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Weekly Forex Forecast for September 16 – 20, 2019 (EURUSD, GBPUSD, USDJPY, GBPCAD, Gold)

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This week’s Forex forecast includes EURUSD, GBPUSD, USDJPY, GBPCAD, and Gold (XAUUSD).

Watch the video below to find out how Justin Bennett is trading these markets this week!

Be sure to also scroll down for commentary and annotated charts.

EURUSD Forecast

The EURUSD played out exactly as anticipated last week.

We were watching to see how the pair would react at 1.1060 resistance. I noted that this area would attract sellers while intact on a daily closing basis.

I also discussed how 1.0930 would likely act as support.

Thursday’s session sold off from the 1.1060 region, hit a low of 1.0926, and then bounced back to 1.1063 into the 5 pm EST close.

It was a wild session, but one we were well prepared for.

For the EURUSD this week, I think it all comes down to whether or not buyers can keep prices above 1.1060 as new support.

If they can, it’s only a matter of time before 1.1100 breaks to expose 1.1200.

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However, if the euro closes back below 1.1060, we will likely see the pair lose ground back toward the 1.1020 lows.

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EURUSD between 1.1060 support and 1.1100 resistance

GBPUSD Forecast

This GBPUSD breakout has played out perfectly.

Since buyers closed the pair above channel resistance on September 4, British pound bulls have been in control.

In fact, GBPUSD buyers have been in control since that September 3 bullish pin bar from support.

Last Sunday, I mentioned how I favored longs while above former channel resistance (new support).

I also pointed out last week how bulls needed to take out 1.2380 resistance.

They did that on Friday.

So, for now, that 1.2380 level becomes new support.

I still think 1.2570 is a resistance area to keep a close eye on moving forward.

It isn’t as obvious from the daily time frame, but the weekly shows it well.

Alternatively, a daily close back below 1.2380 would be a sign of weakness for GBPUSD.

It could also expose that 1.2290 level.

GBPUSD break above resistance

USDJPY Forecast

Our game plan for USDJPY last week went off without a hitch.

In Sunday’s video I said that I favored USDJPY longs while above 106.80 support for a move to 108.00 resistance.

The pair bounced nicely from support on Monday and reached our target level on Thursday.

Then on the 11th, I wrote that a break higher seemed likely.

Notice the second to last paragraph in my post from the 11th.

Be sure to watch the video above to see why I favored a break higher.

For the week ahead, it comes down to whether or not buyers can keep USDJPY above former channel resistance (new support) near 108.00.

If they can, we could see USDJPY move higher to 109.00 resistance.

Alternatively, a close back below 108.00 would be a sign of weakness and could even re-expose 106.80.

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USDJPY descending channel on daily time frame

GBPCAD Forecast

What a way to close out the week for GBPCAD.

This inverse head and shoulders is one I first pointed out on September 9.

I even called it a 500-pip reversal pattern.

I also mentioned that GBPCAD was nearing breakout territory less than 24 hours before it broke free on Friday.

And I still think GBPCAD buyers have more fuel in the tank.

However, as I pointed out in the video above, you probably don’t want to buy the pair at Friday’s close of 1.6600.

Just look at the price action at the end of 2018 to see why.

One area that could offer some support this week is 1.6430.

That level marks the highs from July and could attract buyers if tested.

Alternatively, a close above 1.6600 followed by a successful retest of it as new support would expose 1.6960.

Just keep in mind that the measured objective for the inverse head and shoulders below comes in at 1.6800.

GBPCAD inverse head and shoulders on daily time frame

Gold (XAUUSD) Forecast

Last but not least we have gold (XAUUSD).

I wrote about gold on the 10th. More specifically, I stated that this rally could be at risk below 1480.

That area marks the confluence of support for this market.

Now, notice how gold spiked higher last Thursday. That’s a perfect example of why being too early to a breakout is a bad situation.

That said, there is a reason Thursday’s session closed at 1500.

It’s something I illustrated in the members-only video I posted last week.

For the week ahead, I think a daily close below the 1480 region for gold could spell trouble for the metal.

I also think it would open up the next key support area at 1450.

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Gold (XAUUSD) pressuring ascending channel support at 1480

Leave a Comment:

62 comments
Justin Bennett says

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These charts give you five 24-hour sessions each week. They are essential if you trade from the daily or 4-hour time frames. Anything else can produce false buy and sell signals.

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Reply
ali says

I feel so confident with your analysis sir justin and I have alot to learn from you. Thank you

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    Justin Bennett says

    That’s great, Ali. You’re very welcome.

    Reply
jimoh ibrahim says

Man you are the best to me as far as forex chart analysis is concerned

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    Justin Bennett says

    Wow, thanks for that! Enjoy your week.

    Reply
antonio says

Bravissimo! Grazie

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Anton says

Thanks Justin. Not a price action but oil will undoubtedly rally tomorrow.

