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A1 Trading

Weekly Forex Forecast for EURUSD, GBPUSD, XAUUSD (26-30 April 2021)

April 25, 2021
Bart Kurek

Hey everyone! Welcome to this week's forex forecast for the week ending April 30th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at EURUSD, GBPUSD & XAUUSD.

EURUSD

We have a long-term bullish flag pattern visible on this pair, where price has recently broken out of the descending channel, following the better than expected PMI data released on Friday. I expect price to begin to retrace towards the channel's top, likely from the 79% Fib retracement. Once we see price at the channel's top, I would look out for price action confirmations of a bullish or bearish move. Price could continue moving to the downside and continue the descending channel, or we could see price complete the long-term chart pattern.

GBPUSD

Continuing from my previous GU analysis which you can read here, price did infact retrace from the impulsive move it's made last week. Price is currently at the short-term channel's bottom, and I'm looking to go long soon. I expect price to continue dropping to at least the 79% FIb retracement level before then looking out for price action confirmations of a continued move to the upside.

XAUUSD

Price is now just below the bearish OB at 1800; if price continues to hold above the significant 1765 level, we could see gold head towards the next high once again. We have this long-term bullish flag pattern visible where I expect price to complete this pattern, pushing price past previous highs at 2000+. I'm also expecting price to break through this OB it's currently at and turn it into a breaker block, an area to go long from.

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