Welcome to our new weekly forecast for the trading week that started yesterday, August 5th. As always, Nikkhil’s aim is to spotlight key opportunities and shifts in the markets, covering instruments that range from currency pairs and commodities to stocks and cryptocurrencies.
Let's dive into this week's analysis:
The EURUSD pair displays a strong bullish sentiment, evidenced by its consistent formation of higher lows and a recent bullish breakout from a descending trendline. The MACD confirms ongoing buyer control, with no signs of momentum loss. This consistency across multiple time frames indicates a solid buying position.
GBPNZD
The GBPNZD continues to show upward momentum, staying above several key rising trend lines on the weekly chart. The Fib extension predicts a potential rise to 2.2660. Daily and four-hour charts recommend buying on dips, with technical indicators strongly favouring the bulls.
Gold continues to show strength with a bullish technical pattern that includes higher highs and no breaks of its rising trend lines. The price is expected to reach around $2570 as the ultimate target, with buying recommended on any major dips.
WTI crude faces a bearish outlook in the short term as it struggles between rising lows and forming lower highs, suggesting a potential breakdown. If the price breaks below the current support, it could retest levels around $70-$71. Selling on rallies in the current environment is advisable.
Bitcoin is currently experiencing a pullback within a long-term bullish trend. Short-term indicators show bearish signals, but the long-term trend line remains intact. Opportunities to buy on dips around $48,500 to $50,000 should be considered.
AAPL
Apple shows enduring strength with its stock maintaining a bullish trajectory on the weekly chart. Despite some short-term pullbacks, the overall trend suggests potential entry points around $197, targeting highs of $240 to $268.
We hope this analysis aids in your trading decisions for the week.
Remember, the markets are dynamic, and keeping informed with Nikkhil’s in-depth analysis will help you stay ahead.
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Happy Trading and a Profitable Week Ahead