Forex Weekly Forecast with Technical Analysis on 6th May'24

As we approach a new trading week commencing on the 6th of May, the anticipation is palpable! 

With key Central Bank announcements on the horizon, and the dollar holding its breath, every trader should be on alert. 

Here’s What’s in Store…

DXY (US Dollar Index):

The Dollar Index is at a critical juncture, poised near significant resistance. With the Fed’s cautious wait-and-see approach, the index could be on the brink of a trend reversal. 

Dollar Index Technical Analysis on May 06 '24


The Australian Dollar is exhibiting strength against the USD, potentially setting the stage for a breakthrough. With bullish indicators and an interest rate announcement looming, the AUD/USD might just have the momentum to scale new heights.

AUD/USD Technical Analysis on May 06 '24


The Euro is currently trending downward against the Australian Dollar, reflecting bearish market sentiment. As economic announcements approach, this pair could see further fluctuations, offering strategic entry points.

EUR/AUD Technical Analysis on May 06 '24


The British Pound is testing resistance against the New Zealand Dollar, with potential for a downward shift. Nikkhil’s forecast explores the pivotal levels that could influence the pair’s trajectory in the coming week.

GBP/NZD Technical Analysis on May 06 '24

XAU/USD (Gold):

Gold remains in a holding pattern short-term, but the long-term bullish sentiment prevails. With geopolitical tensions at play, any shift in the dollar's strength could be a catalyst for movement. Nikkhil’s charts identify the key support and resistance levels.

XAU/USD Technical Analysis on May 06 '24


The US Dollar versus the Swiss Franc is hinting at a pullback after a period of bullish activity. This retracement could provide both challenges and opportunities, depending on its depth and duration.

USD/CHF Technical Analysis on May 06 '24

As the Forex market awaits significant central bank moves, staying updated with our forecasts could be crucial for your trading success this week.

Let’s make this a profitable week!

Click Here To Watch The Full Week Forex Forecast

We’ll talk soon!

Team Moneytize