Ticker tape by TradingView

Want Trade Alerts?

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

August 15, 2021

Weekly Forex Forecast for EURUSD, GBPNZD, EURAUD, XAUUSD (15-20 August 2021)

Bart Kurek

Hey everyone! Welcome to this week's forex forecast for the week ending August 20th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at EURUSD, GBPNZD, EURAUD & XAUUSD.

EUR/USD

A bearish flag pattern has formed on E/U after a descending channel has formed following an impulsive selloff in mid-June. Price has recently hit the channel's bottom and is now more than halfway heading towards the channel's top. We have a bearish order block at 1.187, where we could likely see a reversal towards the bottom from this zone. Look out for price action confirmations once price does reach this zone, look out for rejections before going short.

GBP/NZD

Price has been consolidating around and within this bullish breaker block zone for months now, and no significant move has yet to be made. Price did form a medium-term ascending channel where it's currently at the bottom, and I'm now waiting on price action confirmations of a rejection and a move potentially to the upside. If price breaks this formation and goes lower, it's likely we could see a new trend form, or price may go to retest previous horizontal levels such as 1.92 or potentially collect orders from OB's lower.

EUR/AUD

Price has recently broken out of the short-term ascending channel and is potentially forming a new descending channel if price fails to go higher than 1.61, forming the new lower high. Price has been moving pretty slowly in this market, and no breakthroughs have happened. 1.585 is a pivotal level to watch how price reacts; a break lower suggests we could retest 1.568, whereas if price holds this level as support, price is likely to stay above, and long positions could be a good idea.

XAU/USD

Gold made a huge move in the past week, dropping more than 5% and then retracing the entire move plus more by Friday. Price has closed off for the week just above the channel's top, and in-between two horizontal levels, I've had my eyes on 1765 and 1795. Look out how price reacts to this current level to decide whether to go long or short. If price stays above the channel's top, we could likely see price head higher towards and above 1795, whereas if price comes back inside the channel, it's likely we could see some consolidation in the zone at 1740.

new trade alert

Join The VIP Community!
Our entries, exits & analysis
Live Webinar Coaching
Trading Chatrooms
Strategy Library 
Use Code "READER" for $5 OFF!
JOIN NOW

FREE broker quiz

Need Help Finding The Perfect Broker?
Take our broker quiz and find out your best broker match!
FIND A BROKER

free Trading PLan

Download Now
Create a Trading Plan Using Our FREE Template
DOWNLOAD
How Much Money Do You Need to Trade Forex?

One of the most common questions we hear from beginner traders is "How Much Money Do You Need to Trade Forex?" and our answer is: well, it depends. The amount of money you need depends on your goals as a trader. Is your goal to make a lot of money or are you going to […]

Read More
A USD Surge Is Coming

It is likely we see a USD surge in the near future as we get closer to the Fed meeting in March. Bond yields hit yearly highs this morning as the dollar begins to look stronger. A prominent "risk-off" attitude in the markets is showing now, and it looks like investors will be getting out […]

Read More
Bitcoin About To Catch Big Upside

Bitcoin has been vastly oversold due to the fact of regulation concerns from the US government wanting to make a more controlled market just like stocks. For over 2 months, the crypto has fallen nearly 42% from the highs in November, but it looks like it has found a bottom in the $39Ks. Why Bitcoin […]

Read More

Create a Trading Plan Using Our FREE Template

DOWNLOAD FREE
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
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram