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Weekly Forex Forecast for GBPUSD, USDCAD, EURCHF, XAUUSD (18-23 July 2021)

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.

GBP/USD

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/CAD

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.

EUR/CHF

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.

XAU/USD

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.

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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

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