A1 Trading

Weekly Forex Forecast for EURCHF, GBPUSD, GBPAUD, XAUUSD (30-04 June 2021)

May 30, 2021
Bart Kurek

Hey everyone! Welcome to this week's forex forecast for the week ending June 4th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at EURCHF, GBPUSD, GBPAUD & XAUUSD.

EURCHF

Price has formed this bullish flag pattern following the break of the ascending triangle pattern. Price has been ranging for the past almost two weeks in the middle of the descending channel, and we're now waiting for either a touch to the channel's bottom then a rejection followed by a move to the upside, or a break of the channel now, followed by a touch of the channel's top confirmed as new support and then a continued move to the upside for a completed pattern.

GBPUSD

Price is now once again just below the latest high in the ascending channel at 1.422, and we're now waiting for a breakout to the upside and looking for the next touch of the channel's top. Once we see price break through this resistance, look out for a retest of this level to be confirmed as new support and then long to long-term targets such as 1.45. However, look out for potential fakeouts as there are concerns about the rising Indian variant of covid cases in the UK to offset hawkish BoE comments.

GBPAUD

As expected in the previous GA analysis, price did infact break through the bearish OB, which now transforms this same zone as a breaker block, an area to go long off now. As most retailers will see this level as an area to once again go short and "sell high" if price does come back, financial institutions will infact do the opposite and only push price to this level for more liquidity, then once again reverse and continue higher.

XAUUSD

Price still consolidating inside this liquidity void which has now been closed up, and the gap has been filled. I'm still optimistic about price reaching the previous highs at 1960, and it is looking likely. It is inflationary fears and massive fiscal stimulus creating substantial national debt that is a significant component of dollar weakness and exceedingly strong gold pricing, which is now back over $1900 per ounce.

The EdgeFinder

All-in-one Fundamental Dashboard

30 Days Access

Free Telegram

Join for daily analysis and trade setups!

Join Telegram

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

A1 Trading Company

A1 Trading is a leading financial analysis and trading education company dedicated to empowering traders of all levels. Our team combines extensive market knowledge with cutting-edge technology to provide valuable insights and tools for traders worldwide.
2024 All Rights Reserved | A1 Trading Company
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-phonecross-circle linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram