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Weekly Forex Forecast for EURUSD, GBPJPY, GBPAUD, XAUUSD (24-29 January 2021)

Hey everyone! Welcome to this week's forex forecast for the week ending January 29th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at EURUSD, GBPJPY, GBPAUD & XAUUSD.

EUR/USD

Price is moving along this ascending trend line here; however, there isn't much momentum as price is moving sideways. Similarly to the price action back between August and December, price was consolidating until it reached the trend line and then making the bullish outbreak. What we have got going on now is similar to what he had previously, and we could expect price to turn out the same way, when price meets the ascending trend line. Price is currently in the middle between the two levels highlighted in the image, and price could head either way next, but I still think we could see the break to the upside once price meets the trend line and shows successive rejections.

GBP/JPY

Price is moving in this long-term ascending channel and now slowly trending to the upside after the break of the ascending triangle pattern back in December 2020. Currently price is sitting at the same level as the previous higher high in the channel at 142.00. We saw price approach this level, retrace back to the previous resistance, treated it as new support, and is now once again at this higher high, and looking like it will most likely continue to break to the upside. A good entry would be now as the week closed off on a hammer candle, suggesting an upside move, or for extra confirmation, wait for price to break, then enter on the retest once there are clear price action confirmations of continued rejection.

GBP/AUD

Price has formed this descending triangle pattern and is now breaking out of the pattern to the upside. Price has broken out of the structure, retested the descending trendline, and is now back at the same resistance of the initial breakout at 1.773. If price continues to break, this could be an excellent level to go long at once price retests and treats this resistance level as new support once there are clear confirmations of rejection and a continued upward movement. I am looking for target profits at the support level of the previous descending triangle at around 1.80.

XAU/USD

Price is still in this long-term bullish flag pattern which began in June 2020. Price was on its way to breaking to the upside; however, quickly returned back inside the channel. Price closed off for the week with a hammer candle right at the channel's top. Price is still yet to fill in the gap caused by the aggressive bearish candle. I reckon this should be filled in this upcoming week and price should head towards the 1950 level.

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