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    Justin Bennett says

    You’re welcome, Anton. Thanks for sharing.

    Reply
Downie says

Hi Justin, I need to say, a beautiful forecast. Hat down, it is great!
Downie

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    Justin Bennett says

    Thank you. Nice to know you found it helpful. 🙂

    Reply
mbagafx says

every day ur analysis become actual things in the market, ur so genius sir!!!!

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    Justin Bennett says

    Cheers. Happy to help.

    Reply
saidy says

thanks our mentor

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Frank Mongalem says

I am so grateful. For the first time since i started trading forex now i believe that a person can make a living out of forex

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    Justin Bennett says

    Cheers, Frank. I love hearing that. Have a great week!

    Reply
Richard says

Thank You very very much

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    Justin Bennett says

    You’re welcome, Richard.

    Reply
Segun Joseph says

God bless u

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Thabang says

Thanks a lot Justin. Thanks for pointing out the channel on the Gold, you’ve just simplified my analysis. I wasn’t aware of it. Cheers 🙂

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    Justin Bennett says

    You’re welcome. That channel isn’t as obvious as most, but it does appear to be a factor for gold.

    Reply
Hoopie says

Hi Justin,
I have just joined and really like your take on the Forex pairs .
I learn something new every day.

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    Justin Bennett says

    Glad to hear that! Brick by brick. 😉

    Reply
Marcio says

Hi Justin… great analysis for the week. The pairs you comment helps me to check where my analysis is missing and improve a lot my trading skills. Thanks a lot for the time you put on that and look forward for the next one. Have a great week.

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    Justin Bennett says

    Thanks, Marcio. I appreciate that. Let me know if you have questions. Enjoy your week!

    Reply
William Curtis Beverly says

Great Video and currency analysis!!

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    Justin Bennett says

    Thanks, William. Trade well.

    Reply
POLA P says

Insightful commentary. Thanks!

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    Justin Bennett says

    Cheers. You’re very welcome.

    Reply
POLA P says

Many a trader fears boredom more than loss, thereby experiencing the two in sequence.

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AB says

I can see you are not a gold bug. You have been wrong when Gold was around 1330 expecting it to fall further but instead went up to high of 1554.

My prediction is gold will move up to 2000 instead of going down below 1450!

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    Justin Bennett says

    I’m okay with being wrong. Furthermore, no trend is without retracements; gold is no exception.

    Reply
GUNJANKUMAR SHAH says

having confusing on EURJPY and GBPJPY. what is the trend. not getting clearly

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    Justin Bennett says

    Which trend are you referring to? There is never just one.

    Reply
Osahon says

Justin sir, u are simply the best. My mentor, receive more ability for fx analysis. Now, u are supporting analysis with video, it will bring quick understanding to us newbie. Great thanks mentor Justin.

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    Justin Bennett says

    You’re welcome. Pleased to hear you’re enjoying the videos.

    Reply
Ismail El Haruni AlMalizi says

I am confident with ur analysis

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    Justin Bennett says

    That’s great to hear. Thanks for sharing!

    Reply
Yinka says

Sir. Thank for the job well done . Pls kindly attach me pls on your whapsap. How do I get attach to your whapsap

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fawaz bamakrait says

i always like the way you trade my friend ,good luck

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    Justin Bennett says

    Glad to hear it. Have a great and profitable week!

    Reply
Temmy says

I daily look forward to your analyses before entering the market. You are such a genius analyst. Your predictions have been playing out real well.
Thanks man

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    Justin Bennett says

    You’re welcome. The Forex market is finally offering some favorable movement. We’ll see if it lasts.

    Reply
    Justin Bennett says

    Glad you enjoyed it.

    Reply
Tijani Sheidu says

Thumps up for included Gold. Thanks

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    Justin Bennett says

    You’re welcome.

    Reply
Banet says

Good work Mr. Bennet

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    Justin Bennett says

    Thanks, Banet.

    Reply
xolani says

I am much more confident in my traders and understanding how the market works thank you for the analysis

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    Justin Bennett says

    I love hearing that, Xolani. Let me know if you have questions.

    Reply
Loveday says

Thanks very much for the analysis, I have richly benefited from your site DPA and I can say today am getting to be a better trader because I started understanding fx through DPA. Hope to be in your members area soon. Thanks Mr Justin

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    Justin Bennett says

    You’re welcome. That’s so great to hear! Thanks for sharing. I hope to see you in the member’s area soon.

    Reply
Ernest says

Insightful and precise analysis. I appreciate your effort Sir Justin and you have made me learn with zeal. Thanks a bunch.

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    Justin Bennett says

    You’re welcome.

    Reply
    Justin Bennett says

    You’re welcome.

    Reply
InMakhenekhe Frank Mongale says

I thank God for meeting a person like you. May God bless you.

Reply
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