Hey everyone! Welcome to this week's forex forecast for the week ending December 10th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at USDCAD, EURAUD, GBPJPY & XAUUSD.
Price is now consolidating at the resistance of the previous ascending triangle pattern at 1.283. Over the next week, lookout for a potential break of this level, this opens up price to levels such as 1.293 and 1.31. If price fails to break this level, it's likely it will continue acting as resistance and instead, we could see a bearish run back down towards 1.258.
Price is now just below a short-term key horizontal level 1.618 following the break of the ascending triangle and horizontal level 1.59. Over the next week, look out for a potential break above 1.618 which suggests a bullish run to follow, opening price up to 1.635 and potentially new higher highs.
Looking at G/J in the long-run, price is definitely failing to make a new trend and break yearly highs at around 156.0-158.0. Price is currently making its fourth recent touch of 149.0 and over the next couple of weeks, a break below this level suggests potential long-term bearishness towards 129.0. If price reverses and instead stays above, it's also potential we could still see new highs being made. This is a long-term view so would need to look over the chart for months.
Gold is continuing to stay above the long-term level 1765 and no major moves were made over the past week. Price did reject 1800 which suggests we could be seeing potential bearish moves coming up. A break below 1765 opens up price to levels such as 1725 and 1675. If price continues to stay above 1765 over the next week, it's likely we could be seeing price coming up to retest previous levels such as 1800 and 1835.
Today's economic figures came out in US and Canada. GDP came in higher than expected in Canada while the price of goods purchased by consumers was lower than last month. Here are some pullback ideas for USD and CAD from GDP and PCE numbers. EdgeFinder Analysis NAS100 is a bullish reading on the EdgeFinder still. […]
This week has brought more inflation data with it regarding the USD's PCE and PMI numbers. Powell is also set to speak this Friday about monetary policy going forward. The RBNZ will also release their latest interest rate news tomorrow with expectations of an unchanged rate at 5.5%. EdgeFinder Analysis GBPUSD is a bullish bias […]
This week is a big PMI week for Europe, UK and US. Additional inflationary metrics will add to the overall sentiment of these countries' monetary policies going forward. Here are some setups for the coming week on these currencies. EdgeFinder Analysis GBPCAD is now a +7 on the EdgeFinder as we wait for CPI news […]
