Daily Price Action

(Video) Weekly Forex Forecast for December 2 – 6, 2019


In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, NZDUSD, AUDCAD, and XAUUSD through December 6, 2019.

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

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EURUSD Forecast

I’ve been discussing the 1.0990 region on the EURUSD for weeks now.

It’s a confluence of support based on the intersection of a key horizontal level and ascending channel support.

We saw the EURUSD dip below 1.0990 on Friday, but buyers stepped in just before the weekend.

That keeps the 1.0990 region intact as support for now.

As long as EURUSD is above 1.0990, I have to respect the potential for a move higher, perhaps into key resistance at 1.1070.

Alternatively, a daily close below the 1.0990 area would signal weakness and also expose the year-to-date lows around 1.0900.

EURUSD ascending channel and confluence of support

GBPUSD Forecast

The GBPUSD hasn’t done much lately.

Since closing above 1.2770 on October 16, the pair has consolidated between that level and 1.2980.

The lack of direction has made the GBPUSD rather unappealing.

However, a daily close above the 1.2980 region would signal an end to the consolidation. It would also expose the 1.3170 area.

On the other hand, a close below 1.2770 would open the door to 1.2570.

For now, though, the GBPUSD needs more time to give us a clearer sense of where the pair is likely to move from here.

GBPUSD horizontal support and resistance levels

NZDUSD Forecast

We’ve been waiting for the NZDUSD to break out for a while now.

Buyers tried again last week but ultimately failed to close the pair above key resistance at 0.6430/40.

Until we see NZDUSD close the day above 0.6430/40, the area will continue to attract sellers.

Remember that I use New York close charts so that each daily candle opens and closes at 5 pm EST, giving me five equal 24-hour sessions each week.

A daily close above 0.6430/40 would pave the way to the 0.6490 resistance level.

Alternatively, a move lower this week or next may not find much support until the 0.6320 region.

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NZDUSD key resistance level at 0.6430/40

AUDCAD Forecast

I discussed AUDCAD in last week’s Forex forecast.

The idea was to watch for either a close above wedge resistance or below wedge support.

You can see how AUDCAD closed below that support level last Thursday.

Sellers also defended the new resistance level on Friday.

As I mentioned last week, a break lower would expose the August lows just above the 0.8900 handle.

That’s the idea as long as AUDCAD remains below former wedge support on a daily closing basis.

AUDCAD breakdown from wedge pattern

XAUUSD Forecast

Like many other markets, XAUUSD (gold) hasn’t done much lately.

However, no consolidation lasts forever, and that’s exactly what we’ve seen here since August.

I also like the way XAUUSD has held its ground relatively well, especially considering how aggressive the rally was between June and August.

But it’s still going to take a close above the wedge top near 1490 to put an end to the consolidation.

Until that happens, expect XAUUSD to remain indecisive.

Key support for the week ahead comes in at 1450 or just below it.

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XAUUSD falling wedge on the daily time frame

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Justin Bennett says

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Karabo says

Hi, does a Friday’s candlestick on eurusd daily qualify as a bullish pinbar and engulfing bar?

    Justin Bennett says

    See the video.

Idris Ibrahim says

U can buy EUR/USD set ur take profit at 1.10822…. Place ur sell stop at 1.10670 Nd take profit at 1.0888

Stephen says

Thanks alot for your analysis, am really learning alot as a new trader.

john bartholomew mosbrook says

I don’t see buying EUR/USD is a smart plan. I’ve been regularly selling EUR/USD on bounces up to resistance and won every time. Selling the EUR/USD on a bounce is like a licence to print money. This currency is failing.

Sanjib Mitra says

Head and Shoulder Pattern

Sanjib Mitra says

Head & Shoulder pattern formed in GBPUSD

Mr HA says

Thanks alot for your analysis


Hi Justin,

Thanks as always for the analyis and break down of the detail. The coffee style clips are a welcome too and i’m finding it much more engaging and i’m able to stick the thoughts in my memory better. I’m calling this out to fellow members as I know how much effort is required to put those together.

I am a much better trader than when I first started subscribing to your service, and like the fact when u jump in and call us out, keeping us all grounded. I’m still struggling with the patience thing and over trading but my equity curve is popping back up and consistency slowing getting better. I’m now accepting how much patience is required more than anything, however edging myself closer to where I want to be as a trader…

Franklin says

Just an addition to NZDUSD, on the weekly time frame is showing that price is in a clear moving downtrend and it pulled back to 0.64399 zone and wicks rejecting that zone for two weeks is a bearish bias not bullish. So i dont see this pair breaking any higher on the daily.

ali says

Thanks for the excellent analysis sir justin.

Dr Eliakim Mizrahi says

good video and constructive views as always. KIM

Sandi Rosenau says

I love the videos, so much easier to understand. Already a member, and glad that I am!

Nwosu Onyeka Nelson says

I would simply say EURUSD bearish trend isn’t over yet until 1.0945 handle. It appears support 1.0990 would be broken..my opinion though

Samuel says

You are great genius of our time.i really appreciates please.

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