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In this weekly market forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, AUDUSD, XAUUSD, and ADAUSDT through April 16, 2021.
Watch the video below, and be sure to scroll down to see the charts and key levels for the week ahead.
The EURUSD broke free from a trend line last week near 1.1760.
I mentioned this breakout last week when the EURUSD was trading over 100 pips below Friday’s close.
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The pair hit some resistance at 1.1915 before the weekend.
However, I still think there’s a good chance we see 1.1950 in the week ahead, but only if EURUSD can clear 1.1915 on a daily closing basis.
GBPUSD is still respecting the downtrend that began in late February.
You’ll notice the pair has carved a small descending channel in the process.
While I do think GBPUSD could see lower prices in the week ahead.
However, traders should keep their eye on the trend line from the May 2020 low.
That support level could come in between 1.3600 and 1.3630 in the week ahead.
Just keep in mind that it’s going to take a close above channel resistance to expose higher prices.
AUDUSD continues to trade below what could be a head and shoulders pattern.
However, the lack of direction lately makes this a tricky pair to trade, in my opinion.
Furthermore, you can see where the AUDUSD bounced from the 0.7520 support area recently.
Until the pair regains some momentum, the immediate future is uncertain.
That said, the 0.7680 area is resistance with support coming in at 0.7520 and 0.7400.
On March 31st, I mentioned the potential for a double bottom from XAUUSD.
While buyers still have work to do, gold is starting to pressure the $1,750/60 area.
That’s a key horizontal region and the 50% retracement of the 2020 range.
A daily close above $1,760 would confirm the break higher and expose the $1,830 region.
I’m staying bullish on XAUUSD as long as $1,680 holds as support on a daily closing basis.
I’ve never mentioned ADAUSDT (Cardano) on this site, but I have discussed it several times on Twitter.
It’s a cryptocurrency, and one that has a lot of potential, in my opinion.
As many of you know, I believe we still have another five or six months left in this bull market based on previous cycles.
And although ADAUSDT has had an incredible run over the last few months, I think it has a lot of gas left in the tank.
Based on its last cycle peak of $1.18 and what cryptos like Bitcoin have done in the past, I think a $10 to $20 ADA is very achievable.
That said, ADA has a decision to make.
Ascending channels like the one below are usually viewed as bullish patterns, and this time may be no exception.
However, ADAUSDT carved a similar pattern in August of last year, and that structure triggered a substantial pullback rather than a rally.
It’s unclear if that will happen again, but I am staying cautious for now just in case.
If the pair closes below $1.19 and Bitcoin and Ethereum start to roll over, we could see a move to $0.70 to $0.80 from ADAUSDT over the coming days.
Alternatively, a close above $1.30, followed by $1.50 would be bullish.