Forex Weekly Forecast - EURUSD, GBPUSD, EURGBP - 2 September 2024 - By Vladimir Ribakov

Hello traders, how are you? Vladimir here from Home Trader Club. Welcome to the weekly forex forecast. Before we begin, big thanks to 8K Broker for supporting our community and this channel. To enjoy all the amazing offers we have with 8K Broker, including the access to Home Trader Club up to 1 full year, private mentoring sessions, trading strategies, indicators, and all we have to offer. Please refer to the link below this video in the description. So in today's video, the EUR/USD, the GBP/USD, and the EUR/GBP. If you are wondering why do I wear that as a Mickey Mouse or any other of these, uh, creatures, and I promised my son that on the next video I will wear that Because we, as you can see here, we've been participating in this 5K foam festival, foam run, muddy experience, but amazing experience, family experience. And I promised him after that the next video I'm going to do with, with, uh, these ears. So I hope you're fine with that. I'm totally fine with that. So let's begin, uh, with the first pair. So the first one for today, the EUR/USD, a quick follow-up to what we discussed on the last week. And our expectations was the euro-dollar is going to provide a corrective movement here and then further continuation up. So as you can see, during the last week we are basically dealing with this pullback, which I will cover in a moment. I still under the impression the euro can push further upside, however with a little twist. So before we actually go and talk about that, let's go to our members area in Home Trader Club to check the market trend snapshot. And if you take a look on the euro-dollar numbers, we can see that the negative pullback is still on. But look at the monthly. The monthly is over 2%. Usually it's a very strong momentum that hints that this pullback would be limited in time, very likely. And don't forget, we are coming closer to September where the Federal Reserve is expected to cut the rates. So the last 24 hours and last 7 days are almost without a move, less than half percent, barely doing anything, which means we are in a corrective movement in a bullish momentum. Why it's important? Because you can see that our charts would fit perfectly in The expected movement here with the numbers. So based on the weekly time frame, what we've been talking about for a while now, that we expect to see these two waves completing themselves. Sorry, two waves completing themselves. And I believe that after this pullback, the euro should go make this rally to complete. The weekly divergence and the weekly cycle. With this idea in mind, if we go to the daily chart, what we will see on a daily chart that we are in a bullish momentum, especially after the break of the range. Pardon. After the break of the range, the euro dollar is gaining the momentum, making its sequence of highs and lows. No signs anywhere against, which again makes me think. The pullback here should provide further continuation. And on the four-hour chart, if we take a look there, what we can see that at the end of the rally, we were facing the bearish divergence. That's exactly the reason why the last week I said I expect to see the pullback and then continuation. I mentioned before there was a little twist because look what the the pullback here happens to be in three. Waves. Usually— it's not 100% of the times, but usually— what follows after that is either deeper ABCD correction before the continuation, or it becomes like a little range here before it breaks and then continues with the trend. And that's the little twist here. I don't— unless something crazy would happen on the market, I don't expect to see any, I would say, drama, um, for a longer run. I do expect it become either ABCD here before the continuation or some sort of a range, any kind of a range here, and then the breakout and the continuation upside. So, uh, the way I see that, that's what I would expect to see in terms of the weekly movements during the coming week. Let me know what do you think about the EUR/USD in the comment section below this video. So before we move to the next pair, quick look on the fundamental view, the news coming this week. So first of all, kids are back to school this week. So I want to wish you and yours and your kids, anyone in your family who is back to the academical year, a very best for this year, a very successful one. So Monday would be very likely a quiet day. It's a day off in Canada and the US, the first long weekend of September. But then on Tuesday, the action is back. We have the CPI in Switzerland, we have the ISM Manufacturing PMI in the, in the US, GDP in Australia, which is very important to pay attention to, rates in Canada where the expectation is another cut, uh, and then of course the conference, uh, and then the ADP non-farm payroll, uh, change, the pre-non-farm payroll event, and then of course the main event which would be the non-farm payroll, and that should be on Friday. The number starts to shrink a little bit. The unemployment rate starts to go higher, about 4%. The Federal Reserve already promised in the last speech that they will do everything to keep job market strong. That includes rate cuts, very likely. So this is what we expect this coming week. Now let's continue to the chart. So the next pair is the pound-dollar. Before that, if you find value in this video, please hit this like button. And a few words in the comment section would be absolutely fantastic help with all the way that YouTube algorithm works. So thank you very much in supporting me, my team, our work, and this channel. And if you are new to our channel, please consider to subscribe with the subscribe button below this video. Thank you for taking the time to support, guys. Let's continue. So pound-dollar, before the charts, a quick follow-up, right? What we expected the last week, we were expecting this to become a top and the price to start making the pullback before continuation to the upside. So the, the GBPUSD is pretty much following, uh, the path since then. And if we take a look on the numbers, uh, like we did with the EURUSD, it pretty much fits like the EURUSD besides the 7 days. 1 month over 2%, over 2.5%, very strong bullish momentum. The last 7 days, 1% change. Last 24 hours, nothing, which means we are now in a shrinking mode or corrective mode because the numbers before the last week were out of normal. And as always, the numbers tend to go back to normal after some time. So the GBP/USD hints that the momentum is bullish and what we experience at the moment is nothing more than the correction. So last week we were talking about getting a top at that zone due to the developing divergence and the bearish divergence on the RSI. So right now the pound-dollar is in this corrective structure. I believe that from there we should see the pound-dollar making a bottom and continue its rally. The reason is, is because if we go back to the weekly chart and we plot Fibonacci extension on the ongoing 2 waves, the expectations we have from this pair to reach the 61.8 and the next key supply zone, which is— which are the highs in the previous uptrend and the first high of the downtrend. So for the long run, I believe that's what's coming next. If we go to the lower time frame like the 4-hour chart and daily we saw before The expectation here from the pair to complete its correction and continue. So I do expect to see here higher lows on the chart with lower lows on the indicator to complete a bullish hidden divergence here and from there continue its rally. Two key levels to pay attention to would be this inner zone we have. As you can see, lots of consolidation before the buyers. Made another push. This zone is also key zone, as you can see from the KTLI, the Key Trading Levels indicator of ours, from daily and weekly time frame, which you can see from this table. So this is the first key zone of the pair. It also is right next to the previously broken resistance Which is now behave as a support zone. That's the key levels I expect to see from the pound dollar. The other one is the rising supportive line, the trend line, which is pretty much around the same zone. From there, I believe the pound dollar should establish or begin to establish a bottom and be ready for the next rally. What do you think about the pound dollar? Let me know in the comments. The final pair for today, the euro pound. A quick follow-up on what we discussed on one of the recent weekly forecasts. We expected to see here wavings to the downside, a pullback, and continuation. This was one of the scenarios we were following because we also discussed if it doesn't gain the momentum and instead of that it makes a bullish divergence here, we would be after the buys. But there was no divergence here. Lower lows on the chart, lower lows on the indicator, no divergence. And this structure that it built followed beautifully by the seller. So what is coming next on the pound— on the EUR/GBP? So the way I see that EUR/GBP should go and retest itself around this key demand zone we have here from the weekly chart. Buyers, buyers, buyers, and to complete here somewhere a bullish divergence. Very likely, you can predict it, but very likely that's what the pair will be trying to do. It is also surrounded the bottom of this weekly range, which is fantastic supportive zone. So the way I do expect the euro pound to move is pullbacks and continuation. Now if we go to the, to the daily chart, this is where it comes interesting. We have a straight Bollinger Band movement, band to band movement, which usually means if we take the 50% or the half movement of it, right, that creates— and we go with the breakout— that creates the zone where this movement is likely to stop. Why it's important? We saw the bottom and the demand area from the weekly chart. If we connect the lows of this move down, or even if we go bigger scale, let's just remove that. The bigger scale, the move down here, we are getting the same zone. Very likely, if the euro pound continues to this area, we are going to see here some oversold conditions, which is very likely to create for us the reversal to the upside. So with this idea in mind, on the 4-hour chart, we can see that we are currently overriding the lower Bollinger Bands. Last time it happened was here. Last time it was overriding was on the top was here. Now we are overriding on the bottom. So which means very possible scenario that it will start to create at least short-term pullbacks before final drop. And what I want to see from the euro pound actually is exactly that, right? A forming bottom before it changes its direction based on the weekly and daily combinations. So on the short term, I definitely expect to see some pullbacks happening soon. From there, very likely to see the continuation, right? And then it should start to form the bottom bullish divergence, lower lows chart, higher lows indicator. From there, change that trend. The numbers also hint that we are in negative control. Euro pound one month is pretty much flat, zero eighteen change percent, but the seven days over one percent negative. It's a very strong numbers, which means the momentum is still bearish. On all the trio, that's why short-term rallies, longer term probably still lows to be created until it makes the reversal signs and then makes a turnaround. What do you think about the euro pound? Let me know in the comment section. That's it for this video. Thanks for watching. I hope you found value in this one. As always, please hit the like button if you did, and if you're new to our channel, please consider to subscribe. With the subscribe button below this video. I want to invite you to our trading family, the Home Trader Club, where you get access to our full trading courses, advanced and beginners, comprehensive media zone, real-time trading opportunities and trading education, access to the community, so much more. Join our family with the link below this video in the description. Thanks for watching. Once again, best to you, your kids, your family. I'll see you soon with more. Good trading. Bye for now. Bye for now.