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.
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.
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.
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.
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.
9/24/2021 The People's Bank of China banned all crypto transactions on overseas Chinese services along with its domestic ban. Bitcoin is down over 8% today and Ethereum is down 11.48%. Our outlook I think we're seeing a lot of noise around China and their condemning of cryptocurrencies before they digitize their own. In the short […]
Let's look into the Bank of England's Monetary Policy Summary which took place on Thursday the 23rd of September, 2021. Quick Summary: BoE keeps interest rates unchanged at 0.10% BoE will maintain its asset purchasing target at £875B The vote to keep policy unchanged passed with a 7-2 vote The minutes of the MPC meeting […]
9/23/2021 The precious metal snapped three days of gains and tumbled back down to the support range from $1740s-1760s approximately. Gold is down -.56% on the day going into the opening of the NY session. Our outlook Gold will likely rise on the US indices falling, and is usually due to slowing economic growth. Because […]
9/21/2021 Bitcoin Update For the past month, Bitcoin went on a tear rising over 20% from the beginning of August. Recently, however, China and other risk-off factors have contributed to a 23% decline from the recent highs around $52,760. Now the most prominent crypto has touched these monthly lows which could be a potentially good […]