Weekly Forex Forecast for GBPUSD, CADJPY, GBPAUD, XAUUSD (17-22 January 2021)

Hey everyone! Welcome to this week's forex forecast for the week ending January 22nd, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at GBPUSD, CADJPY, GBPAUD & XAUUSD.

GBPUSD

Looking at GU on the Daily timeframe, price has been channelling along for almost a year now, forming higher highs and higher lows. We have recently seen price break through the previous higher high's resistance at 1.348, and we're currently seeing some choppy movements in the past couple weeks, with price staying below the intraday resistance at 1.37. If price continues to hold above the previous high's resistance (now new support) at 1.348, then it's a good position to go long, or once we see price break above the intraday resistance at 1.37 then with successive price action confirmations of a continued bullish move, could also be an excellent position to go long as price heads towards the channel's top.

CADJPY

Here price is forming an ascending triangle pattern with resistance at around 82.00. We can see two different ascending trend lines, as price seems to be holding both well, so if trend line 1 gets broken, I'm still expecting trend line 2 to continue holding the pattern together. We could enter this pattern two ways, the first would be on the ascending trend line when price approaches it, and then signs of rejections are visible. The second way would be to wait for price to break above the resistance in this pattern, wait for price to retest, then look out for price action confirmations of a continued rejection then go long.

GBPAUD

Looking at GA on the H4 timeframe, we can see price forming another descending triangle pattern right after the previous successful descending triangle, with support at 1.743. Price is currently around the descending trend line, which could be a great position to go short on this pair, once we see clear price action confirmations of a rejection to this level. On the other hand, we could also take another short once price breaks through the support, wait for price to retest then look out for price action confirmations of a continued rejection and go short for at least a 1:3 R:R.

XAUUSD

Price has been holding this overall bullish flag pattern since June 2020, price was on its way to break above the channel's top and complete the flag pattern however we saw price fail and return inside the channel. Price is currently consolidating between two intraday levels at 1860 and 1820. Right now I would suggest staying on the sidelines until there are clear confirmations of a move above or below these levels. Once we see price breakthrough either level, look out for a retest then continued price action confirmations of a rejection before taking a position in the desired direction. If price does break below, a move back down to the channel's bottom looks likely.

WANT TO SEE OUR ANALYSTS LIVE TRADES?

JOIN OUR PREMIUM GROUP TO ACCESS:

DISCLAIMER

COMMENTS BY TRADERBART ARE FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY. I AM NOT A FINANCIAL ADVISOR AND ALL COMMENTS SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE REGARDING THE PURCHASE OR SALE OF ANY FINANCIAL INSTRUMENT OF ANY KIND. PLEASE CONSULT WITH YOUR FINANCIAL ADVISOR BEFORE MAKING AN INVESTMENT DECISION REGARDING ANY FINANCIAL INSTRUMENTS MENTIONED BY TRADERBART. BY COMMITTING TO ANY IDEAS SHOWN BY TRADERBART, YOU ASSUME FULL RESPONSIBILITY FOR YOUR TRADING AND INVESTMENT RESULTS. TRADING OF ANY TYPE INVOLVES VERY HIGH RISK AND MAY NOT BE SUITABLE FOR ALL INVESTORS.

Weekly Forex Forecast for GBPUSD, EURCHF, USDJPY, XAUUSD (10-15 January 2021)

Hey everyone! Welcome to this week's forex forecast for the week ending January 15th, 2021. It's so great to be back, I hope everyone's had a fantastic holiday, and I hope everyone's motivated to work 10x harder than last year. I'm wishing everyone nothing but the best, but apart from that, I'm TraderBart with A1 Trading, and this week I'll be looking at GBPUSD, EURCHF, USDJPY & XAUUSD.

GBPUSD

GU continues to move in this ascending channel, on the 21st of December, we saw price once again respect the channel's support and reject it. Currently, price has broken the previous higher high in the channel at 1.35 and is consolidating just above it, acting as new support. Bulls in the market are looking for price action confirmations of a precise touch and rejection to the 1.348 level and then long however on the other hand bears may wait for price to break below, then treat the 1.348 level as resistance and push down back to previous lows at 1.315. Now looking at fundamentals, there's a lot of mixed bias on where the Pound is heading next. Credit Agricole argued that given the lingering political and economic risks (a Covid-induced double-dip recession) in the UK, they believe that the GBP risks are tilted to the downside in the near-term, especially if the health situation in the UK continues to deteriorate.

