Weekly Forex Forecast for EURAUD, GBPAUD, GBPUSD, XAUUSD (16-21 May 2021)
Hey everyone! Welcome to this week's forex forecast for the week ending May 21st, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at EURAUD, GBPAUD, GBPUSD & XAUUSD.
Price is once again showing rejection to the 1.566 resistance of this ascending triangle pattern, and throughout the past week, confirmed the support of the ascending trendline. We are now essentially waiting for price to break above the resistance, look out for a retracement, then wait for price action confirmations of new support, then going long to complete the chart pattern.
Price once again respecting this bearish OB, which has been visible for months now. We have seen loads of consolidation between 1.78 - 1.808; now that price finally broke this level, it took out traders who went short at the 1.808 resistance. Retails will be looking out for confirmations of a bullish move from this level, however, I think we could see banks trick their stop losses once more and push price towards the 1.78 support.
Price has confirmed the previous resistance, 1.40 now as new support, and an area to possibly go long off. Long-term, I am a bullish GU and expecting price to reach 1.45, and continue the long-term channel it has been holding since March last year. If we see price break the recent high at 1.415, we could expect price to continue heading higher. If we see price fail to break and push lower, then we will look out for further price action confirmations.
Price has now confirmed that the breaker block is the new support level, and price has now bounced off the zone and has closed off for the week just below the recent high, which price has not been able to break yet 1843. Look out for price to either break this resistance, and then we continue the journey long, or we could see price drop under again and reach the breaker block, where we will wait for further price action confirmations.
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