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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, EURGBP, GBPCAD (February 24 – 28, 2020)

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Forex Forecast feature February 23rd, 2020

The EURUSD reached the bottom of a descending channel that I’ve discussed since September of last year.

That 1.0780 area is what triggered last week’s bounce.

Not only did the EURUSD carve a weekly candle with a long lower wick, but the pair also closed back above the 1.0825 key level.

Any retest of 1.0825 this week could attract buyers.

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USDJPY to Resume Uptrend Following Breakout?

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USDJPY feature image for February 21st, 2020

The USDJPY is on the move again.

After months of consolidating, the risk-sensitive pair ripped 250 pips higher this week.

Most of those gains occurred on Wednesday when the pair closed higher by 150 pips, clearing that May 6, 2019 gap at 111.10.

I wrote about this level several weeks ago.

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AUDUSD Next Leg Lower to Target 0.6500

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The AUDUSD is breaking out of consolidation today.

It comes after several weeks of indecision above the multi-year support at 0.6670.

It’s the same level I pointed out in my January 16th short idea.

Notice how the AUDUSD broke below that ascending channel on January 24th.

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EURGBP Has Reversal Potential While Above 0.8276

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EURGBP feature image for February 19th, 2020

It’s no secret that the pound has had its way with the euro so far in 2020.

The pair has struggled to hold onto gains and even the December 2019 bounce from multi-year support didn’t produce much for bulls.

But the EURGBP is starting to look interesting again.

You may recall my post from January 31st.

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GBPUSD on Its Way to 1.2770?

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GBPUSD feature image 2.19.20

The GBPUSD is holding below the resistance level I mentioned last week.

The 1.3050/70 area is the intersection of the 2019 ascending channel as well as the trend line that extends from the November low.

I wrote about this area on Friday and again on Sunday.

The challenge for GBPUSD sellers this week has been that 1.2980 area, which has served as support so far this week.

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