Hey everyone! Welcome to this week's forex forecast for the week ending April 30th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at EURUSD, GBPUSD & XAUUSD.
We have a long-term bullish flag pattern visible on this pair, where price has recently broken out of the descending channel, following the better than expected PMI data released on Friday. I expect price to begin to retrace towards the channel's top, likely from the 79% Fib retracement. Once we see price at the channel's top, I would look out for price action confirmations of a bullish or bearish move. Price could continue moving to the downside and continue the descending channel, or we could see price complete the long-term chart pattern.
Continuing from my previous GU analysis which you can read here, price did infact retrace from the impulsive move it's made last week. Price is currently at the short-term channel's bottom, and I'm looking to go long soon. I expect price to continue dropping to at least the 79% FIb retracement level before then looking out for price action confirmations of a continued move to the upside.
Price is now just below the bearish OB at 1800; if price continues to hold above the significant 1765 level, we could see gold head towards the next high once again. We have this long-term bullish flag pattern visible where I expect price to complete this pattern, pushing price past previous highs at 2000+. I'm also expecting price to break through this OB it's currently at and turn it into a breaker block, an area to go long from.
Just before the scheduled shutdown at 12:01 am on Sunday, Congress voted to extend the deadline for another 45 days. Yields jumped higher to above 5.1% which has remained elevated for some time. As we enter an historically bullish month for the indices, here are some setups on dollar, gold and index setups EdgeFinder Analysis […]
GDP numbers came in lower than expected in the US, marking the third straight drop in economic output. This is usually good news for the stock market indices and gold, however, bond yields continue to hold up above 5.1%. Here are some potential trade setups for both dollar and index longs depending on how the […]
Hi, I’m Nick! I am the founder of A1 Trading, market analyst, YouTuber, and creator of the EdgeFinder software tool. I caught a huge winner on USoil with the help of the EdgeFinder! In this article, I’ll walk you through my thought process behind the trade and how I found this crazy runner! Finding My […]
