Ticker tape by TradingView

October 3, 2021

Weekly Forex Forecast for USDCHF, EURUSD, EURAUD, USDCAD (03-08 October 2021)

Bart Kurek

Hey everyone! Welcome to this week's forex forecast for the week ending October 1st, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at USDCHF, EURUSD, EURAUD & USDCAD.

XAU/USD

I usually look at Gold every week as part of this Weekly Forex Forecast series, however I have done a deep dive article on Friday, click the link here to take a look if you're interested in my outlook on Gold.

USD/CHF

Price has formed a rising wedge chart pattern in the medium term. We can see bulls were firmly rejected at the resistive trend line last week and is now heading towards the supportive trend line for a possible breakout. If we see continued USD strength like last week, we will likely see price reverse soon and once again head for new highs in the wedge. With upcoming NFP news, if we instead see negative outcomes for the USD and a rise in unemployment, we could see price break out of this wedge and likely head towards the bullish order block at 0.90 formed from the weekly timeframe.

EUR/USD

Price has closed below the channel's bottom in this descending channel below the 1.16 key horizontal level. We will likely see price enter the channel once more and retrace the bearish move it made last week. Service sector PMIS for Italy and Spain, France, Germany and the Eurozone are due out on Tuesday. The German economy will be in the spotlight as we have factory orders, industrial production and trade data rolling out throughout the week. Remember, a positive result for NFP on Friday will push prices lower.

EUR/AUD

Price has formed a key horizontal level in the medium term at 1.59, where we are seeing price is now nearing once again, forming a head and shoulders pattern with this being the neckline. Look out for a break and retest of this support level, to see if price confirms it as new resistance, and if so it's likely we'll head towards the next key levels such as 1.57 where we have seen price act as both resistance and support in the past at the ascending triangle pattern.

USD/CAD

Price is forming an ascending triangle pattern with resistance holding just above around 1.28. Currently, we see price near the supportive trend line, and we're now looking out for price action confirmations of a rejection to catch a potential reversal to the top. It's likely we'll still see consolidation continue below the resistance, as we're still pretty wide to closing the gap.

A1 Edgefinder

Try for FREE!
or get 20% off the full version using code "READER"
GET FREE VERSION

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
What IPEF Could Mean for US Markets

On Monday, May 23rd, US President Joe Biden unveiled a new trade pact with twelve Indo-Pacific countries called the Indo-Pacific Economic Framework (IPEF). The launching of this deal, coupled with Monday’s news that the Biden administration is considering the merits of rolling back tariffs on imports from China, saw the Dow close nearly 500 points […]

Read More
Breaking Down The SPX500 Trade

This week, I took a trade on the SPX500 that ended up being a successful one by the time it closed. We caught a 29 point move when it was all said and done, and here is the breakdown behind it. Reasons For Buying SPX500 On May 23, I sent out an alert to the […]

Read More
Why Euro Is The Biggest Winner This Week

One of the forex market's worst performers this year now has the potential to become one of the best plays in 2022. On the day, euro is up and is performing stronger against the USD than any other currency as of now. EUR/USD is up 0.36% today. Euro To "Positive Territory At The End Of […]

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