Weekly Forex Forecast for AUDUSD, GBPUSD, EURUSD, XAUUSD (03-07 May 2021)
Hey everyone! Welcome to this week's forex forecast for the week ending May 7th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at AUDUSD, GBPUSD, EURUSD & XAUUSD.
Price has been in a long-term ascending channel and has been holding on to an EQL at 0.756. Price has since moved to the upside and is now staying below the significant highs at 0.78. We can see price is nearing the channel's bottom, and I expect price to continue moving in the long-term direction to the upside. We've got a liquidity void at around 0.766 where price should head towards to stop out retailers looking to go long early. Once we're at this level, I would look out for price action confirmations of a reversal at the channel bottom, followed by a break to the upside.
Price is now touching the significant 1.38 level where we've seen price constantly respect it as an area of support or resistance. This same level is also matching up with the long-term channel's bottom. I expect this trend to continue and price to continue rejection the bottom and move towards the upside.
Price is now retracing the breakout it made over a week ago following the PMI data release. Price is now back at the channel's top, and as discussed in the deep dive on this pair here, I'm currently looking out for price action confirmations of either a bullish or bearish break to follow. If we see price close and stay below the channel's top, this could be a sign price may be heading to make another touch of the channel's bottom. If we see price stay above and treat this as new support, we could see price complete this bullish flag pattern and breakout to the upside.
We haven't seen any significant moves on this pair in the past week. Although the US GDP data last week did push price down a lot, we're still yet to see any moves which break the structure or go past important levels on the chart. I still stand that I'm bullish on Gold overall, and I expect price to complete the bullish flag pattern, and break through the bearish OB and turn into a breaker block, an area to go long off.
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