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.
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 […]
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 […]
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 […]
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 […]