Hey everyone! Welcome to this week's forex forecast for the week ending November 5th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at USDCHF, GBPUSD, EURUSD & XAUUSD.
Price came back up to the top of the descending channel following the break of the rising wedge. We saw some rejection on Friday and we'll most likely get another clear touch of the top before potentially reversing and continuing the downtrend, aiming for a break below previous support at 0.91 and most likely heading Howards the weekly bullish order block at around 0.90.
Price made a nice 100 pip fall on Friday as it has now rejected off the top of this descending channel and is now possibly making its way to the bottom. 1.358 is the next support level where we may see some consolidation, however if we see a successful break, 1.34 will be the determining level whether we see price head towards the bottom and make the next low.
Price took a huge bearish hit on Friday falling over 110 pips, below the short-term key horizontal level 1.16 and now back at the descending channel's bottom. If we see price break below 1.152 which was the most recent low, it's likely we'll see continued bearish movements towards 1.138 to fill in the gap from July last year.
Gold continuing to consolidate around the same area I've mentioned in the previous weeks, but we did see price make a huge drop on Friday dropping over 150 pips outside the short-term ascending channel. 1765 is a long-term key horizontal level to look out for as price is nearing this level now, if we see a break lower then its likely we will see further bearish moves to follow, however if we see price reach this level and strong reject to the upside, bullish moves will follow back up towards 1800, the same way price has been consolidating for the past couple weeks.
CADCHF fell around 1.80% from the recent highs this week and has finally landed on what could be a promising trade setup. Switzerland's KOF economic barometer beat expectations while Canada's GDP missed by 0.3%.
We are still seeing an improvement in Canada's economy from August even though GDP missed while Switzerland continues to struggle with their national currency and stagflation. An important thing to look out for is the risk-on and off sentiment that could help determine whether CAD or CHF would be bullish. CAD may be starting to look weaker in the short term, however, there is still potential for the pair on the long side.
Price looks like it is trying to reject the lows in the .73600s and bounce from this support zone. However, if price fails to do so, the 50 and 200 DMA on the 1D chart could prove to be promising support for this pair. There is also a rising trend line on this timeframe that could serve as additional support if price struggles at this support level.
Hey everyone! Welcome to this week's forex forecast for the week ending October 29th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at USDCHF, GBPUSD, GBPJPY & XAUUSD.
Price broke out of the rising wedge pattern a couple of days ago, and price is already making its way to the downside to complete the chart pattern. Our first level of potential support is at 0.91, where we have seen in the past price has been struggling to break through; once we reach this level, look out for a break and retest before continuing the downwards ride on this pair.
Price is currently near the top of this descending channel, and we're now waiting on a precise touch and rejection to continue the trend and head lower. For now, there aren't any other specific levels where we could see consolidation, but unless we see lots of bears selling early, it's possible financial institutions could manipulate price towards 1.40 to stop out early sellers.
Last week we saw price break through 156.0, the previous high in the long-term ascending channel, and we're now seeing price retrace and retest this key horizontal level. What we see next could decide where price will go next, whether we'll see price fall below it could suggest further bearishness, whereas if we see price instantly reject this, it's likely we could see further bullishness, and price could head towards the top of this channel much quicker.
Gold continued to consolidate slightly between 1765 and 1800, and we saw price reach highs of around 1812 last week, but sellers quickly rejected this. For now, we're waiting on some significant catalysts to push price in a certain direction, as we just see back and forth moves for the time being.
Hey everyone! Welcome to this week's forex forecast for the week ending October 1st, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at USDCHF, EURUSD, EURAUD & USDCAD.
I usually look at Gold every week as part of this Weekly Forex Forecast series, however I have done a deep dive article on Friday, click the link here to take a look if you're interested in my outlook on Gold.
Price has formed a rising wedge chart pattern in the medium term. We can see bulls were firmly rejected at the resistive trend line last week and is now heading towards the supportive trend line for a possible breakout. If we see continued USD strength like last week, we will likely see price reverse soon and once again head for new highs in the wedge. With upcoming NFP news, if we instead see negative outcomes for the USD and a rise in unemployment, we could see price break out of this wedge and likely head towards the bullish order block at 0.90 formed from the weekly timeframe.
