Weekly Forex Forecast for AUDUSD, GBPNZD, GBPUSD, XAUUSD (29-02 April 2021)
Hey everyone! Welcome to this week's forex forecast for the week ending April 2nd, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at AUDUSD, GBPNZD, GBPUSD & XAUUSD.
In the past week, we saw price push lower towards the EQL at 1.757, and this setup is looking like it's forming a head & shoulder chart pattern. Most retailers will most likely be looking to go short, and in the short-term, I reckon price will drop towards at least around 1.75. The ascending channel is more of the long-term move in the market and will likely be more respected than the short-term head and shoulder. I am looking to get in on a channel continuation move.
Price was in a long-term downtrend, we can see price touching the trendline and rejecting nicely and creating new lows. Looking at recent moves, price has successfully completed this ascending triangle pattern visible on the chart and is currently at a bearish OB where we could see price reverse and head towards the downside again. If, however, price does break and close outside this OB, we will likely see this new uptrend continue and break previous highs from the trend. Keep an eye on this chart, but now could possibly be an excellent time to go short, based on my judgement.
I pointed out these two channels formed in this market, where we could likely see a reversal at one of these channel's bottoms, likely the short-term one, which also nicely lines up with the 79% Fib retracement level. So far, we're seeing this move happen however, I think this may be short-lived to keep retailers hopeful, and I think a push towards the longer-term channel's bottom is likely, and only there we could see price reverse and continue the channel.
In the past week, we have not seen much movement from Gold. Price has just consolidated throughout the whole week, not breaking any structures or making new highs or lows. Price has recently moved off the channel's bottom at 1675, and I'm still waiting on this bullish flag pattern to be fulfilled, where we could likely see price push towards all-time highs at 2000, which I reckon this move could happen during summer.
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