by Justin Bennett ·
by Justin Bennett  · 

March 22, 2023

March 22, 2023

The EURUSD is testing a key resistance area at 1.1800.

I mentioned this area in last weekend’s forecast video.

As you can see, the 1.1800 area involves a trend line from the recent consolidation lows.

It’s the area buyers need to break to reestablish the bullish momentum.

1  Comments

by Justin Bennett ·
by Justin Bennett  · 

March 21, 2023

March 21, 2023

The US Dollar Index (DXY) has looked weak since retesting 105.60 resistance earlier this month.

The DXY even closed below its 103.50 yearly open on Monday, signaling further weakness.

However, the dollar index is approaching a massive confluence of support with Wednesday’s FOMC looming.

2  Comments

by Justin Bennett ·
by Justin Bennett  · 

March 20, 2023

March 20, 2023

USDJPY tested an incredibly significant support today at 130.70.

I’ve written about this level several times, including the February 3rd bullish breakout.

Not only is 130.70 a key horizontal level, but it’s also the golden pocket of the recent rally.

The golden pocket includes the area between the 61.8% Fibonacci retracement and the 65% level.

1  Comments

by Justin Bennett ·
by Justin Bennett  · 

March 18, 2023

March 18, 2023

Today’s weekly forex forecast covers the DXY, EURUSD, GBPUSD, USDCAD, and NZDUSD.

The DXY technicals are finally starting to come together, and we have some incredible potential trade setups forming on pairs like USDCAD and NZDUSD.

Watch the video and scroll down to view the charts to prepare for the week ahead.

3  Comments

by Justin Bennett ·
by Justin Bennett  · 

March 17, 2023

March 17, 2023

CADJPY is testing a massive trend line today that extends from the March 2020 COVID low.

We’ve seen several rallies from this level, including in January.

However, CADJPY is starting to weigh on the level this week, which may suggest an imminent breakdown.

That said, the trend line at 96.00 is still holding as support.

5  Comments

by Justin Bennett ·
by Justin Bennett  · 

March 16, 2023

March 16, 2023

I wrote about the potential for a EURUSD move back to parity on March 7th as the euro was testing the neckline of a 520-pip head and shoulders pattern.

However, the EURUSD never closed a day below 1.0540 support, so the bearish reversal never quite set up.

We then saw the pair take out the 1.0690 highs, but Wednesday’s candle confirmed that as a bearish fakeout, and the EURUSD is right back to neckline support.

2  Comments

by Justin Bennett ·
by Justin Bennett  · 

March 15, 2023

March 15, 2023

The US Dollar Index (DXY) is bouncing aggressively from its yearly open today.

I’ve written about the 103.50 DXY support level several times this week.

And if today’s session closes above 104.12, we have a confirmed bullish reclaim for a move back to 105.60 resistance.

That’s the neckline of a potential inverse head and shoulders that could take the DXY to 110.

7  Comments