Weekly Forex Forecast for USDJPY, GBPNZD, EURJPY, XAUUSD (15-19 February 2021)

Weekly Forex Forecast for USDJPY, GBPNZD, EURJPY, XAUUSD (15-19 February 2021)

Hey everyone! Welcome to this week's forex forecast for the week ending February 19th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at USDJPY, GBPNZD, EURJPY & XAUUSD.

USDJPY

Price has recently broken out of this long-term descending channel and is now forming a new uptrend. I've got my eye on the H4-OB at 104.2 and the Daily-OB at 103.5. Most trades will most likely go long at the trend line, but I think price will most likely fake-out lower to take out retailers before reversing and continuing a move to the upside to take out previous highs. Moreover, the Dollar had to contend with more underwhelming jobs data in the form of claims right after Fed chair Powell delivered a somewhat dovish and downbeat address at the NY Economic Club. In short, he underlined flaws in the labour metrics that if eradicated would put the unemployment rate nearer 10% and indicated that the FOMC would overlook a near term inflation spike due to COVID related factors.

GBPNZD

This pair has been falling in price, following the descending trend line for almost a whole year now. Price is now slowly breaking out from this structure and following the ascending triangle pattern printed on the chart. I think we could see price test the Daily-OB at 1.902-1.895 before reversing and continuing it's movement to the upside. We've also been seeing GBP gain relative strength as a whole for multiple reasons such as the vaccine rollout which would stabilise price in the medium-term, we also had the BoE keep its Official Bank Rate unchanged at 0.10%, and its QE program at £895B.

EURJPY

We've got this bearish OB formed from the H4 timeframe at 127.35 where I would ideally like to enter a short position. I'm expecting price to break this trend and make a move to the downside towards the OB at 125.2, to mainly stop out retail traders as most traders will likely go long now, but I'm expecting a Liquidity Raid to stop out traders, make them believe that price is breaking to the upside, then once again reverse, stopping them out and continuing to the downside. This is of course after successive price action confirmations.

XAUUSD

This one could be a bit complicated, as there is quite a lot going on; however, my overall bias is bullish on Gold. We recently collected orders from the Bullish Daily-OB at 1790. Currently price is forming a triangle pattern, suggesting we could see a break to either side, there is a lot of indecision in the market. In the short-term, we could see price head towards the triangle's top at 1845, which is also the long-term descending channel's top if we see price break through the intraday resistance at 1828. However, if we see price breakthrough to the upside, we should easily see price head towards that grey liquidity zone, from there on it's up to the market if we see price reverse or continue travelling to new highs.

WANT TO SEE OUR ANALYSTS LIVE TRADES?

JOIN OUR PREMIUM GROUP TO ACCESS:

  • Trade alerts from our analysts
  • The VIP chatroom with traders worldwide
  • Training material exclusive to members

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.

Looking for a Broker?

Check out our favorite brokers & reviews! Find brokers available in your country, or our top rated brokers to consider.
Find a Broker
More Articles
February 27, 2021
Weekly Forex Forecast for USDJPY, EURUSD, GBPJPY, XAUUSD (01-05 March 2021)

Weekly Forex Forecast for USDJPY, EURUSD, GBPJPY, XAUUSD (01-05 March 2021) Hey everyone! Welcome to this week's forex forecast for the week ending March 5th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at USDJPY, EURUSD, GBPJPY & XAUUSD. USDJPY Over the past couple of weeks, we have seen price shift […]

Read More
February 26, 2021
Mindset: Rushing the Trading Journey

I wanted to talk about rushing the trading journey because this was a significant challenge I had very early on in my journey, and it is one I see the majority of traders make often unknowingly. That is the danger of rushing, you have no idea you are even doing it. Mid-2018 I made the […]

Read More
February 21, 2021
Weekly Forex Forecast for GBPUSD, GBPCAD, EURJPY, XAUUSD (22-26 February 2021)

Weekly Forex Forecast for GBPUSD, GBPCAD, EURJPY, XAUUSD (22-26 February 2021) Hey everyone! Welcome to this week's forex forecast for the week ending February 26th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at GBPUSD, GBPCAD, EURJPY & XAUUSD. Psst! It is my birthday tomorrow on the 22nd, so I have […]

Read More

Related Articles

February 26, 2021
Mindset: Rushing the Trading Journey

I wanted to talk about rushing the trading journey because this was a significant challenge I had very early on in my journey, and it is one I see the majority of traders make often unknowingly. That is the danger of rushing, you have no idea you are even doing it. Mid-2018 I made the […]

Read More
August 28, 2020
Economic stimulus and the Role of Central Banks

Politics preventing new financial stimulus The economic recovery in the major global economic powers depends on several important factors. One of the most vital part, the spread of the virus and the government's answers to it. With a decrease in daily cases of COVID-19 to 50,000 in the U.S.A. Yet U.S. A remains the most […]

Read More
August 26, 2020
How to Spot a Scammer

Our team has unfortunately received many reports of scammers using our content and pretending to be us. While we will continue to report these accounts to the authorities as we receive reports, we may not always catch them in time. Below our a list of things to look out for before making a purchase to any […]

Read More

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