Ticker tape by TradingView

Want to see our trades?

See all of our entries, exits, and analysis. Use code READER for 25% OFF!
Learn More about VIP

Weekly Forex Forecast for USDCAD, AUDUSD, GBPAUD, XAUUSD (12-16 April 2021)

Hey everyone! Welcome to this week's forex forecast for the week ending April 16th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at USDCAD, AUDUSD, GBPAUD & XAUUSD.

USD/CAD

As explained in my CAD Employment Report article here, the employment rate continued to fall from 8.2% and came out to be 7.5%, which means more people are employed in Canada, and therefore better for consumer spending and, in general, for the economy. As expected, this acted as the catalyst for pushing price below the LV at 1.26, where price is now just under the channel's top, and will most likely continue falling and continue the long-term downtrend.

AUD/USD

The market has been consolidating for the past week once again and staying just above the EQL at 0.756 and the channel's bottom. Looking long-term I'm expecting price to continue the trend and break the previous high at 0.80 and push towards the channel's top. If however, price does break below the EQL, this will most likely be to stop out traders once there's enough liquidity for banks to do so, and then ofcourse, look out for price action confirmations if price will reverse or continue dropping.

GBP/AUD

I've been pointing out this setup for the past couple of weeks, and I shared that I went short on this pair on Monday. As anticipated, price did infact make a strong bearish move from the 90% OB, and we're now approaching the first possible resistance towards the initial TP at the EQL. This short-term channel may easily be broken; however, if price does infact respect it, we'll likely see a new trend form, and this OB will be deemed invalid.

XAU/USD

Price is still between the two major levels, 1675 and 1765, and we are still yet to see a significant break of these levels. We can see price has formed a double bottom at 1675, if we see price continue to push further above the neckline at 1640, then we may see price fulfil this chart pattern and push at least towards the bearish OB at 1800. I am overall bullish on Gold and therefore expect this bearish OB to turn into a breaker block, essentially a reversal and once price breaks, an area to go long off.

Get Alerts every time we take a trade!

Join The VIP Community!

Our entries, exits, & analysis
Live webinar coaching calls
Trading chatrooms
Strategy library
Use Code "READER" for $5 OFF!
Join Now

Need a Better Broker?

Impeding Correction In The Equities Markets?

9/17/2021 Stocks are down -0.58% this morning after coming down to test a significant level of support once again. While stocks fall, the dollar rises in the anticipation of sooner-than-expected tapering by the Fed along with a hike in interest rates starting in 2022. Our outlook Other than September being one of the worst months […]

Read More
EURUSD- Is It Now Time To Sell This Pair?

9/16/2021 The Euro-Dollar pair is down over 0.5% today after several days in the red. Today's speech by EU president Lagarde mentioned how the economic recovery had come quicker than expected six months ago. This was praised by the prompt vaccine distribution so citizens could get back to work. Across the pond, the US just […]

Read More
What To Make Of The Latest CPI News

9/14/2021 This morning's report on CPI m/m and core CPI m/m came in at a lower percentage than expected which resulted in a falling dollar pre-New York session. The USD is now volatile under the uncertainty of potential tapering and rising rates while the equities market seems to be rising because of this. Our outlook […]

Read More
Institutions Dumped The Buck- How To Trade This

9/13/2021 Big money has been moving out of Australia's currency for nearly a month now which has been the biggest drop in long contracts in this amount of time year-to-date. Australia's dollar index (AXY) is up 0.06% at 73.61 on the day after rebounding from the lows around 71.19. Our outlook Australia's economy has surprised […]

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

A1 Trading Company

A1 Trading Company is a financial services and media business founded in Atlanta, USA.
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram