Ticker tape by TradingView

October 17, 2020

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

Bart Kurek

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.

A1 Edgefinder

FLASH SALE
Take 40% off the Edge finder using code "READER"
GET ACCESS NOW

want to see what we're trading?

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
A1 Trading Podcast
We Like These Pairs For Next Week

As this week comes to a close, we are looking ahead at future setups that could be some of the best opportunities for the next several trading sessions. Here are some pairs for next week that we are looking at. EUR/JPY Recent data has shown a slow down in the German manufacturing sector. With European […]

Read More
More Downside On The SPX500 After This?

When it comes to testimonies, it's all in how you say it. Jerome Powell has to be very particular in the way he makes his statements and answers the ensuing questions. Here is what might be in store for the market in the coming days and weeks, and whether or not there will be more […]

Read More
More Upside For Yen After This

The historically 'safe' currency to hold in times of recessions is in a unique situation now with a couple factors in place. Here is why the yen is stronger today as well as some trade setups that could push its value either up or down. Weaker Yen Now, Stronger Yen Later The Bank of Japan […]

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
homescreensmartphone linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram