Forex Trading

Weekly Forex Forecast For April 29-May 3, 2024


The US dollar (DXY) surged on Friday following several retests of descending channel support at 105.50.

Watch today’s forex forecast video below to see how that could impact the EURUSD, GBPUSD, AUDUSD, and XAUUSD next week!

US Dollar Index (DXY) Forecast

The DXY is surging today after holding above the channel support we’ve discussed all week.

Thursday’s session failed to close the dollar index below that support at 105.50, and we’re seeing bulls step in today.

If the DXY can clear channel resistance at 106.25, it would open up the November 1st 106.88 gap next week.

A close of that gap would put the DXY at the 107.00 swing highs from October and November, which will likely attract sellers.

But, for now, any US dollar shorts are ill-advised, given today’s price action.

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DXY 2024 04 26 16 10 20
Weekly Forex Forecast For April 29-May 3, 2024 6

EURUSD Forecast

EURUSD is down big today following the retest of 1.0730 resistance.

Thursday’s close was too marginal to call a reclaim, plus the DXY remained above the 105.50 channel support I’ve shared all week.

If today’s candle closes as a bearish engulfing day, it could present a short opportunity next week.

However, a partial retracement of today’s candle is likely if it stays this way into the close.

Key support for EURUSD comes in at 1.0615, followed by 1.0520, with resistance at 1.0730.

EURUSD 2024 04 26 16 11 43 1
Weekly Forex Forecast For April 29-May 3, 2024 7

GBPUSD Forecast

GBPUSD is also selling off aggressively today, breaking back below the 1.2500 level bulls reclaimed on Thursday.

Like EURUSD, a bearish engulfing candle today could attract fresh shorts early next week.

Key resistance for GBPUSD next week would come in at 1.2500 and 1.2535.

Support remains 1.2375, followed by 1.2200.

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GBPUSD 2024 04 26 16 13 39
Weekly Forex Forecast For April 29-May 3, 2024 8

AUDUSD Forecast

AUDUSD could be setting up with a bearish rejection candle today, but only if sellers can secure a sub-0.6518 close.

That would carve a bearish pin bar from previous channel support, now resistance.

But with several hours left in the session, it’s unclear where AUDUSD will close the day and week.

Time will tell, but the Australian dollar is one to watch next week.

Key support comes in at the April 19th lower wick near 0.6400, followed by 0.6300.

AUDUSD 2024 04 26 16 14 52
Weekly Forex Forecast For April 29-May 3, 2024 9

XAUUSD (gold) Forecast

On Thursday, I made a video about XAUUSD stating that Friday would likely sweep Thursday’s high, but $2,350 resistance remains intact.

That’s precisely what we got on Friday, with gold taking out Thursday’s highs and reaching a session high of $2,353 before reversing.

For now, the gold failed breakout stands as we head into next week.

That means the potential for further downside is alive and well.

However, $2,300 support is also holding, which means sellers have to secure a daily close below it to flip the level to resistance.

That could expose $2,265 and possibly $2,200.

Alternatively, a sustained break above $2,350 next week would be bullish for gold.

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XAUUSD 2024 04 26 16 15 51
Weekly Forex Forecast For April 29-May 3, 2024 10



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