Forex Weekly Outlook- 19 April 2021 to 23 April 2021
In the forex weekly outlook, we will see the possible movement of most of the major currency pairs including EUR/USD, AUD/USD, XAU/USD, and BTC/USD. To see more insight and direction look in our The Forex Secret Weekly Outlook.
This week, investors’ focus will be on the ECB rate decision and the press conference. Currently, Euro is struggling against the US Dollar despite the ECBs hawkish sentiment. Therefore, this week if the ECB is able to hold the price above the 1.20 level, we may see further bullish pressure in the EURUSD pairs.
Let’s see the forex weekly outlook with the EURUSD:
EURUSD is very aggressive above the 1.20 level at the beginning of the week. Therefore, investors should see how the daily close happened today.
In the above image, we can see the daily chart of EURUSD. The price broke the equal low in February where the price moved below the 1.1900 level with an impulsive bearish pressure. Therefore, the current liquidity is above the 1.20 level. If the price moves above the 1.20 level the next order block might be seen at the 1.2086 area from where we can expect bearish pressure.
AUD/USD is very aggressive above the 0.7660 event level. Moreover, the price started to move higher with an impulsive bullish pressure as soon as the week starts.
AUD/USD price has a break of structure towards teh downside. Like the EUR/USD, the price is moving higher towards the H4 order block from where we may experience a bearish momentum. Therefore, if the price shows some bullish rejection from the 0.7820 level, we may experience a bearish pressure in the price. However, the sentiment is valid as long as the price is trading below the 0.7845 level.
Gold is moving up with an impulsive pressure like other major currency pairs. The main reason behind the movement is the fear of inflation of the US Dollar.
Currently, the XAU/USD price is getting liquidity from the 1770.00 level. Therefore, the next possible selling point would be 1800 level. Investors should wait for a bearish H4 close from that level to see a bearish pressure.
BTC moved lower with an impulsive bearish pressure as soon as the Turkey Central bank announced the Crypto ban. However, the bearish daily close is not enough to say that the price will move lower.
Currently, the price is facing resistance from the 56,000 levels. Therefore, any daily close above the 56,000 levels would be potential for bulls with the target of 60,000 levels.