Hey everyone! Welcome to this week's forex forecast for the week ending July 23rd, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at GBPUSD, USDCAD, EURCHF & XAUUSD.
Price seems to be failing to break this mid-term horizontal level at 1.1375, which has previously been switching from support and resistance. Recently we had a break of this structure and trend as price broke out of the long-term ascending channel, which has been holding since the initial covid drop in March last year. Looking for price to make its next lower low, we could likely see price form a new trend of a descending channel. Read my full G/U deep dive here.
USD strength continuing to push this market higher, further away from the descending channel it has recently broken out of. If price makes a clear break above the 1.258 level and shows strong rejection following the retest, we could likely see this market head higher to previous key horizontal levels such as 1.293. If we fail to see this happen, we may see some consolidation around this zone for a while, waiting for a news spike to occur. Read my full U/C deep dive here.
Price has gone underneath the previous resistance level from the ascending triangle pattern back in early 2021. We did recently see price make the next touch of the descending channel in the bullish flag pattern; we could likely see price continue the trend and head towards the channel's top next. Look out for a break above the resistance level; once this happens, we could see this move happen. If price continues to struggle below this level, we could see it consolidate for a while until a notable news event spikes the next move.
Gold once again broke out of the long-term descending channel pattern and headed towards the liquidity void around 1880. Look out for price to form short term horizontal levels and showing rejection off these levels where we could see strong bullish moves. Long-term, I'm expecting price to break previous all-time highs; however, for now we're waiting on move order blocks to form where traders are mostly one-directional for major institutions to take advantage of this.
9/27/2021 Election results in Germany has German equities mostly flat on the day as investors are watching the Social Democratic Party take the lead in the polls. In Washington D.C., legislation is toiling to raise the US's debt limit, pass Biden's agenda and avoid a government shutdown from defaulting on federal aid with hundreds of […]
Hey everybody, this is a breakdown of some of the macro trends around Gold and some of the pressures it is facing from inflation and the Fed's potential rate hikes. Overview As of 09/26/2021, the Gold Continuous Contract is down -0.75% this week, and -3.79% for the month. Gold is currently caught in a limbo […]
Hey everyone! Welcome to this week's forex forecast for the week ending October 1st, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at USDJPY, GBPUSD, GBPNZD & XAUUSD. USD/JPY Price closed off for the week just above the resistance at 110.6 in this range bound market. Look out for how price […]