EURCHF

Looking at this chart, we've got a clear ascending triangle forming with resistance at 1.085, and we can see that apart from where it's outlined on the chart above, this level has been acting as resistance since June 2020. Price is currently nearing the supportive trend line, and I'm looking to potentially go long once there are clear rejections to this trend line. However, if we don't get a full touch and rejection, I'll look to go long after seeing price break above the resistance, retest and then successfully treat this old resistance as new support. The Bank of America explains that they are skeptical about substantial further EUR strength, particularly during a Eurozone recession that is more severe than in most of the world. The long EUR market position also makes it one of the most vulnerable G10 currencies to an overall market risk-off.

USDJPY

UJ has been travelling below this descending trend line since July 2020 and is now slowly approaching the trend line, expected at around 104.3. Bears in this market would look out for price action confirmations of a continued rejection to the trend line once we get a clear touch however bulls in this could potentially wait for price to break this structure, and once the previous resistance at 104.7 is met and broken, they could look for potential entries around there to complete the move back to the previous highs at 108. We could expect this structure to be broken, considering that the USD is now the weakest of the majors, having turned negative on the day following an overall disappointing December employment report with NFP printing at -140K versus consensus of +60K.

XAUUSD

Price is still in this overall bullish flag pattern; we saw a potential completed move to the upside as price was travelling in a short-term channel following a successful 3rd touch and rejection of the channel's supportive trend line. However, as we can see, this was broken, and price fell right through back inside the channel once again. If price continues to hold the current level at 1850, we could see the bullish break happen again however if price breaks below I think it's likely we'll get a 4th touch of the channel's support. The US Jobs report was mixed although the headline shocked to the downside, falling 140k, well beneath the estimates of a 71k rise, the unemployment rate was unchanged at 6.7% (expected 6.8%), and the participation rate remained at 61.5%. Although the headline was grim, the prior was revised up to +336k from +245k. The wage data jumped to 0.8% m/m from 0.3% m/m (exp. 0.2%), likely as many of the lower-paid services jobs were lost as the Hospitality and Leisure sector battles the pandemic. It raises the prospects for more stimulus from fiscal authorities and combined with an entirely Democratic government, and it furthers the possibilities even more.

WANT TO SEE OUR ANALYSTS LIVE TRADES?

JOIN OUR PREMIUM GROUP TO ACCESS:

DISCLAIMER

COMMENTS BY TRADERBART ARE FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY. I AM NOT A FINANCIAL ADVISOR AND ALL COMMENTS SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE REGARDING THE PURCHASE OR SALE OF ANY FINANCIAL INSTRUMENT OF ANY KIND. PLEASE CONSULT WITH YOUR FINANCIAL ADVISOR BEFORE MAKING AN INVESTMENT DECISION REGARDING ANY FINANCIAL INSTRUMENTS MENTIONED BY TRADERBART. BY COMMITTING TO ANY IDEAS SHOWN BY TRADERBART, YOU ASSUME FULL RESPONSIBILITY FOR YOUR TRADING AND INVESTMENT RESULTS. TRADING OF ANY TYPE INVOLVES VERY HIGH RISK AND MAY NOT BE SUITABLE FOR ALL INVESTORS.

Weekly Forex Forecast for GBPUSD, USDJPY, GBPJPY, XAUUSD (13-18 December 2020)

Hey everyone! Welcome to this week's forex forecast for the week ending December 18th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at GBPUSD, USDJPY, GBPJPY & XAUUSD.

GBPUSD

Price has been travelling in this ascending channel since March forming higher highs and higher lows. Over the past couple weeks, I've been saying we are now forming the next swing in the market, making our way to the channel's top. However, we saw price form the rising wedge, which price has now broken out off and made a move to the downside, touching the channel's bottom. Buyers in this market would look to go long at around 1.31 as long as there isn't a daily candle close below the channel and target the channel's top at around 1.40. Sellers in this market would look to go short at around 1.327 as long as price can hold and reject this intraday level once more. They could look for targets outside of the channel if price confirms a new trend at around 1.29 and possibly 1.20. Click here for my fundamental outlook on this pair.