Price has closed below the channel's bottom in this descending channel below the 1.16 key horizontal level. We will likely see price enter the channel once more and retrace the bearish move it made last week. Service sector PMIS for Italy and Spain, France, Germany and the Eurozone are due out on Tuesday. The German economy will be in the spotlight as we have factory orders, industrial production and trade data rolling out throughout the week. Remember, a positive result for NFP on Friday will push prices lower.
Price has formed a key horizontal level in the medium term at 1.59, where we are seeing price is now nearing once again, forming a head and shoulders pattern with this being the neckline. Look out for a break and retest of this support level, to see if price confirms it as new resistance, and if so it's likely we'll head towards the next key levels such as 1.57 where we have seen price act as both resistance and support in the past at the ascending triangle pattern.
Price is forming an ascending triangle pattern with resistance holding just above around 1.28. Currently, we see price near the supportive trend line, and we're now looking out for price action confirmations of a rejection to catch a potential reversal to the top. It's likely we'll still see consolidation continue below the resistance, as we're still pretty wide to closing the gap.
Hey everyone! Welcome to this week's forex forecast for the week ending September 3rd, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at NZDCHF, GBPJPY, GBPNZD & XAUUSD.
Price is now sitting at the descending channel's top and traders are likely waiting on confirmation of either a rejection for a reversal towards the bottom, or price to break out, retest and continue heading higher. There is mixed retail sentiment at the moment, with 57% traders short currently, it's likely we could see price head higher to stop out traders early.
Price is currently consolidating near the channel's bottom and traders are now waiting on confirmations where price could be heading next. A close below the bottom could signify price possibly heading lower, and if price continues to stay inside the channel it's likely we could see price head towards the top in the long run.
Price is looking like it's going to exit the bullish breaker block and possibly head back down towards the key horizontal level around 1.92. If price does make a clear close outside the block, then this could likely happen. If price continues to stay inside, we could potentially see price make the next high again, and going long from this zone wouldn't be a bad idea.
Price is currently back inside the same zone we saw consolidation back in July between 1800 and 1835. A clear break above this level would suggest price is heading higher and if price does close below 1800, we could see price head back inside the channel again.
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.
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.
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.
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.
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.
Hey everyone! Welcome to this week's forex forecast for the week ending July 30th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at USDJPY, EURAUD, NZDCHF & XAUUSD.
Price has recently broken out of the ascending channel, and we've already seen a retest and the impulsive move to the downside. However, we're once again seeing price approach the channel's bottom and nearing short-term resistance at 110.6. Look out in the week ahead for price to either break through this level, where it will likely continue travelling inside the channel. However, if we see price fail to break this level and instead reject, we could likely see a new trend form to the downside as this could potentially be the next lower high.
Price has closed off for the week touching and retracing the channel's bottom. Now that price has broken out of the consolidation phase following the ascending channel break, it's likely we could see this ascending channel continue as price heads to new highs to complete the long-term ascending channel pattern. We may get a much clearer touch of the channel's bottom before this move happens, so look out for proper touches and rejections before going long on this pair.
Price is now touching the descending channel's bottom and is already showing rejection to this level. If price continues to fail to break above, this could be a good position to go short. However, this may not be the best idea as looking overall and long-term, price is actually travelling in a bullish flag pattern, and we're currently in the flag, the position right before the impulsive upside move of the chart pattern. If we see price break above the channel, we'll likely see price head higher and complete the chart pattern.
Price is consolidating above the descending channel's top and is currently waiting on some sort of catalyst to make the next month. If price continues to stay above the channel, we will likely see price be bullish and travel higher towards the Liquidity Void at around 1900. However, if price closes back inside the channel, we'll likely see a retest of the bullish OB at around 1750.
Hey everyone! Welcome to this week's forex forecast for the week ending July 23rd, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at GBPUSD, USDCAD, EURCHF & XAUUSD.
