Daily Price Action
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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, NZDUSD, XAUUSD (April 13 – 17, 2020)

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In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, USDJPY, NZDUSD, and XAUUSD through April 17, 2020.

Watch the video below, and be sure to scroll down for more commentary and annotated charts.

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EURUSD Forecast

The EURUSD broke above 1.0825 last week.

It’s a key level I mentioned in last Saturday’s forecast video.

You can even see where the EURUSD caught a bid from 1.0825 during Wednesday’s session.

At the other end, the euro encountered sellers at 1.0950, another key level I mentioned in last weekend’s video.

This leaves the EURUSD in a narrow trading range to start the new week.

The lack of direction and volatile movement are why I have no interest in the EURUSD at the moment.

However, if you watched the video above, you know the pair is nearing the end of a multi-year terminal pattern.

That eventual breakout, in my opinion, is what will fuel the euro over the coming weeks and months.

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GBPUSD Forecast

The GBPUSD consolidation continues.

Last week saw the pair trading between 1.2200 support and 1.2470 resistance.

I mentioned last weekend how I wasn’t interested in the GBPUSD due to the range-bound price action.

The same applies to the start of this week.

Until the pound closes above 1.2470 or below 1.2200, this back and forth action will continue.

A close above 1.2470 would open the door to 1.2600 while a close below 1.2200 would target 1.2000.

USDJPY Forecast

I wrote about USDJPY on Thursday.

The key takeaway from that post was that Thursday’s close below 108.50 signaled potential weakness.

We saw the USDJPY lose some ground on Friday, but it’s difficult to use that as a barometer given the low levels of volume before the weekend.

That said, as long as the pair stays below that 108.50 area on a daily closing basis, I will remain short.

Key support comes in at 106.80/90, followed by the 105.50 area.

Be sure to watch the video above to see a simplified version of what’s happening to the USDJPY.

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NZDUSD Forecast

I wrote about the potential for an NZDUSD rally on March 24th.

I also talked about a move higher to 0.6200 last Tuesday.

Since my March 24th post, the NZDUSD has gained 250 pips.

To be clear, I’m not interested in buying the New Zealand dollar given the bearish momentum and recent multi-year breakdown.

I explain that breakdown in the video above.

Instead, I’m interested in selling the NZDUSD from higher prices.

One area I’m keeping a very close eye on is the confluence of resistance near the 0.6200 region.

That’s the bottom of a multi-year wedge that extends from the 2000 lows.

0.6200 is also a key horizontal level that’s been in place for several years, as well as the top of a short-term descending channel.

So, that 0.6200 is the area I want to short from, but not before then.

XAUUSD Forecast

XAUUSD played out perfectly for Daily Price Action members last week.

On April 3rd, I posted a 4-hour chart that signaled an imminent breakout.

I even told members that a break above the 1615 area would target the 1690 area I discussed last weekend.

Sure enough, XAUUSD broke 1615 and put in a high of 1690 on Friday.

There was even a second opportunity on the 1-hour time frame that we discussed in the member forums several times last week.

Looking at the bigger picture here, I still think XAUUSD has more room to move higher.

The uptrend is intact, and even a pullback to 1550 wouldn’t change that.

That said, I would like to see the 1640 area hold as support this week.

As long as it does, the immediate focus will be on whether XAUUSD bulls can clear the 1700 resistance area on a daily closing basis.

A daily close above 1700 would open the door to 1800.

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Leave a Comment:

25 comments
Justin Bennett says

Want me to help you become a better Forex trader?

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Reply
Emmanuel idogei says

Justin, u are a double dose for we traders who benefit from ur weekly forecast. Thank you very much for the work u put in Everytime.

Reply
    Justin Bennett says

    Cheers, Emmanuel. Thanks for tuning in.

    Reply
Zaki says

Great analysis. Thumbs up.

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    Justin Bennett says

    Thanks. Have a great week.

    Reply
Thokozani Beazet Gumbi says

Excellent analysis my guy!!!

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    Justin Bennett says

    Thank you. Happy to help.

    Reply
Emmanuel says

Thanks a lot Mr Justin for your wonderful analysis, so much appreciate that.

Reply
    Justin Bennett says

    You’re welcome.

    Reply
Chun says

Good work

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    Justin Bennett says

    Cheers. Enjoy your week!

    Reply
Lindiwe says

just want to thank you Justin, the way you analyse your charts, everything is clear, you are our teacher. Thank you Justin

Reply
    Justin Bennett says

    It’s my pleasure!

    Reply
Akram Hossain says

Good..i wish the continuation of the ranging for eurusd so that I can grab some pips by scalping as a newbie…!

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A du Plessis ( Andries ) says

Very good and extremely helpful. Thank You.

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Dean Mannering says

Great analysis. Much appreciated.

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ali says

Thanks for the excellent information sir justin I am concentrated on usd jpy and thanks for the update.

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Mohan says

Thanks Justin for your analysis.

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garry williams says

Hi Justin….where do you see GBP/AUD heading this week and or month? also do you think this covert thing is playing much of a roll with forex at the moment? Thanks and regards Garry W.

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mohammed says

thanks so mutch

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annton says

Thanks Justin all makes good sense
Keep up the good work

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Ike says

That’s nice @Justin. However I am a one pair man which is NZDUSD so I am gonna focus on it.

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William says

Thanks Justin
Am so much interested in the way you analyse the market and give it time

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Aldo says

Hi Mr Bennet If You ever will have a Signal service then I will certainly subscribe. I know what You are say to learn etc. but I am not able to do that no matter how I try.. I reckon You trade Yourself then why not tell People the trade You are taking and charge for it? I am sure a lot of People will follow You and will be happy enough to pay for the service. You should think about. Thank You Aldo

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Samuel says

Thanks for this week analysis. I remains very grateful to you. thanks,

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