Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, AUDUSD, XAUUSD (October 12 – 16, 2020)

Watch the latest Weekly Forex Forecast to see how Justin Bennett is trading the EURUSD, GBPUSD, USDJPY, AUDUSD, and XAUUSD through October 16, 2020. Watch this video before trading these currency pairs!

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Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, AUDUSD, XAUUSD (October 12 – 16, 2020)
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EURUSD Forecast
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The EURUSD could be carving a descending channel.

Given the uptrend since March, this could serve as a bull flag pattern.

The euro also broke above a short term trend line last week that suggests a move higher in the week ahead.

Continue reading…
setups/forex-forecast-eurusd-gbpusd-usdjpy-audusd-xauusd-october-5-9-2020/

GBPUSD Forecast
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There’s a lot of bearish GBPUSD rhetoric online these days.

However, one look at the monthly time frame indicates that a bearish bias may be ill-advised, at least in the long run.

USDJPY Forecast
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It’s no secret that I’ve been bearish USDJPY for a few months.

Ever since the pair closed below a multi-year level, sellers have been in control.

Continue reading…
setups/forex-forecast-eurusd-gbpusd-usdjpy-audusd-xauusd-october-5-9-2020/

AUDUSD Forecast
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AUDUSD is testing a short-term trend line from the year-to-date high.

If buyers can clear 0.7240 on a daily closing basis, we could see the pair push higher into 0.7320 and perhaps 0.7400.

Alternatively, a rotation lower this week should encounter buying pressure at 0.7200 or just below it.

XAUUSD Forecast
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Gold (XAUUSD) made a significant move on Friday.

I’ve been talking about the structure below for several weeks now.

Friday’s close above the confluence of (former) resistance at 1910 suggests a move to 1970 this week.

Continue reading…
setups/forex-forecast-eurusd-gbpusd-usdjpy-audusd-xauusd-october-5-9-2020/

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