Weekly Forex Forecast For April 29-May 3, 2024

From dailypriceaction.com Watch this video at https://www.forexfactory.com/news/1280851-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! 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.