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September 26, 2020

Weekly Forex Forecast for GBPJPY, NZDJPY, GBPUSD, XAUUSD (27-02 October 2020)

Bart Kurek

Hey everyone! Welcome to this weeks forex forecast for the week ending October 2nd, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at GBPJPY, NZDJPY, GBPUSD & XAUUSD.

GBP/JPY

Looking at the daily chart, we can see price has been moving in an ascending channel, forming higher highs and higher lows. Looking back to last weeks movements, we can see price has broken through the original channel (dark) but is still inside another possible channel (grey), which still classes as valid as it has kept above the previous low. Looking for possible rejection of the current zone and looking for a move past previous highs above 144.000.

NZD/JPY

Looking at this daily chart, price is moving in a sideways consolidation zone. Price isn't able to break the trend to form either new highs or lows. Price is currently at the support level of this ranging market. Looking at the red highlighted circle, we saw price form a bullish hammer candle followed by a shooting star before reversing and making a move to the upside. We currently have the same formation showing, suggesting a possible repeated move to the upside again.

GBP/USD

Similarly to GJ, we can see this market moving in a clear ascending channel, forming higher highs and higher lows successfully. Price is now in my interest zone at 1.273; I'm now expecting a move to the upside, continuing this channel and holding over the long-term. We are currently seeing 3 Doji candles; however, I am still expecting price to increase.

XAU/USD

Gold dumped and completed the symmetrical triangle break to the downside. It will be interesting to see how price reacts to this level it is currently at, whether we see a continued downwards move to lower supports or if we see a continued bullish move to 2000+.

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