Vladimir Ribakov analyzes EUR/USD, GBP/USD, and Gold. EUR/USD shows overbought RSI and a supply zone that could trigger an ABCD correction. GBP/USD is in a bearish cycle since 2006 with two possible breakout scenarios. Gold hits all-time highs but shows a bearish divergence on the daily chart.
Chapters
Hello traders, how are you? Vladimir here from Home Trader Club and welcome to the weekly forex forecast. This would be a shorter version of the weekly forecast as I am just back from the trip to Jamaica and I would like to take the opportunity and to say big thanks to Dr. Lybert And Frank from FX Blob for inviting me, being part of the event and being the speaker in this event. It was absolutely fantastic experience, amazing people, great country, great friends. What can I else? What else can I say beside being thankful for this opportunity and thankful for meeting new fantastic people? And now let's talk charts. As always, big thanks to 8K Broker for supporting our community. And to enjoy the very special offers we have with 8K Brokers, including the access up to 1 year to Home Trader Club, my trading systems, the live trading room product, and more, you can follow the link below this video in the description. So the first pair on today's list, EUR/USD. In one of the recent weekly forecasts One of the scenarios we were analyzing was basically that we will start to see the euro-dollar making the waves in a bullish direction or a bullish structure and then potentially taking us to the place where it will attempt to break this range to complete that longer cycle. So I will follow up on this very idea as we saw the euro-dollar basically making this First waves. If we take a look on the daily chart and the weekly chart range, we will figure out that the zone of the range is slightly higher, and it is very possible that the euro dollar will actually attempt to go and clean this zone before it will either attempt to break upside or will bounce back before. Breaking upside. And this zone is pretty phenomenal as it is right on this supply area we see on the daily chart together with this high. This is a phenomenal zone and I believe the euro is due to go there. On the 4-hour chart, we do see the sequence of higher highs, higher lows And currently no signs against higher highs on the indicators as well, which usually brings the opportunity to buy the pullbacks. Currently, after seeing the euro-dollar reaching some sort of overbought conditions on the RSI, it's very logical we will see some ABCD or any sort of a range here before the final rally will take place. Place. So for me, these dips should provide further rallies towards the supply zone mentioned on the daily chart. How would you expect the euro dollar to move from here? Let me know in the comment section. Next one I want to cover, pound dollar. But before that, I would like to ask your support. If you find value in this video and you appreciate the opportunities, please Hit this like button. If you are new to our community, please consider to subscribe with the subscribe button below this video. Thank you very much for taking the time to help. In the recent weekly forecast, we discussed again one of the scenarios on the pound dollar that we will see a further bullish continuation. One of the scenarios was to get the ABCD correction here and then a breakout and a flight. And in some cases, instead of making the ABCD, the market makes some sort of consolidation, which in that case was then broken with this sequence of higher highs out of this consolidation, the ranging consolidation here, right? And then we saw the higher highs, higher lows, and the pair goes through this level. The biggest question we have right now Is that over or we still have more to come? So as I expressed not once, not twice, but many times on the recent videos, I believe that pound-dollar is one of the more attractive opportunities we have for the long run. Reason being is if we take a look on the long cycle from the monthly chart, that makes absolutely sense that the pound-dollar will try and make this correction after a bearish move since 2006-2007. Okay, so, uh, for the long run, for me, the pound-dollar is pretty attractive opportunity. And if we go to the weekly chart, similar to the euro-dollar, the pound-dollar is likely to make here some sort of a range before attempting to break and complete the running cycle. And, uh, if we plot these levels, we will see that exactly like the EUR/USD, GBP/USD is close to the zone. Okay, with that in mind, we have very significant highs here as a supply area, top of the range. The GBP/USD, I believe, is going to Have hard time around this zone, and from there we get one of the two scenarios: either a pullback before the breakout, or the opposite—first break, then deep pullback to retest, and probably even beyond the retest of that breakout because it's very typical things when the break happens straight. Through, uh, and then continuation upside. So for— as for me, I would anticipate the pound-dollar find its comfort for a pullback and then the breakout, uh, from this zone. That would be ideal scenario. Even if it doesn't happen to make a pullback and straight breakout, okay, then, then we probably get deep pullback and further continuation upside. So, uh, the long story short, with the levels we saw in play here from the daily chart and the 4-hour chart making these waves, that's what makes me think that eventually we are exposed to a potential pullback before a very possible breakout with the longer-term analysis. How would you expect the pound to move? Share with us in the comments. And the final one for today, gold, which continued to make all-time highs. And the way it looks right now, it's not even close to be done. So one of the things we discussed last time, that if it managed to complete this structure and 3 higher highs, higher lows through the corrective movement it had before, then very likely we're gonna see A final rally to, or maybe not final, but another rally towards a new high. Right now we can see that the pair has, instrument has potential bearish divergence on the daily chart, but so far without significant retraces signs besides divergence, which makes me think with any pullback we are experiencing here. We could see the euro-dollar actually making one more— sorry, the gold making one more rally to complete the structure of a daily and 4-hour chart divergence. On a shorter term, though, of course, pullbacks are possible. But for the longer run, I really am not confident to say The gold created already reversal structures. Personally, at the moment, I think it didn't. It's yet to create. Could that happen if it doesn't rally to make the false breakout and divergence and then make something alternatively? The answer is yes. Sometimes we see that the market starts to make waves, right? 2 waves down, 2 waves up, and then a breakout to start the daily divergence to be effective. But as for now, I'm not feeling confident to say that the gold really completed its rally and it's over. The way it looks right now, buy these dips for the longer run is still, at least at the moment, the correct thing to do. That would be my view on the gold. How do you think about this one? What do you think about this one? Let me know in the comment section. So as I mentioned before, it's a short version. It's Tuesday now and I'm back from the trip to Jamaica. I'll see you with more, of course, as a preparation for the next week. Meanwhile, thanks for watching, and I invite you to our family, the Home Trader Club, where you can get your access to our comprehensive courses for beginners and advanced, media zone, very, very deep and detailed media zone, real-time trading education opportunities, access to the community, and way so much more. Join our family with the link below this video in the description. Best to you and yours. I wish you a good week ahead. Bye for now. Bye for now.
