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In this weekly market forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, AUDUSD, GBPNZD, and ETHUSD through February 26, 2021.
Watch the video below, and be sure to scroll down to see the charts and key levels for the week ahead.
The EURUSD appears to have found a bottom.
We know about the false break below 1.20, which has, so far, triggered higher prices.
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But as I mentioned on Friday, the intraday inverse head and shoulders looks promising if EURUSD bulls can secure a close above 1.2160 this week.
If so, all eyes will be on 1.2330.
Just remember that without a close above 1.2160 or thereabouts, there is no reversal pattern in play.
Alternatively, a close below 1.2000 would negate the bullish outlook.
GBPUSD continued its push higher last week.
I’ve liked the pound higher ever since it closed a week above 1.3700.
We had our eye on that level for several weeks before GBPUSD broke out.
While we can certainly expect pullbacks along the way, I do like the pair higher toward 1.4350.
That’s the location of the double top in early 2018.
The AUDUSD has played out beautifully since I first mentioned this bull flag a couple of weeks ago.
Those who caught the bounce from the 0.7600 region are up approximatley 250 pips as of now.
If you didn’t get in, the 0.7800 support area is one to watch, in my opinion.
As long as that holds, AUDUSD is on its way to 0.7930.
GBPNZD retested the bottom of a long-standing channel last week.
Not only that, but it also carved a bearish pin bar in the process.
We could see a 50% retrace of last week’s candle, but I do think the GBPNZD heads lower from here.
A move lower could retarget the 1.8500 area in the coming weeks.
Alternatively, a move above last week’s high would negate or at least delay the bearish outlook.
Most of you know that I’ve been extremely bullish on Ethereum (ETH) since last year when it was trading at $230.
Over the weekend, ETHUSD reached above $2,000.
While Saturday’s dump to $1,803 looked severe, Ethereum recovered nicely and is trading at $1,958 as of writing.
As I mentioned last Wednesday, I do expect the next move from ETHUSD to an explosive one.
I also think we see much higher prices later this year.
If bulls can keep this momentum intact, we could be looking at a sprint to $3,000 next.
That would match what ETHUSD did the last time it went parabolic from an ascending channel in early January.
For that to happen, buyers need to secure a daily close above the $2,100 area to flip it to support.