Weekly Forex Forecast for USDCHF, GBPUSD, GBPJPY, XAUUSD (24-29 October 2021)
Hey everyone! Welcome to this week's forex forecast for the week ending October 29th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at USDCHF, GBPUSD, GBPJPY & XAUUSD.
Price broke out of the rising wedge pattern a couple of days ago, and price is already making its way to the downside to complete the chart pattern. Our first level of potential support is at 0.91, where we have seen in the past price has been struggling to break through; once we reach this level, look out for a break and retest before continuing the downwards ride on this pair.
Price is currently near the top of this descending channel, and we're now waiting on a precise touch and rejection to continue the trend and head lower. For now, there aren't any other specific levels where we could see consolidation, but unless we see lots of bears selling early, it's possible financial institutions could manipulate price towards 1.40 to stop out early sellers.
Last week we saw price break through 156.0, the previous high in the long-term ascending channel, and we're now seeing price retrace and retest this key horizontal level. What we see next could decide where price will go next, whether we'll see price fall below it could suggest further bearishness, whereas if we see price instantly reject this, it's likely we could see further bullishness, and price could head towards the top of this channel much quicker.
Gold continued to consolidate slightly between 1765 and 1800, and we saw price reach highs of around 1812 last week, but sellers quickly rejected this. For now, we're waiting on some significant catalysts to push price in a certain direction, as we just see back and forth moves for the time being.
Try for FREE!
or get 20% off the full version using code "READER"
The FOMC meeting is scheduled for 2:00 pm EST today as the USD is stronger on the day. The stock market remains uncertain as volatility picks up hours before the meeting. We are going to hear sentiment towards monetary policy and thoughts on rate hikes going forward after the latest 50 bp hike. What To […]
The British Pound fell sharply after an unexpected report on PMI data missed expectations by way more than what was forecasted. Most pound pairs are down as GBP/USD dropped -0.62% today. The sterling suffers one of the hardest drops in a long time. Higher Costs, Slower Growth, and Shaky Economy Purchasing managers lost momentum for […]
EURUSD saw a breakout to the upside of a four month long bearish trendline on Monday, as bullish momentum caused it to close over 120 pips higher on big monetary policy news from the European Central Bank (ECB). Christine Lagarde, the ECB’s President, announced they will be pivoting away from net asset purchases, and subsequently […]
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