USDJPY

Price has been moving in a strong bearish trend, staying below the descending trend line, we can see many touch, rejection and bounce off this trend line. Currently, we're seeing price consolidate between 104.7 and 103.7, and the direction market could be heading next is unknown, until we see a clear breakout of these levels. If we see the overall trend continue, and price breaks below the range, then sellers could look to enter on the retest of the previous support level and target 103.00 and a previous low at 101.50. If we see price break above this range, then buyers could look to enter on the retest of the previous resistance level and target the 105.40 level and previous highs at 107.00.

GBPJPY

Similarly to GU, price is also travelling in an ascending channel forming successive higher highs and higher lows. We can see the ascending triangle pattern, which was formed with resistance at 137.70, price broke out, formed a new resistance at 140.00 and now treats the previous resistance as new support. Price dropped back down to the channel's bottom, near enough at the same support level. Buyers in this market would look to go long at around 137.00, and look for targets at around 140.00 and then 147.00. Sellers in this market would look to go short at around 137.70 as long as price can hold and reject the previous resistance and continue treating it as resistance, targetting 133.00 and 126.00. We may also see a completely new trend form if we see the Daily candle close below the channel's bottom.

XAUUSD

I've been pointing out this bullish flag pattern which price has formed on this pair. We saw price touch, reject and bounce off the channel's bottom and price is now stuck consolidating at the previous support level of the second descending triangle pattern in the channel. Buyers would go long at around 1850, or 1885 once there are clear price action confirmations of a continued bullish move, and look for targets at around 1924 and 2050. Sellers would go short at around 1850, or 1820 or there are clear price action confirmations of a continued bearish move, and look for targets at around 1785 and 1730.

WANT TO SEE OUR ANALYSTS LIVE TRADES?

JOIN OUR PREMIUM GROUP TO ACCESS:

DISCLAIMER

COMMENTS BY TRADERBART ARE FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY. I AM NOT A FINANCIAL ADVISOR AND ALL COMMENTS SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE REGARDING THE PURCHASE OR SALE OF ANY FINANCIAL INSTRUMENT OF ANY KIND. PLEASE CONSULT WITH YOUR FINANCIAL ADVISOR BEFORE MAKING AN INVESTMENT DECISION REGARDING ANY FINANCIAL INSTRUMENTS MENTIONED BY TRADERBART. BY COMMITTING TO ANY IDEAS SHOWN BY TRADERBART, YOU ASSUME FULL RESPONSIBILITY FOR YOUR TRADING AND INVESTMENT RESULTS. TRADING OF ANY TYPE INVOLVES VERY HIGH RISK AND MAY NOT BE SUITABLE FOR ALL INVESTORS.

Weekly Forex Forecast for GBPUSD, USDCAD, GBPJPY, XAUUSD (06-11 December 2020)

Hey everyone! Welcome to this week's forex forecast for the week ending December 11th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at GBPUSD, USDCAD, GBPJPY & XAUUSD.

GBPUSD

I've been pointing out this long-term ascending channel that's been formed since the Covid-19 crash back in March which inside the channel has formed a rising wedge pattern. Looking at price action, Friday closed off with a shooting star candle suggesting a possible bearish move ahead as bulls were not able to push and hold price above the previous higher high in the channel. Switching to the H4 timeframe, since October price has been consolidating and breaking through key levels in the market. For example, notice how 1.315 was a resistance level, then once it was broken and price retested it, it became new support. The same principle happened with 1.328, it was seen as clear resistance; however, once it was broken, it was treated as further support. And now finally we've got the same thing going on with resistance at 1.34 where it was seen as clear resistance however we saw price break this level last week and is also now pretty much retesting this level. I'm hoping we can see price reject this level in the week ahead and confirm it as new support, pushing price higher in this ascending channel.

USDCAD

We've just seen price break through a major support in this descending triangle pattern at 1.30. Price has also closed off for the week at a higher low of the ascending channel seen here. I think it's likely we could see price break through every support level that was formed from the channel. Looking at the economies of both currencies, we all know the Dollar is very weak at the moment, primarily due to the continued uproar in Coronavirus cases in the US now approaching 15M cases and 300K deaths. The Canadian Dollar on the other hand is looking a lot better, GDP for the third quarter printed at 8.9% and 40.5% annualised. Though it was a big improvement from the second quarter's GDP, it still missed expectations with market consensus at 47.6% and a minimum expectation of 43.1%. I'm looking for a bearish move on this pair, as oil prices are expected to increase in the next couple of months and unless we see a major breakthrough in the US risk outlook, weakness should continue to push the dollar lower.

GBPJPY

Similarly to GU, price is also travelling in this ascending channel since the Covid crash and we've got this ascending triangle pattern formed. Price broke out of the 137.6 resistance, retested and is now consolidating at the 139.7 resistance formed after the breakout. I'm still looking for this chart pattern to make a full move to the upside and also make the next swing in the channel. Looking at fundamentals now, due to the likely Brexit-deal agreement, we should see the Pound gaining heaps of strength, and this will especially happen against overvalued and low-yielding currencies. The coronavirus and global economic outlook will remain heavily influential on the Yen, with the currency likely to once again see a renewed bid from the rising number of second waves and their implications for the global economy. As a whole the Yen so far is doing good to recover however I think we could only see price make the full move once we see the UK/EU Brexit talks conclude a deal agreement.

XAUUSD

We've got this clean descending channel and price is now approaching the previous support at 1855 in the descending triangle pattern here after touching the channel's support and reversing to the upside. I think as of right now, it's very unclear as to what could happen next; we must wait to see how price reacts to this level, whether we see a clear rejection of this level this could suggest a bearish move however if we see a break of this level, then confirmed new support, we could see a bullish movement to the upside again and touch the channel's top. In addition to this though, when placing the Fib retracement level, seeing as this is a bullish flag pattern, we've had the third touch at the 78.6% level, so I'm expecting this pattern to be completed. Not only this, however, but we've also seen over the past year that every time price has approached or touched the 200MA, we've had a bullish move to the upside. In addition to this, as the dollar is weakening due to all the examples mentioned in the USDCAD fundamental explanation, and gold being a safe-haven, is expected to rise in value, most probably pushing this pair more to the upside.

WANT TO SEE OUR ANALYSTS LIVE TRADES?

JOIN OUR PREMIUM GROUP TO ACCESS:

DISCLAIMER

COMMENTS BY TRADERBART ARE FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY. I AM NOT A FINANCIAL ADVISOR AND ALL COMMENTS SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE REGARDING THE PURCHASE OR SALE OF ANY FINANCIAL INSTRUMENT OF ANY KIND. PLEASE CONSULT WITH YOUR FINANCIAL ADVISOR BEFORE MAKING AN INVESTMENT DECISION REGARDING ANY FINANCIAL INSTRUMENTS MENTIONED BY TRADERBART. BY COMMITTING TO ANY IDEAS SHOWN BY TRADERBART, YOU ASSUME FULL RESPONSIBILITY FOR YOUR TRADING AND INVESTMENT RESULTS. TRADING OF ANY TYPE INVOLVES VERY HIGH RISK AND MAY NOT BE SUITABLE FOR ALL INVESTORS.

Weekly Forex Forecast for GBPUSD, AUDUSD, EURCAD, XAUUSD (29-04 December 2020)

Hey everyone! Welcome to this week's forex forecast for the week ending December 4th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at GBPUSD, AUDUSD, EURCAD & XAUUSD.

GBP/USD

Looking at the overall market, we've got a clear ascending channel forming higher highs and higher lows. Currently, we're about halfway through the current swing in the market, as price bounced off the channel's support at the start of November and we're now on our way to reach the resistance. Buyers are probably watching out for price action confirmations at the previous resistance at 1.328 and looking for price to treat this as new support, and continuing the bullish move. However, sellers will see that price failed to break through the 1.34 resistance, the same level as the previous higher high in the channel. This also lines up with not only the rising wedge formation which price is now breaking out of. Also, we're backed by some institutions like TD Bank and Credit Agricole who are saying the Pound is beginning to look expensive and according to Brexit-proxy indicators, GBP scores poorly on a mix of short-term valuation and growth, where relative mobility trends point to another run below 1.30. Also, with Biden pushing for a stimulus before year-end, this will further strengthen the USD and therefore points more towards a drop in this market. For extended fundamentals click here.

AUD/USD

There's a mixed outlook on this market because we've got this bearish butterfly harmonic pattern formed in addition to the double top at the 0.738 level. The AUD is relatively neutral at the moment, and the performance in commodities will remain the dominant driver and influence moving forward. However looking at this market as a buyer, I've been watching the progress in this descending triangle pattern which broke to the upside, and they're likely to want to continue pushing price higher. I think we could see bullish moves as we've got a weak USD currently caused by participants moving out of safe-havens and back into riskier assets. This could without a doubt push price higher to previous long-term levels such as 0.75 or even monthly resistance levels like 0.80. For this reason, I'm a bit mixed at the moment, I would also pay close attention to how the Australian government will contain and deal with the Covid outbreak. For extended fundamentals click here.

EUR/CAD

Price has been travelling within this descending channel October forming successive lower lows and lower highs. I pointed this out two weeks ago that price was approaching the channel's resistance however we've still yet to see a clear touch, rejection and bounce-off the resistance. Sellers in the market are likely to want to push price lower targeting the -27% Fib level, which is 0.52. However, looking at the recent moves, we can see loads of consolidation between 1.546 and 1.555 as there's mixed outlooks on these currencies. The EUR is highly dependant on the Coronavirus outbreak as countries are re-implementing second lockdowns, the risks for the EUR will be to the downside. Whereas the CAD's expectations for policy tightening will likely support CAD, while expectations for policy easing will likely pressure CAD. I would suggest waiting on more clear drivers before taking any positions on this pair. For extended fundamentals click here.

XAU/USD

We've got this overall bullish flag pattern formed, with price now at the channel's support and just surpassing the 71% fib level. Buyers are most likely looking for a clear rejection and bounce off this level and completing this chart pattern, pushing price back to 1855 and 1900 level. The fact that market participants have moved out of safe-havens and into riskier assets, this factor along with the USD following unprecedented easing from the Fed in prior months, and now expectations for prolonged easing as the central bank has adopted AIT, has notably weakened the USD. It's hard to say what will happen next, but I think we could see price reversing from this zone and back into the 1900 level, but this is just a possibility, with constant vaccine news, anything could happen. For extended fundamentals click here.

WANT TO SEE OUR ANALYSTS LIVE TRADES?

JOIN OUR PREMIUM GROUP TO ACCESS:

DISCLAIMER

COMMENTS BY TRADERBART ARE FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY. I AM NOT A FINANCIAL ADVISOR AND ALL COMMENTS SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE REGARDING THE PURCHASE OR SALE OF ANY FINANCIAL INSTRUMENT OF ANY KIND. PLEASE CONSULT WITH YOUR FINANCIAL ADVISOR BEFORE MAKING AN INVESTMENT DECISION REGARDING ANY FINANCIAL INSTRUMENTS MENTIONED BY TRADERBART. BY COMMITTING TO ANY IDEAS SHOWN BY TRADERBART, YOU ASSUME FULL RESPONSIBILITY FOR YOUR TRADING AND INVESTMENT RESULTS. TRADING OF ANY TYPE INVOLVES VERY HIGH RISK AND MAY NOT BE SUITABLE FOR ALL INVESTORS.

Weekly Forex Forecast for EURUSD, AUDUSD, AUDCHF, XAUUSD (22-27 November 2020)

Hey everyone! Welcome to this week's forex forecast for the week ending November 27th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at EURUSD, AUDUSD, AUDCHF & XAUUSD.

EUR/USD

Looking at the chart above, we can see this pair is forming an ascending triangle pattern with resistance at 1.1900. Price is travelling along the ascending trendline nicely, all presenting bullish opportunities. If we do see a break of this resistance, this could open up targets such as 1.21. Additionally, reputable sources such as Credit Suisse, Goldman Sachs & Credit Agricole are all expecting EURUSD to pick up bullish momentum and are all looking for targets around 1.20, 1.22, and 1.25. However, looking at a seller's perspective, price has now reached a weekly descending channel's resistance, and with all the recent Coronavirus vaccine news, the Eurozone is expected to recover first before the US, leading to big money fleeing the dollar and building positions in EUR. This could potentially cause considerable drops in this pair, opening up targets at 1.18 or lower.

AUD/USD

Looking at this pair, price formed an ascending triangle pattern and broke out in the reverse direction, to the upside. Continuing from last week's analysis on this pair, price is consolidating between these two levels, holding support at 0.722 and resistance at 0.733. I am looking for a continued bullish move, expecting price to break through the resistance and completing this pattern. As we know, Credit Suisse is long on AUD/USD currently with entries around 0.72, and looking for targets around 0.75; if we see a break of that resistance, we could easily hop on this train and potentially catch many pips. Additionally, as we know, there is a lot of positive vaccine news rolling out, causing enormous strength in the USD. Knowing this, more should be coming up, like EUA approvals, funding approvals, and much more; we could see this pair shoot up easily!

AUD/CHF

This pair is now forming a descending channel after a sharp bullish impulse. Last week price has closed at the resistance of this channel; we're still yet to see a second or third clear touch of the support. This suggests possible short-term bearish positions we could place and wait until price does form precise touches, then we could hold long positions until we see price complete this pattern, of course after continued successive price action confirmations of this. If, however, we see a breakout on this pair without any further downside moves, we could look to go long once we see a clear retest and rejection of this resistance trend line. Additionally, if we see price break this resistance, zooming out on the Daily chart, we can see a long-term level acting as resistance for a while; if we do see price break this level, this could open up levels as 0.683 and 0.70.

XAU/USD

We have a clear descending triangle pattern visible on this pair and price currently holding at the 1860 support. As expected last week, more positive vaccine news came out with the pharmaceutical company Moderna at 94.5% effectiveness, and the next day Pfizer and BioNTech coming out with a 95% effective vaccine. This is unquestionably huge for the currency; we could finally see life go back to normal and an "escape" out of this pandemic. Private sources shared that Pfizer is in regular communications with Biden's Covid team. I expect this pair to certainly shoot down and, at the same time, complete this pattern. Once we see price break this support, this opens up targets at previous monthly levels such as 1750, 1560, and 1440.

WANT TO SEE OUR ANALYSTS LIVE TRADES?

JOIN OUR PREMIUM GROUP TO ACCESS:

DISCLAIMER

COMMENTS BY TRADERBART ARE FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY. I AM NOT A FINANCIAL ADVISOR AND ALL COMMENTS SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE REGARDING THE PURCHASE OR SALE OF ANY FINANCIAL INSTRUMENT OF ANY KIND. PLEASE CONSULT WITH YOUR FINANCIAL ADVISOR BEFORE MAKING AN INVESTMENT DECISION REGARDING ANY FINANCIAL INSTRUMENTS MENTIONED BY TRADERBART. BY COMMITTING TO ANY IDEAS SHOWN BY TRADERBART, YOU ASSUME FULL RESPONSIBILITY FOR YOUR TRADING AND INVESTMENT RESULTS. TRADING OF ANY TYPE INVOLVES VERY HIGH RISK AND MAY NOT BE SUITABLE FOR ALL INVESTORS.

Weekly Forex Forecast for GBPJPY, AUDUSD, EURCAD, XAUUSD (15-20 November 2020)

Hey everyone! Welcome to this week's forex forecast for the week ending November 20th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at GBPJPY, AUDUSD, EURCAD & XAUUSD.

GBP/JPY

Looking at the overall trend in this market, price is currently travelling in a healthy ascending channel. Looking closely, price has formed an ascending triangle pattern just above the support of the channel. Price has failed twice to break through the resistance at 137.650; however, last week, we finally saw a successful break to the upside, and price has now closed off for the week at the retest of that same resistance level. I am now looking out for successful rejections to this level, acting as new support, and then I will be going long targeting the previous higher high at 142.000 and possibly the resistance of this channel at 146.000. These are obviously quite far away from the current price, however with positive Coronavirus vaccine news coming out (and expected to come out over the next couple of weeks), we could easily see price shoot straight up to these levels.

AUD/USD

Looking at this market, we have got a downtrend formed; price is forming lower highs and lower lows. However, as you can see, it has been struggling to make clear lower lows. Price has been failing to break through the support level at 0.7020, and this has formed a much clearer descending triangle pattern instead. With this pattern, I usually expect a continued downwards move; however, we have seen a break to the upside. After the initial breakout, price has retested to the major 0.7220 level, which was seen multiple times as clear support or resistance. Price retested, treated this level as clear support, and is now bouncing off and making a continued upwards move. It is not too late to enter on this pair, ideally would be around 0.7230; we could still see this level being met as we open next week. Extended fundamental analysis will be heard in the YouTube video; click the pink button at the top of this article.

