Forex Weekly Outlook for 29 March to 02 April 2021

Forex Weekly Outlook for 29 March to 02 April 2021

Contents

In this forex weekly outlook, we will discuss the fundamental and technical aspects of the financial market and possible trading opportunities.

This week is very significant for investors as we will see the shift of monthly transition with one of the biggest news releases on Friday. Currently, analysts expect that the note from payroll will come 200% higher than the previous result. If the actual result comes with such a significant number we may expect a strong Movement in most of the major currency pairs towards the US dollar.

However, it would be difficult for the US dollar to really be such a huge number due to the economic uncertainty where the US dollar is already priced in due to the stimulus program.

Let’s start the forex weekly analysis with the EURUSD

EUR/USD

EUR/USD is trading just below the 1.20 psychological event-level, where there is a break below the 1.18 50 levels that increase the bearing pressure in the price.

However, if you look at the nearest price action below this level we would see that the various pressures come slower and the price becomes very corrective with a bullish daily close on Friday. it is a clear indication that the break below this level wasn’t strong and the price has a higher possibility to move higher before making the strong move towards the downside.

EUR/USD

For this week we are expecting a bullish correction in the price where the ultimate target would be 1.1850 to 1.1950 from where pressure would be potential to open a sell trade.

AUD/USD

AUD/USD managed to have a daily close above the 0.7626 level that initiated the upcoming bullish pressure in the price. Moreover, if you look at the long-term prize structure we may see it is going through a long-term upward channel where the recent double bottom pattern may create a bullish possibility in the price.

Therefore as long as the prices are trading above the double bottom area we are expecting the prize to continue the bullish pressure towards the upside in the coming days.

XAU/USD

Gold has lost some of its safe-haven nature due to the investment in the cryptocurrency market. However, the price is followed by large institutions that influence the movement.

Currently, Gold is facing strong bearish resistance from the dynamic level of 20 EMA and the static 1740 level from where we are expecting a bearish pressure to continue. Therefore, as long as the price is trading below the 1740 level, the overall outlook will be bearish for the Gold.

Bitcoin

Bitcoin rally above the $60,000 level halted by the institutional traders’ profit-taking that created a bearish pressure in the price. However, the recent news about the Bitcoin approval by VISA is influencing buyers in the market that created a strong bullish pressure in the price.

Overall, we are expecting that the recent bearish rejection from the $50,000 level would increase the bullish possibility. In that case, the price may move higher against the $60,000 level and any daily close above it would create another bullish leg.

Overall, we may expect volatility in the price during the Non-Farm Payroll release that may come at more than 600K. Therefore, you should be cautious on that moment as the price volatility would increase.

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