Hey everyone! Welcome to this week’s forex forecast for the week ending June 25th, 2021. I’m TraderBart with A1 Trading, and this week I’ll be looking at EURUSD, EURCHF, NZDCHF & XAUUSD.
Price is now back at the channel’s top, following huge strength from the USD. We are now waiting on clear confirmations whether price will treat this as resistance once again and fall back inside the channel. On the other hand, we could see price treat this as support and bounce off once again to the upside, heading off to make new highs once again.
This market not making much movement, once again approaching the channel’s top after the recent touch of the channel’s bottom. I am still waiting on the bullish flag pattern to complete, and hence I am looking out for a break of the channel’s top, followed by a retracement, then looking for continued price action confirmations of a continued bullish movement before going long on this pair.
Similarly to EURCHF above, price is also in this descending channel which is in an overall bullish flag pattern. Currently waiting on price to either make the next touch of the channel’s bottom before reversing or break above the channel’s top, wait for a retracement and then long after successive price action confirmations.
Gold has gone insane last week and is now back inside the descending channel. We have got a solid bullish OB formed at around 1740, where we could possibly see price reverse and head to the upside once again. Look out for how price reacts at this 1765 level where we have historically seen price treat it as both support and resistance. A break below this level means we could see price head to the OB. If price treats this as support and does not get any lower, it could be a sign price is retracing its move last week.