Price seems to be failing to break this mid-term horizontal level at 1.1375, which has previously been switching from support and resistance. Recently we had a break of this structure and trend as price broke out of the long-term ascending channel, which has been holding since the initial covid drop in March last year. Looking for price to make its next lower low, we could likely see price form a new trend of a descending channel. Read my full G/U deep dive here.
USD strength continuing to push this market higher, further away from the descending channel it has recently broken out of. If price makes a clear break above the 1.258 level and shows strong rejection following the retest, we could likely see this market head higher to previous key horizontal levels such as 1.293. If we fail to see this happen, we may see some consolidation around this zone for a while, waiting for a news spike to occur. Read my full U/C deep dive here.
Price has gone underneath the previous resistance level from the ascending triangle pattern back in early 2021. We did recently see price make the next touch of the descending channel in the bullish flag pattern; we could likely see price continue the trend and head towards the channel's top next. Look out for a break above the resistance level; once this happens, we could see this move happen. If price continues to struggle below this level, we could see it consolidate for a while until a notable news event spikes the next move.
Gold once again broke out of the long-term descending channel pattern and headed towards the liquidity void around 1880. Look out for price to form short term horizontal levels and showing rejection off these levels where we could see strong bullish moves. Long-term, I'm expecting price to break previous all-time highs; however, for now we're waiting on move order blocks to form where traders are mostly one-directional for major institutions to take advantage of this.
Hey everyone! Welcome to this week's forex forecast for the week ending July 9th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at USDJPY, EURAUD, NZDCHF & XAUUSD.
Price has recently touched the top of this ascending channel, but since NFP on Friday, we've seen a reversal, and price is already making its way to the next touch of the channel's bottom. This chart is quite empty, no major order blocks or key levels are showing; it's more just basic trend trading at the moment. Price is currently at the previous high before the major break, so expect this level to be confirmed as new support or resistance during Monday.
Price is struggling to break through the resistance at 1.586 after the break of this ascending channel pattern. This is now the third time we've seen price reject this area, and a triple top entry would have been ideal, but I did say I did not expect it to happen. I am waiting on price to once again reach the new support level at 1.566, where I'll be looking out for price action confirmations of rejections and bullish reversal before going long on this pair.
Price has continued to stay below the channel's top following my previous analysis last week here. We did see signs of rejection however, the bearish move did not occur. I will continue to keep my eyes on this pair, and I'm waiting on either price to break out to the upside, make a retracement and use the channel's top as its new area of support before continuing the bullish move, OR, we could see price reject the top now and continue heading to the downside.
Gold has still yet to make any significant moves or breaks, similar to the start of May, where we saw price consolidate in this exact area for a while before a significant move happened. We did see Gold break out of the triangle pattern to the downside, but price retraced higher than it should have, which deems this setup invalid now. Price is approaching the channel's top where I'm looking for a breakout, then enter once price retraces its move and uses the channel's top as a new area of support to go long off.
Hey everyone! Welcome to this week's forex forecast for the week ending July 2nd, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at NZDCHF, EURCHF, GBPAUD & XAUUSD.
Price is staying just below the channel's top at 0.648 and is already showing some rejection to this zone. We could likely see a channel continuation, and price could head towards the bottom. However, look out for price action confirmations before taking any positions. If we see price break the previous day's low at 0.645, we could likely see price head lower. If we see price continue to range at this level without breaking the low, we could see price break the channel and complete the bullish flag pattern.
Similarly to nzdchf, price is also below the channel's top at 1.096, showing rejection to the upside. We've got a level of potential support at 1.093 which we can see has been broken recently. If this same level gets broken once again, we will likely see price continue the channel and head towards the bottom. If we do see price head higher and break the channel, look out for a retracement of the channel's top before going long to catch the bullish flag pattern.
Price is now back at the bullish breaker block (previous bearish order block), which I have been pointing out and is now looking like a possible good zone to go long off. Price could head towards the 50% level before reversing, however, if we see price slow down and not break this zone, it is likely we will see this move happen.
Price is forming a triangle pattern just above the 1765 key horizontal level. We could likely see retailers going long; however, I expect banks to take out their stop losses and head towards the bullish order block at 1740 before reversing. This level is where most banks are placing their orders, only after retailers are taken out, and the majority's bias switches to short.