EUR/CAD

Price has been travelling in this descending channel for a while now, forming successive lower highs and lower lows. Price is now approaching this channel's resistance, so there is still some potential bullish positions that could be taken before the short of catching the next swing of the trade. This resistance also matches up nicely with the 78.6% Fib retracement level, and a short position at 1.560 after successful price action confirmations of a continued downwards movement would be an ideal entry. I am looking to target the area around the 0.0% Fib level, for a completed channel move. VIP members will be informed if I take this trade.

XAU/USD

Last week I expected a bullish move on this pair, following the likely results of the elections being a Biden win. However, on Monday morning, we had absolutely fantastic news that the pharmaceutical company Pfizer announced positive results for a Coronavirus vaccine, which was "90% effective". This caused completely enormous strength in all currencies, causing price to drop back into this descending triangle pattern. Even Goldman Sachs said, "the vaccine is a more important development for the economy and markets than prospective policies of a Biden administration". I am looking to go short on this pair at around the 1898-1902 area once there are clear rejections to the trend line. There should be more upcoming (most likely to be positive) vaccine news, so I expect this pair to absolutely shoot down.

WANT TO SEE OUR ANALYSTS LIVE TRADES?

JOIN OUR PREMIUM GROUP TO ACCESS:

DISCLAIMER

COMMENTS BY TRADERBART ARE FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY. I AM NOT A FINANCIAL ADVISOR AND ALL COMMENTS SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE REGARDING THE PURCHASE OR SALE OF ANY FINANCIAL INSTRUMENT OF ANY KIND. PLEASE CONSULT WITH YOUR FINANCIAL ADVISOR BEFORE MAKING AN INVESTMENT DECISION REGARDING ANY FINANCIAL INSTRUMENTS MENTIONED BY TRADERBART. BY COMMITTING TO ANY IDEAS SHOWN BY TRADERBART, YOU ASSUME FULL RESPONSIBILITY FOR YOUR TRADING AND INVESTMENT RESULTS. TRADING OF ANY TYPE INVOLVED VERY HIGH RISK AND MAY NOT BE SUITABLE FOR ALL INVESTORS.

Weekly Forex Forecast for USDCAD, GBPUSD, GBPJPY, XAUUSD (08-13 November 2020)

Hey everyone! Welcome to this week's forex forecast for the week ending November 13th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at USDCAD, GBPUSD, GBJPY & XAUUSD.

USD/CAD

Looking at the overall trend in this market, price has formed a descending triangle pattern with support at a long-term horizontal level, which is 1.3030. Price closed for the week just at this level, and looking closely at the candles, we can see many candles with long wicks to the upside, suggesting sellers could not take control of the market. With the US election results coming up and a Biden victory is looking likely, I'm expecting the USD currency to weaken, and therefore this also matches up with this technical analysis.

GBP/USD

We have been watching this pair for a while now; price has finally broken the 1.30 resistance favorably and is currently at 1.3150. This is the next resistance bulls must break in order to fulfill the ascending channel visible. Price closed for the week with an indecision Doji candle, suggesting we may see some pullbacks before price can successfully make this move. However, with the possible USD weakness coming in due to the Biden victory, we may see price make this move instantly once the results are officially announced.

GBP/JPY

Price is in this long-term ascending channel and currently holding near the support of the channel. Price has been struggling to break through the 137.600 level; this now creates an ascending triangle pattern on this pair as price is steadily making it's move to the upside but is not breaking through the resistance. Eventually, this will lead to the apex point and cause a burst of hopefully the upside. Look out for price action confirmations of a rejection to the trendline to get involved early or wait for price to break the resistance and enter on the retest successfully.

XAU/USD

Price was forming a descending triangle pattern on this pair; however, with the US elections coming to an end and a Biden victory looking likely, the USD began to weaken, causing price to break to the upside (which is entirely normal and can happen in this pattern) and break the trend and recent high. I expect this move to continue and price to completely break every high and reach recent monthly highs at 2050.00.

WANT TO SEE OUR ANALYSTS LIVE TRADES?

