A1 Trading Company

Ticker tape by TradingView

July 4, 2021

Weekly Forex Forecast for USDJPY, EURAUD, NZDCHF, XAUUSD (04-09 July 2021)

Bart Kurek

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.

USD/JPY

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.

EUR/AUD

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.

NZD/CHF

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. 

XAU/USD

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.

A1 Edgefinder

#1 Market Scanner Tool
Take 10% off using code "READER"
GET ACCESS NOW
Want to See Our Trades?

Join The VIP Community!

Our entries, exits & analysis
Live Webinar Coaching
Trading Chatrooms
Strategy Library 
Exclusive Trading Guides
Use Code "READER" for 10% OFF!
JOIN NOWJoin FREE Discord
Listen to More Episodes
Even More Bullish USD News

This morning at 8:30 am Eastern Time, the United States’ Bureau of Economic Analysis released even more bullish USD news. The Core Personal Consumption Expenditures (PCE) Price Index, which measures changes in prices for consumers (excluding volatile food and energy prices), rose more than expected month-over-month. A 0.5% increase was expected for August, with 0.6% […]

Read More
Historic Peril for the Pound

A strange series of events recently sent the United Kingdom’s Pound Sterling tumbling to historic lows. Just weeks after the death of Queen Elizabeth II (a head of state who was uniquely well-liked among the UK’s population by contemporary standards) Kwasi Kwarteng, Britain’s new chancellor in recently appointed Prime Minister Liz Truss’ administration, issued a […]

Read More
Get Ready for the Bear Market

Last week’s selloff was brutal for investors in the US stock market: the Dow Jones Industrial Average closed at its lowest level since late 2020, falling to 29590.41, losing 1.6% on Friday alone. With the S&P 500 currently down a whopping 23% from January’s highs this year, and other indexes close behind percentagewise, stock market […]

Read More
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
Home
Edgefinder
VIP
Menu
homesmartphonelaptopmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram