Ticker tape by TradingView

Want Trade Alerts?

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

January 17, 2021

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

Bart Kurek

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.

GBP/USD

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.

CAD/JPY

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.

GBP/AUD

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.

XAU/USD

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 break through 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.

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
A Market Surge Could Be About To Happen

A potential stock market surge could be gearing to happen soon as investors and analysts stay bullish. Some analysts are calling for a bottoming-out soon where price finds itself at a key level of support. Buyers look like they are ready to step in although stuck in volatile behavior that is rocking the discipline of […]

Read More
Read This Now Before You Buy Gold

Gold flies higher today amid inflation concerns in the US and globally. Even as treasury yields hit a 2-year high, the metal jumped above a key resistance level and is looking to test another. Gold Outlook Although we are seeing considerably high gains for gold in the short term, it still seems unlikely that the […]

Read More
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

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