A1 Trading Company

March 14, 2021

Weekly Forex Forecast for GBPCAD, GBPJPY, NZDCAD, XAUUSD (14-19 March 2021)

Bart Kurek

Hey everyone! Welcome to this week's forex forecast for the week ending March 19th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at GBPCAD, GBPJPY, NZDCAD & XAUUSD.

GBP/CAD

Price has now broken through the LV at 1.745 and the major EQL at 1.742, which has been constantly respected as either s/r since January and is now also at the 100% mark at the bullish OB formed on the Daily timeframe, which is also the bottom of this ascending channel which price has been respecting since September 2020. Going forward, I think we could either see price reject and reverse off this channel's bottom now, or price could also break through this OB and continue going lower, to stop out retailers before reversing and continuing the channel's move.

GBP/JPY

Price is now in the middle of this liquidity zone, where I expect many retailers to begin closing their short positions, which they took out at the channel's top last week. I still expect a huge candle to be formed, which will take out the majority of traders quickly which could likely be up to 153.8. Once we see this liquidity raid happen, retailers will likely change their bias and go long, then price will reverse and continue in the original direction towards the downside and head towards the channel's bottom, and once again making retailers lose.

NZD/CAD

Price has been in this long-term ascending channel since May 2020, consistently making new highs. Price is currently nearing the channel's bottom and an EQH at 1.89, which was seen as a triple top back in October 2020 where most traders likely went short, but of course got stopped out. Price is now coming back to this level, and I believe most retailers will go long at this level for a channel continuation move; however, I expect price to break lower, just outside the channel when there is enough liquidity for banks to raid, before of course reversing and continuing the long-term channel move to the upside.

XAU/USD

Price has now reached the bottom of this descending channel at 1675, which is also the same level between February and June 2020 that was seen as clear resistance, then support, and now again seen as clear support. This is also the same level as the 62.0% Fib retracement when placed at the bottom of the flagpole. Going forward on what's next for Gold, I expect price to head towards the next resistance at 1765, the 50% Fib retracement level, and previously seen as clear support and resistance. Once we see a clear break of this level, we could expect price to continue pushing to the upside.

A1 Edgefinder

All-In-One Fundamental Dashboard!
Simplify your fundamental analysis with our all-in-one fundamental dashboard! 
Discount code: READER

Learn more

Will Big Tech Earnings Save Indices?

This week is full of earnings from big tech as we wait for Google, Microsoft, Meta, and Tesla. This month has been mostly in the red and are coming off a 6-day losing streak in the S&P. With tensions in the Middle East escalated, earnings hopes to save the markets. EdgeFinder Analysis Silver sits at […]

Read More
The Shift is Finally Here

Indices continue to hurt as the US economy points further towards higher inflation this year. The Fed now has to decide whether or not it is worth cutting rates so soon. And if rate cuts are off the table, the sentiment shift might have redirected back to risk-off. EdgeFinder Analysis GU is one of the […]

Read More
Dollar Remains Strong

Indices recover from Friday's lows as the dollar index hovers at break even. The mounting tensions in Israel-Iran escalated market worries, but financial earnings have kicked off to a good start. EdgeFinder Analysis Retail Sales came in higher than expected which is a good sign for the economy. It's also strong for the USD as […]

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
Home
Edgefinder
Signals
There is a significant degree of risk involved in trading securities. With respect to foreign exchange trading, there is considerable risk exposure, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or currency pair. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you can afford to take the high risk of losing your money.
homesmartphonelaptop-phonemenumenu-circle linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram