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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, AUDUSD, XAUUSD (April 27 – May 1, 2020)

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In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, USDJPY, AUDUSD, and XAUUSD through May 1, 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 edged lower last week but managed to close above the twenty-year trend line from the 2000 lows.

I’ve discussed this pattern several times in recent weeks.

EURUSD monthly chart showing key trend line support
EURUSD monthly time frame

One new addition to the chart above is the highlighted price action between 2005 and 2011.

I pointed this out in the member forums last week.

It isn’t the cleanest looking head and shoulders pattern, but it does pass the test.

What’s interesting is that the measured objective for that multi-year structure points to the 0.8000 area.

As you know from my recent posts, 0.8000 is only a couple of hundred pips below the euro’s all-time low at 0.8225.

Whether it’s a coincidence or not is unclear.

However, what I do know is that it’s going to take a monthly close below the twenty-year trend line to confirm the breakdown.

Key resistance for the week ahead comes in at 1.0820/30.

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EURUSD key levels on the daily chart
EURUSD daily time frame

GBPUSD Forecast

After several weeks of indecision, the GBPUSD is finally starting to look attractive.

It doesn’t date back as far as I’d like, but the potential for a head and shoulders reversal does exist.

I highlighted this pattern in the member forums last week as well.

If the GBPUSD can close below the neckline near 1.2280, it would open the door to 1.2200, 1.2000, and perhaps the measured objective near 1.1830.

Key resistance for the week ahead comes in at 1.2440/50.

GBPUSD potential head and shoulders
GBPUSD daily time frame

USDJPY Forecast

If you saw last week’s forecast, you’ve seen the monthly chart below.

Some may see it as a long shot, but the fact is that markets move thousands of pips all the time.

USDJPY potential inverse head and shoulders on the monthly chart
USDJPY monthly time frame

Furthermore, nobody is saying that USDJPY will rally thousands of pips in a matter of days or weeks.

But just because it will take months or even years to play out doesn’t invalidate it.

Now, I’m using the monthly chart above to construct a long-term view of the USDJPY.

The direction that wedge breaks will likely determine the future path forward for the pair over the next several months or even years.

The more immediate path forward, on the other hand, comes down to the 4-hour chart below.

A close above the short-term trend line near 107.60 would signal strength and expose 109.30.

Alternatively, a close below 106.90 would indicate weakness and take the pair back to 105.30 or even 104.40.

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USDJPY short-term trend line on the 4-hour chart
USDJPY 4-hour time frame

AUDUSD Forecast

The AUDUSD managed to climb higher last week after some initial weakness.

I wrote about the rising wedge here on April 20th.

However, one thing that should be concerning if you’re an AUDUSD bull is the potential hanging man that developed last week.

AUDUSD potential hanging man on the weekly chart
AUDUSD weekly time frame

Will the hanging man reversal send AUDUSD lower this week?

As always, nobody knows where this or any market is going.

But if AUDUSD takes out last week’s lows near 0.6250, it would confirm the reversal and expose 0.6200 and perhaps 0.6000.

Alternatively, a close above 0.6450 would signal strength.

AUDUSD rising wedge on the 4-hour chart
AUDUSD 4-hour time frame

XAUUSD Forecast

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

In that video, I discussed a short-term trend line from the March 9th high, which intersected with last week’s price action at 1659.

I talk about this in the video above.

The bullish rejection from 1659 carved a bullish pin bar.

The market then proceeded to test the 50% retracement of that April 21st bullish pin bar before rally to a high of 1738.

I discussed all of this in the member’s area last week as it was unfolding.

For the week ahead, it all comes down to whether buyers can hold XAUUSD above 1690 support.

If they can, there is an excellent chance that we see gold take out 1740/50 resistance for a move to 1800.

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XAUUSD weekly support and resistance
XAUUSD weekly time frame

Leave a Comment:

18 comments
Justin Bennett says

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Reply
jimoh ibrahim says

Nice analysis Justin…… I love it when you analyze chart……. I don’t know if you notice a broadening wedge on GBPUSD on the weekly chart?
Looking forward to your respond thanks

Reply
    Justin Bennett says

    Cheers. Yes, I have, but not much interest in it.

    Reply
Emmanuel idogei says

I always love to see ur weekly analysis. They are very helpful

Reply
    Justin Bennett says

    Glad to hear it.

    Reply
Martin Njeru says

Thanks Master, If I may ask when plotting support and resistance do you join wicks or the closing of candlestick body.? Waiting to hearing from you at your earliest convenient time. Thanks in advance

Reply
    Justin Bennett says

    It depends. The goal is to illustrate the supply/demand area as best as possible.

    Reply
Linus says

I have been following your analysis for the past two months and they are really wonderful, it teach me a lot, thank you sir

Reply
    Justin Bennett says

    You’re very welcome. Have a great week.

    Reply
Emeka Egwim says

Your price action skills and analysis is one that always leaves me grappling for breath. I have however discovered that you do not take cognizance of fundamental outlook when doing your analysis, is it that it is already in the price or that you trade the daily timeframe.

Reply
ali says

thanks sir justin.

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Wynand Ngoma says

Thanks Justine

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Richard Zarney says

Good work Thank You

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bernard says

hi bernet i can c that this week wee are expecting more of brakeout in many paires

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Madueke Okechukwu says

Thanks Justin for for your analysis. very educating as always

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s says

Thank you so much my Dear Justin for this week analysis.i really appreciates.

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Patrick Mohlamme says

Perfect analysis as one of your followers I did my analysis first and waiting to compare with yours and I can see I’m on the write track. Thank you again for the Hard work, looking forward to learn from you again and again.

Reply
McDunamis says

Thanks for the enriching info Justin. Whatdo you say about correlations?

Reply
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