JOIN OUR PREMIUM GROUP TO ACCESS:

DISCLAIMER

COMMENTS BY TRADERBART ARE FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY. I AM NOT A FINANCIAL ADVISOR AND ALL COMMENTS SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE REGARDING THE PURCHASE OR SALE OF ANY FINANCIAL INSTRUMENT OF ANY KIND. PLEASE CONSULT WITH YOUR FINANCIAL ADVISOR BEFORE MAKING AN INVESTMENT DECISION REGARDING ANY FINANCIAL INSTRUMENTS MENTIONED BY TRADERBART. BY COMMITTING TO ANY IDEAS SHOWN BY TRADERBART, YOU ASSUME FULL RESPONSIBILITY FOR YOUR TRADING AND INVESTMENT RESULTS. TRADING OF ANY TYPE INVOLVED VERY HIGH RISK AND MAY NOT BE SUITABLE FOR ALL INVESTORS.

Weekly Forex Forecast for AUDUSD, GBPJPY, GBPCHF, XAUUSD (01-06 November 2020)

Hey everyone! Welcome to this week's forex forecast for the week ending November 6th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at AUDUSD, GBPJPY, GBPCHF & XAUUSD.

AUDUSD

Price has formed a descending triangle pattern, with support at 0.702, which back in June, this same level was seen as resistance. Price is currently at that support level; if we see a break of this support, I will be looking out for a retest of the 0.702 level, followed by price action confirmations of a continued rejection before going short on this pair with a target to lower support levels at 0.68.

GBPJPY

This pair has been on my watchlist for a while now as price has been moving in this ascending channel forming higher highs and higher lows. Price is back at the channel support and currently showing rejection with price action closing off the week with a hammer candle at the trend line, looking to catch a move above previous highs at 143.000.

GBPCHF

Bullish flag pattern visible on this pair, I already went long at 1.174 at the channel's support, which reached 170 pips profit before being closed at the modified stop loss. Price is currently near the channel's resistance once again, and I would look to possibly re-enter once price breaks out and shows successive rejections to the channel for a completed pattern move.

XAUUSD

Price currently forming a descending triangle pattern with support at 1860.00. Price is currently nearing the support level, I will be looking out for a clear break and retest of that support level, treating it as new resistance, with price action confirmation of a continued bearish move. With the elections coming up, this setup could easily become invalid and there will definitely be a lot of volatility coming up. If this setup stays valid, I will look for targets at previous monthly horizontal levels at 1760.00.

WANT TO SEE OUR ANALYSTS LIVE TRADES?

JOIN OUR PREMIUM GROUP TO ACCESS:

Weekly Forex Forecast for GBPAUD, NZDUSD, GBPCHF, XAUUSD (18-23 October 2020)

Hey everyone! Welcome to this week's forex forecast for the week ending October 23rd, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at GBPAUD, NZDUSD, GBPCHF & XAUUSD.

GBP/AUD

Price has formed an ascending triangle pattern on this pair and currently near the resistance level at 1.828. Waiting for price to either reach the trend line, showing successive rejections and then go long OR looking for price to breakout from the resistance, retest that same resistance level, treating it as support, and then going long for a completed pattern move.

NZD/USD

Bearish flag pattern visible on this pair. We could still see a third touch of the resistive trendline in the channel, which would also meet the 61.8 and possibly the 71.0 fib retracement level. Once we see successive rejections in that zone, only then I would possibly go short. However, we could see price breakout right away without the third touch; if we see price break out of this channel to the downside, I would wait for a retest and then a rejection before going short.

GBP/CHF

Bullish flag pattern formed on this pair, currently seeing price bouncing around the same levels and consolidating. Looking to go long once we see price reach and reject the channel's support at 1.175 for a completed pattern move.

XAU/USD

Price has formed a symmetrical triangle pattern on this pair and is now nearing the pattern's apex point, suggesting we could see this pattern break this week. As always, wait for price to breakout and then retest the trendline, showing successive continued rejection before taking the desired position. With all US news coming up over the next couple of weeks, predicting the direction could be dangerous; that is why you should watch out for explicit price action confirmations before taking any positions on this pair.

WANT TO SEE OUR ANALYSTS LIVE TRADES?

JOIN OUR PREMIUM GROUP TO ACCESS:

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