A1 Trading Company

Ticker tape by TradingView

May 2, 2021

Weekly Forex Forecast for AUDUSD, GBPUSD, EURUSD, XAUUSD (03-07 May 2021)

Bart Kurek

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.

AUDUSD

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.

GBPUSD

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.

EURUSD

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.

XAUUSD

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.

A1 Edgefinder

#1 Market Scanner Tool
Take 10% off using code "READER"
GET ACCESS NOW
Want to See Our Trades?

Join The VIP Community!

Our entries, exits & analysis
Live Webinar Coaching
Trading Chatrooms
Strategy Library 
Exclusive Trading Guides
Use Code "READER" for 10% OFF!
JOIN NOWJoin FREE Discord
Listen to More Episodes
Even More Bullish USD News

This morning at 8:30 am Eastern Time, the United States’ Bureau of Economic Analysis released even more bullish USD news. The Core Personal Consumption Expenditures (PCE) Price Index, which measures changes in prices for consumers (excluding volatile food and energy prices), rose more than expected month-over-month. A 0.5% increase was expected for August, with 0.6% […]

Read More
Historic Peril for the Pound

A strange series of events recently sent the United Kingdom’s Pound Sterling tumbling to historic lows. Just weeks after the death of Queen Elizabeth II (a head of state who was uniquely well-liked among the UK’s population by contemporary standards) Kwasi Kwarteng, Britain’s new chancellor in recently appointed Prime Minister Liz Truss’ administration, issued a […]

Read More
Get Ready for the Bear Market

Last week’s selloff was brutal for investors in the US stock market: the Dow Jones Industrial Average closed at its lowest level since late 2020, falling to 29590.41, losing 1.6% on Friday alone. With the S&P 500 currently down a whopping 23% from January’s highs this year, and other indexes close behind percentagewise, stock market […]

Read More
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
Home
Edgefinder
VIP
Menu
homesmartphonelaptopmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram