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In this weekly market forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, USDJPY, AUDUSD, and BTCUSD through April 30, 2021.
Watch the video below, and be sure to scroll down to see the charts and key levels for the week ahead.
The EURUSD traded mostly sideways last week near the 1.2000 area.
Despite being mostly directionless last week, the euro did close above the 1.1950 level.
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I’ve discussed 1.1950 in recent weeks as a critical weekly pivot.
As long as the EURUSD holds above 1.1950 on a daily closing basis, there’s a decent chance we see it climb higher, perhaps toward 1.2190.
However, I still don’t love the look of the last few months.
This rally could easily fail and put the EURUSD back below 1.1950.
That would open up the 1.1700 region.
GBPUSD has reversed aggressively from 1.4000 resistance.
I pointed this out last week.
Given the intensity of this pullback from 1.4000, the future direction of GBPUSD is difficult to determine.
That said, there is a key level just below 1.3800 for next week.
If that fails, we could see GBPUSD test the May 2020 trend line near 1.3800.
A close below that would open up lower levels, such as 1.3670 and perhaps 1.3460.
I mentioned USDJPY and the 108.00 area last weekend.
I also discussed it during the week.
The key takeaway from both of those posts was that a daily close below the 108.00 area (107.70 to be exact) would expose 106.60.
Alternatively, bullish price action from the 108.00 region could send the pair higher toward 111.00.
Similar to other majors, the AUDUSD has been mostly sideways.
The pair is caught between two trend lines that extend from the February low.
Resistance is near 0.7770, while support comes in just above 0.7700.
Tuesday’s candle looks relatively bearish, but sellers have failed to push prices lower.
US stocks trading sideways doesn’t help.
If AUDUSD can close below 0.7700 next week, it would expose the 0.7520 region.
Alternatively, a close above the higher trend line near 0.7770 would target 0.7800.
Bitcoin has had a turbulent April.
After reaching $64,900 on April 14th, BTCUSD lost the $60,000 support handle.
That was the location of a significant trend line that dates back to October.
Hours after losing $60,000, BTCUSD crashed to $51,300.
I was tweeting the day before that 15% drop that I didn’t like the look of the Bitcoin chart in 2021.
The volume was decreasing, and there was some massive bearish divergence developing.
Bitcoin also broke a key trend line from October during this week’s selloff.
At the moment, that level comes in near $55,000.
If BTCUSD can climb back above that and $60,000, it would signal the correction is likely over.
However, as long as Bitcoin is below that October trend line, I have to respect the potential for another leg lower.
Key support for BTCUSD comes in near $42,000.