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August 8, 2021

Weekly Forex Forecast for GBPUSD, USDJPY, NZDCHF, XAUUSD (08-13 August 2021)

Bart Kurek

Hey everyone! Welcome to this week's forex forecast for the week ending August 13th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at GBPUSD, USDJPY, NZDCHF & XAUUSD.

GBP/USD

Price is currently consolidating around this 1.387 zone which was seen as resistance in mid-July and now as new support in early August. If price continues to hold, we'll likely see price head towards the trendline once more before we eventually see a break. However, a break below this zone suggests continued downside movement, and an entry following a retest with continued bearish confirmations would be ideal. Remember, we did recently see a break of the long-term ascending channel, and hence we could be forming a new long-term descending channel.

USD/JPY

Following the better-than-expected NFP news on Friday, we're seeing price potentially break out of this medium-term descending channel which was recently formed following the break of the long-term ascending channel. If price continues to stay above the channel's top, look out for a clear break, retest then enter with clear price action confirmations of a continued bullish move.

NZD/CHF

Similarly to U/J, price is at the top of this descending channel in the long-term bullish flag pattern. If price rejects this level and reverses towards the downside, a move to previous lows at 0.63 is expected, potentially 0.62 if we see further bearish confirmations. However, if we see price break out of this channel, we could likely begin to see price complete the flag pattern and head to new highs. An entry following a retest with continued bullish confirmations would be ideal at the channel's top.

XAU/USD

Following Friday's NFP event, where we saw a huge improvement in US jobs, price did in fact fall 2.2%. Price has again gone underneath the long-term channel's top and is hovering around a key horizontal level at 1765. If price uses this level as support, we could see price reach lows at the bullish order block at around 1740; however, if price breaks this zone, we could see it tumble towards the psychological 1700 level. We could likely see further downwards pressure as Fed tapering bets grow following this strong NFP report.

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