Ticker tape by TradingView

Want Trade Alerts?

See all of our entries, exits, and analysis. 
Use code READER for 25% OFF!
Join VIP

Weekly Forex Forecast for GBPAUD, NZDUSD, GBPCHF, XAUUSD (18-23 October 2020)

Hey everyone! Welcome to this week's forex forecast for the week ending October 23rd, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at GBPAUD, NZDUSD, GBPCHF & XAUUSD.

GBP/AUD

Price has formed an ascending triangle pattern on this pair and currently near the resistance level at 1.828. Waiting for price to either reach the trend line, showing successive rejections and then go long OR looking for price to breakout from the resistance, retest that same resistance level, treating it as support, and then going long for a completed pattern move.

NZD/USD

Bearish flag pattern visible on this pair. We could still see a third touch of the resistive trendline in the channel, which would also meet the 61.8 and possibly the 71.0 fib retracement level. Once we see successive rejections in that zone, only then I would possibly go short. However, we could see price breakout right away without the third touch; if we see price break out of this channel to the downside, I would wait for a retest and then a rejection before going short.

GBP/CHF

Bullish flag pattern formed on this pair, currently seeing price bouncing around the same levels and consolidating. Looking to go long once we see price reach and reject the channel's support at 1.175 for a completed pattern move.

XAU/USD

Price has formed a symmetrical triangle pattern on this pair and is now nearing the pattern's apex point, suggesting we could see this pattern break this week. As always, wait for price to breakout and then retest the trendline, showing successive continued rejection before taking the desired position. With all US news coming up over the next couple of weeks, predicting the direction could be dangerous; that is why you should watch out for explicit price action confirmations before taking any positions on this pair.

Get Alerts every time we take a trade!

Join The VIP Community!

Our entries, exits, & analysis
Live webinar coaching calls
Trading chatrooms
Strategy library
Use Code "READER" for $5 OFF!
Join Now

Need a Better Broker?

Bitcoin, Ethereum On Sale Again

9/24/2021 The People's Bank of China banned all crypto transactions on overseas Chinese services along with its domestic ban. Bitcoin is down over 8% today and Ethereum is down 11.48%. Our outlook I think we're seeing a lot of noise around China and their condemning of cryptocurrencies before they digitize their own. In the short […]

Read More
What's To Know After The BoE's Monetary Policy Summary

Let's look into the Bank of England's Monetary Policy Summary which took place on Thursday the 23rd of September, 2021. Quick Summary: BoE keeps interest rates unchanged at 0.10% BoE will maintain its asset purchasing target at £875B The vote to keep policy unchanged passed with a 7-2 vote The minutes of the MPC meeting […]

Read More
Is Gold A Buy Here?

9/23/2021 The precious metal snapped three days of gains and tumbled back down to the support range from $1740s-1760s approximately. Gold is down -.56% on the day going into the opening of the NY session. Our outlook Gold will likely rise on the US indices falling, and is usually due to slowing economic growth. Because […]

Read More
Bitcoin Goes On Sale- Golden Cross Opportunity

9/21/2021 Bitcoin Update For the past month, Bitcoin went on a tear rising over 20% from the beginning of August. Recently, however, China and other risk-off factors have contributed to a 23% decline from the recent highs around $52,760. Now the most prominent crypto has touched these monthly lows which could be a potentially good […]

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

A1 Trading Company

A1 Trading Company is a financial services and media business founded in Atlanta, USA.
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram