Weekly market forecast for the week ending 26th April to 30th 2021

EURUSD

Eurusd broke out of a descending trend line on the 19th of April; this happened at the confluence of resistance 1.2010. Eurusd has been trending higher since May of 2020 and the recent pullback seams to be a correction which may be setting the ground for a continuation of the bull move.

Buyers need to close the day above 1.2150 to expose higher price levels like1.2350 followed by 1.2560. support remains between 1.2010 and 1.195. notice the that this area of support is a confluence of two two horizontal and the trend line.

EURUSD daily time frame

GBPJPY

GBPJPY has moved impressively almost without any pull back ever since it broke free from the 2017 trend line on the 28 of January 2021, this breakout produced a 1073 pips rally. Fast forward to today and we have an upward sloping flag break out confirmed with the daily below the channel support at 150.00. Buyers are currently retesting the slop resistance as I write this.

This leaves 148.20 exposed followed by 144.40 a daily close back into channel will negate this out look.

GBPJPY daily time frame

GBPUSD

The cable has been in a long term uptrend since March 2020; I wrote about the bull flag that was forming two weeks ago. last week it broke out with a strong move and stopped at 1.400 resistance. It will be preferable that this produces a retest of 1.376 confluence of support should it hold then we are likely to see a move into 1.400 and 1.4250.

This is a continuous pattern hence it will likely keep the bulls in control as long the price is above the channel support. GBPUSD daily time frame

BTCUSD

Bitcoin formed a false break after it closed above the previous all time high at 61,457 however buyers capitulated upon retest of 61,457 and that sent the price below the ascending channel support. It closed below 50,666 support on Sunday.

Today bitcoin moved back above 50666 forming a bullish engulfing bar in the early trading hours of today. This is significant because the altcoin in the middle of a cyclic bull market.

In my opinion every dip in this bull market should be treated as an opportunity to get long. A close above 50,666 will expose 61457, an eventual close above 61457 will put Bitcoin in price discovery with the channel bottom around 70000 as the next possible resistance.

BTC daily time frame.

RIPPLE

The last time I wrote about ripple I talked the narrowing wedge that it was about breaking out from and just as we anticipated ripple had an 350% run. A local appeared at 1.953 and it sold off aggressively.

Support came in at 0.950 which happened to be a resistance from 2018. todays candle has already engulfed Sunday’s candle forming an engulfing candle set up.

Resistance is at 1.450 a daily close it will expose the local top near the two dollar mark if we get a daily close above 1.953 resistance that will leave the door to ATH at 3.00 open.

XRPUSD daily time frame