it right now in the right top corner of this video. You will find a direct link, or just find it on the, on the channel where I published my trading plan for this one. So I don't want to duplicate because you can watch the full analysis in this video I just recommended. I will take it short. However, I want to show an alternative plan. I want to explain it. As I explained on this video, we are holding a key zone here where I anticipate sells from there. The biggest question we we have at the moment is, will these highs here be strong enough to hold the pullback? I believe the answer would be yes, or at least for some sort of a small correction before the rally. However, here is what could happen in such scenarios, and I want you to be prepared because that's one of the possible scenarios. What might happen here is something like that, okay? We get into the zone We indeed reject. We start to pull back, but then the market makes new high and climbs for a final trending rally. This scenario is possible. It doesn't change my trading plan, which is still looking for sells from here. However, in case these sells would not bring any significant momentum and will just make a a short move down and then reverses, then keep in mind that there is a good chance the market is preparing here a final rally, okay? Because we still have the weekly levels I showed you before, and a daily might do something like that for the rally until it goes and completes its moving average divergence before a major turnaround. I'm not claiming it happens. I'm already after a short. Just want to explain you the alternative scenario that could behave here, and that's why I want to explain you what to pay attention to in terms of the price. Okay, I again, I still anticipate this zone to hold. I believe we should, especially with this potential bearish hidden divergence when the market makes lower highs but indicator makes higher highs. I believe it should put some pressure. We should see some move down, but if it's not significant move down and it bounces back, keep in mind the alternative scenario as the daily rally could go and actually make the final push until daily divergence completes. Okay, so that's about the pound Aussie. All the rest I don't want to duplicate. Please make sure you watch this video recommended. And let's go to the last pair. That would be the pound Canadian, and that would be the final one for today. Again, exactly like in the case of the pound dollar, at the end of the major drop down, we saw here some bullish divergence on the moving averages. Usually this is a beginning of corrective long-term correction. Okay. My, my view here, exactly like with the pound-dollar, this one has all the reasons for long-term buys. Going down to the weekly chart, same story, nothing really significant in gains. One thing we do need though to start to pay attention to, and that's the fact we are about to right now retest, potentially hold this rejection ED we have here on the weekly chart. However, the real significant zone is higher, it's right here. 61.100, and then potentially even higher than that, right, uh, on this ongoing triple cycle. Okay, so right now there are no ending signs, but here is what does happen. As I showed you, we're just about to enter the significant area, right, starting from right the current rejection area and the supply zone Slightly higher with the Fibonacci. Take a look what does happen here between these two major high. There is a very strong bearish divergence developing, and on the current rally, okay, as you can see, RSI and MACD might enter some extreme divergence overbought conditions. Last time the overbought condition happened was here, and we all remember the strong correction that happened since then. So I do believe that the pound Canadian is about to enter the overbought market. Are we there at the moment? I don't think so. We do have some slowdown signs. Take a look on this potential divergence developing. RSI already making divergence while the market is making these higher highs. The indicator starts to show slowdown. That's for me a sign to be prepared for the reversal, at least on the short term. Okay, so here is what I do anticipate at the end of these 3 wavings as it enters the key zone. Very likely, okay, we will start to see the reversal signs. So we either get here some slowdown and the divergence starts building up, right? And then the correction really takes place. But it also sometimes behaves much Uh, faster than that. Okay, it actually goes complete some significant move, one significant move, then a retest and a deeper pullback. So again, is that the end of the rally? No, but I do believe that the current levels this pair enter, and especially if we get other final rallies, I believe that any rally from here with signs of fake highs or false breakout under the condition of bearish divergence, once it completes, should provide us short-term sell opportunities before the rally continues. Okay, so no, I don't think it's over. I believe, uh, the long run still there to continue, but with this in mind and with the potential weekly divergence on the moving averages, the histogram, uh, that could be some slowdown. So on the short term, pullbacks are very possible to start and happen, but I still think there is final room here to the upside, uh, that this pair could go and complete. Here, so that's the pound can. What do you think? 178 first or 168 first? It's 500 up or 500 down. Let me know what your view in the comment section below this video. So that would be it for this video. Thank you very much for your time watching it. As always, I hope you find value in this one and it helps you to have some ideas. for the coming trading week. Once again, I would like to take the opportunity to invite you to our trading family, the Home Trader Club, where you get your access to our full trading courses, real-time trading education, real-time trading opportunities, access to the community, to myself and my team, and so, so, so much more. Join us with the link below this video in the description. Thank you very much once again for your time. Best to you and yours. And I'll see you soon with more. Good trading. Bye for now.