A1 Trading Company

Ticker tape by TradingView

April 4, 2021

Weekly Forex Forecast for AUDUSD, GBPAUD, GBPNZD, XAUUSD (05-09 April 2021)

Bart Kurek

Hey everyone! Welcome to this week's forex forecast for the week ending April 9th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at AUDUSD, GBPAUD, GBPNZD & XAUUSD.

AUD/USD

Price has been steadily increasing and forming an ascending channel, creating higher highs and higher lows. Looking at recent market moves, we can see price consolidating between 0.78 and 0.757 since the start of 2021. We can also see price has formed the head & shoulder pattern with the head at 0.80, the shoulders at 0.78 and the neckline at 0.757. The past week we have seen price consolidate at this neckline, which is also at the channel's bottom. I would suggest waiting for a clear break and close below this level before taking any short positions, most traders will likely be going long at the channel's bottom, but I expect banks to take out their trades, thus making a bearish move on this pair. Take a read through my Deep Dive on AUDUSD here.

GBP/AUD

I've been showing this setup for the past couple of weeks, and pointing out this bearish OB at 1.82 where I'm looking to go short towards the EQL at 1.78. Price is also forming a rising wedge pattern which is further confirmation of an expected bearish move. Unless we see price clearly break and close above this OB, I'm looking only to go short and continue the bearish trend. Take a read through my Deep Dive on GBPAUD here.

GBP/NZD

Looking at recent moves, price has successfully completed this ascending triangle pattern visible on the chart and is currently at a bearish OB where we may see price reverse and head towards the downside again. If, however, price does break and close outside this OB, we will likely see this new uptrend continue and break previous highs from the trend. However, now wouldn't be wrong to go short and look for targets at the new support in the ascending triangle pattern.

XAU/USD

Price is still consolidating between these two major levels, which are 1675 and 1765, and we are still yet to see a significant break below or above these levels. Long-term, I am bullish on Gold, so once we see price close above 1765, we could be looking out for buying positions on retests or at breaker blocks. If we see price close below 1675, I will look out for further price action confirmations of a continued bearish move to get into positions for a downside movement.

A1 Edgefinder

#1 Market Scanner Tool
Take 10% off using code "READER"
GET ACCESS NOW
Want to See Our Trades?

Join The VIP Community!

Our entries, exits & analysis
Live Webinar Coaching
Trading Chatrooms
Strategy Library 
Exclusive Trading Guides
Use Code "READER" for 10% OFF!
JOIN NOWJoin FREE Discord
Listen to More Episodes
Even More Bullish USD News

This morning at 8:30 am Eastern Time, the United States’ Bureau of Economic Analysis released even more bullish USD news. The Core Personal Consumption Expenditures (PCE) Price Index, which measures changes in prices for consumers (excluding volatile food and energy prices), rose more than expected month-over-month. A 0.5% increase was expected for August, with 0.6% […]

Read More
Historic Peril for the Pound

A strange series of events recently sent the United Kingdom’s Pound Sterling tumbling to historic lows. Just weeks after the death of Queen Elizabeth II (a head of state who was uniquely well-liked among the UK’s population by contemporary standards) Kwasi Kwarteng, Britain’s new chancellor in recently appointed Prime Minister Liz Truss’ administration, issued a […]

Read More
Get Ready for the Bear Market

Last week’s selloff was brutal for investors in the US stock market: the Dow Jones Industrial Average closed at its lowest level since late 2020, falling to 29590.41, losing 1.6% on Friday alone. With the S&P 500 currently down a whopping 23% from January’s highs this year, and other indexes close behind percentagewise, stock market […]

Read More
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
Home
Edgefinder
VIP
Menu
homesmartphonelaptopmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram