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It’s time for the new weekly forecast, covering the trading week beginning 28th April.
The coming week brings high-impact catalysts across multiple markets:
NFP (Non-Farm Payrolls) from the United States (likely increasing volatility across USD assets.)
Bank of Japan’s Monetary Policy (With potential ripple effects across JPY pairs.)
Labour Day on 1st May (Expect lighter volume from European markets midweek.)
Meanwhile, Gold briefly touched the psychological $3,500 level last week before pulling back.
Nikkhil has mapped out this week's opportunities.
Let’s dive into the charts.
DOLLAR INDEX (DXY)
Nikkhil begins with the Dollar Index on the monthly chart, applying a bearish Fib extension and marking key zones. DXY has broken beneath the 100 level, a key psychological and technical support, now turning it into resistance.
On the daily chart, downside magnet zones cluster around 97.28 to 96.62, with the next major support near 92.96.
Despite some slowdown on momentum indicators, no bullish divergence has formed yet. However, the 4H timeframe reveals a completed bullish divergence and a broken falling trendline. Nikkhil expects a corrective rally, with immediate targets around 100.26 and 101.01.
WTI (Crude Oil)
On Crude Oil, the longer-term bearish pressure remains intact.
From the monthly chart, Nikkhil confirms a completed bullish divergence but notes that momentum has faded. On the weekly, a clear bearish ABC extension suggests strong resistance around 77, with major downside magnets at 57 to 55 and 39 to 40.
The daily chart continues to print lower highs and lower lows, with no bullish divergence. Short-term, the 4H shows a bullish correction: prices could rally toward 66.19 to 68.88 before resuming the broader downtrend.
Nikkhil plans to sell strength near these resistance levels, aligning with the higher timeframe trend.
EURUSD
With DXY weakness in play, EURUSD continues to strengthen.
On the weekly chart, bullish extensions project an immediate magnet zone between 1.1708 and 1.1768.
Nikkhil highlights a strong confluence of Fib levels here, a key resistance to watch.
The daily structure remains bullish, though slight momentum loss is noted. On 4H, bearish divergence has formed, and the rising trendline has been compromised, signalling a short-term pullback is likely.
On the 1H, Nikkhil expects price to retrace toward 1.1186 or 1.1140, where strong support awaits. The broader plan remains bullish (buy the dips), but patience is needed to avoid buying into short-term weakness.
GBPJPY
GBPJPY shows a bullish setup heading into a high-volatility week for JPY pairs.
On the monthly, Nikkhil identifies bullish divergence supported by a breakout structure. Two Fib extensions align near strong resistance but the bigger picture points to further upside.
The weekly chart shows sellers losing momentum. A potential bullish crossover is forming on MACD, but not yet confirmed.
On the daily, a bullish retracement completed precisely at the 78.6% Fib level. The 4H and 1H show a clear bullish extension in play, projecting immediate targets at 192.40 and 195.35.
As long as GBPJPY remains above 189.37, Nikkhil plans to buy dips, targeting the 194–195 zone next.
Click here to unlock the exact price levels Nikkhil’s using to trade GBPJPY’s next breakout.
NASDAQ
NASDAQ shows signs of short-term bullishness, though the broader structure still leans cautious.
On the weekly, bearish divergence and a BOS (break of structure) have completed.
However, a retracement rally is underway, targeting the 61.8% retracement zone.
On the daily and 4H, Nikkhil identifies bullish structure developing. A Fib extension suggests upside toward 20,300–20,400 in the short-term.
Once reached, this area could act as a trap for late buyers and potentially trigger renewed selling pressure.
XAUUSD (Gold)
Finally, on Gold, the leader of recent months.
On the monthly, weekly, and daily charts, Gold remains structurally bullish. No bearish divergence has formed across the higher timeframes. The recent rejection at $3,500 was notable but expected, given proximity to the major Fib extension.
Nikkhil maps key support between $3,241 and $3,255. As long as Gold remains above $3,123, the bullish trend remains dominant.
Short-term, 4H bearish divergence has appeared (only on histogram), and the trendline was briefly compromised. On the 1H, bullish divergence has returned, confirming that buyers remain in control.
The next upside targets are:
Nikkhil's plan: buy the dips, stay aligned with the major trend, and avoid emotional shorting.
Click here to see the full roadmap to Gold’s $4,000 target (and where Nikkhil’s preparing to add.)
Where the Edge Lies This Week:
Click Here to Watch the Full Week Forex Forecast
Remember, position yourself with the right information.
We’ll talk soon!
Team Moneytize
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