Forex Weekly Outlook for 12 April to 16 April, 2021
In the forex weekly outlook, we will see the possible movement of most of the major currency pairs including EURUSD, GBPUSD, USDJPY, XAUUSD, and BTCUSD. To see more insight and direction look in our The Forex Secret Weekly Outlook.
This week the main investors’ attraction would be the US retail sales along with the China Q1 GDP. Moreover, among other releases, there are AUD employment changes, CAD monetary outlook, and USD CPI.
Let’s start the forex weekly analysis with the EURUSD:
EURUSD is moving within a bearish channel where the current price is above the dynamic level of 20 EMA.
Moreover, the price moved above the static resistance 1.1850 from where the price became very volatile. Therefore, if the price comes down below the dynamic level of 20 EMA, we may expect a bearish pressure in the price with the target of 1.1630.
GBPUSD is moving up from the Point of Interest level, which is considered as an institutional order building zone.
Therefore, the primary target for this week will be towards the 1.3820 event-level from where any bullish rejection might create another bearish leg downside.
However, the current bullish pressure is very strong from the POI level that may create a bullish daily close above the 1.3820 level. In that case, the price may move more advanced to the upside towards the 1.3913 level.
Gold became very volatile as soon as it created a double bottom pattern that created a potential upside possibility in the price.
However, above the current resistance, the H4 order block would be the potential selling opportunity for Gold. Therefore, investors should wait for the violation of the recent high and find a bullish rejection candle at the 100 SMA area.
Bitcoin teased above the $60,000 level for the third time this 2 weeks. The price moved above the $60,000 on Saturday but failed to hold the momentum.
Therefore, if the price shows any bearish signal at the $60,000 area we may consider it as a valid signal. In that case, the primary target would be $50,000 level.
Overall, we may expect a busy week where most of the market movement may come after the US retail sales release.