Weekly Forex Forecast For April 22 – 26, 2024

·    April 21, 2024

·      April 21, 2024

·    April 21, 2024


The US dollar (DXY) spent the week consolidating, but there are a few considerations about whether the next move will be bullish or bearish.

Find out what those are, and how it might affect the EURUSD, GBPUSD, AUDCAD, and XAUUSD next week!

Let’s begin!

US Dollar Index (DXY) Forecast

The US dollar is giving us mixed signals to end the week.

However, the DXY remains above the 105.85 level I mentioned in last weekend’s forecast.

It’s unclear if the level will hold as support next week, but current conditions make trading the USD unfavorable.

The market is holding above 105.85 and in an uptrend since the start of 2024, so shorting the US dollar is ill-advised.

At the same time, buying the dollar is tricky while below the 106.15 weekly level, and channel resistance near 106.70.

But bear in mind that the November 1st (open) gap at 106.88 could serve as a short-term magnet next week as long as the DXY can hold above 105.85.

New “Fakeouts” Trading Course Just Launched April 19, 2024!

Join our elite trading program and save 80% on lifetime access! Sale ends tomorrow!

DXY 2024 04 20 11 08 59
Weekly Forex Forecast For April 22 - 26, 2024 6

EURUSD Forecast

Like the DXY, the EURUSD has been unappealing this week due to the sideways price action.

We saw the pair reclaim 1.0635 on the 17th, but bulls have been unable to do much with it.

A sustained break below 1.0635 on the daily time frame would suggest a resumption of the pullback toward the 1.0550 November 1st lower wick.

That could align with the November 1st 106.88 open gap on the DXY.

But until we see bulls or bears take the reigns, trading EURUSD will remain unfavorable.

EURUSD 2024 04 20 11 11 19
Weekly Forex Forecast For April 22 - 26, 2024 7

GBPUSD Forecast

GBPUSD retested the 1.2498 level I shared last weekend as new resistance, but hasn’t done much since.

It’s been a tight range this week for the pound, making trading conditions less than ideal.

However, I continue to think the recent 1.2500 breakdown from GBPUSD is significant.

The question is, will shorts get a more favorable opportunity next week?

For that to materialize, we would need GBPUSD to sweep that 1.2500 high and offer a “full” retest of those 1.2535 lows.

That could also align with the top of this short-term descending channel.

GBPUSD 2024 04 20 11 13 27
Weekly Forex Forecast For April 22 - 26, 2024 8

AUDCAD Forecast

AUDCAD is a pair I traded this week, with a 0.8948 initial short entry, and an additional short at 0.8883.

Both entries, including my stop loss and target, were shared in real-time in the VIP trading group.

I’ve since taken some profit, but I still hold approximately half of the position.

As for next week, a sustained break below the October ascending trend line would flip it to new resistance.

However, the 0.8806 lows will likely attract bulls, so you have to be careful with shorts.

A better approach to trading AUDCAD might be to wait for a sustained break below 0.8806 for a move to 0.8737.

One reason I like this idea is the two failed breakouts that occurred this past week.

Typically, a failed breakout (fakeout) to one side of a pattern triggers an extended move in the opposite direction.

Just keep in mind that the most favorable AUDCAD entry occurred this past week following the 0.8950 failure, which I shared with VIP members.

AUDCAD 2024 04 20 11 17 54
Weekly Forex Forecast For April 22 - 26, 2024 9

XAUUSD (Gold) Forecast

Gold has become extremely choppy since closing above ascending channel resistance on April 5th.

The uptrend remains intact, but bulls have struggled a bit since the April 12th selloff.

As long as XAUUSD remains above the $2,330 area, bulls are in control.

If we see gold break below that on the daily time frame, it would signal a pullback toward levels like $2,260 and possibly $2,200.

As of now, it’s unclear whether we get a pullback from the metal, but buying XAUUSD without one is risky and unfavorable.

New “Fakeouts” Trading Course Just Launched April 19, 2024!

Join our elite trading program and save 80% on lifetime access! Sale ends tomorrow!

XAUUSD 2024 04 20 11 19 55
Weekly Forex Forecast For April 22 - 26, 2024 10

Continue Learning


{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}