Daily Price Action
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(Video) Weekly Forex Forecast for December 30 – January 3, 2020

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In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, AUDUSD, NZDCAD, and XAUUSD through January 3, 2019.

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

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EURUSD Forecast

The EURUSD is set to start this week at a significant resistance area.

I’ve discussed the 1.1170 region several times in recent weeks, along with the descending channel top near 1.1200.

As I wrote on Friday, it’s going to take a daily close above 1.1200 this week to extend last week’s rally.

Such a break would expose 1.1300 and perhaps even the ascending channel top I mentioned in today’s forecast video.

Key support for the week ahead comes in at 1.1070.

EURUSD ascending channel on the daily time frame

GBPUSD Forecast

The GBPUSD recovered last week following Tuesday’s close below 1.2980.

That’s the former range top that gave way to the pair’s next leg higher on December 3rd.

That means buyers may try to defend any retest of 1.2980 as support.

However, key resistance isn’t far away at 1.3160.

I think the future direction for GBPUSD will come down to what occurs at 1.3160/70 this week.

Bearish price action such as a pin bar from this area could turn the pair lower, perhaps back toward 1.2980.

Alternatively, a daily close above 1.3160/70 would expose 1.3340.

GBPUSD ascending channel and horizontal levels

AUDUSD Forecast

The AUDUSD continued its breakout higher last week.

I wrote about the potential for a break higher on December 4th.

Our first target was 0.6930, which was reached on the 13th.

That 0.6930 level is now key support for the AUDUSD.

As for key resistance, I think 0.7015 could attract sellers given the multiple weekly lows here between October 2018 and April of this year.

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AUDUSD bullish breakout from descending channel

NZDCAD Forecast

The NZDCAD continued higher last week following the November 19 breakout.

I wrote about the idea of a higher NZDCAD on November 18th.

Our first target was 0.8640, which was reached on December 2nd.

Going forward, I’d like to see NZDCAD stay above 0.8730/40 support on a daily closing basis.

Bullish price action from this region could signal the next leg higher, perhaps into the next key resistance at 0.8890.

Alternatively, a daily close below 0.8730 would signal weakness and also re-expose 0.8600.

NZDCAD breakout and short-term uptrend

XAUUSD Forecast

XAUUSD (gold) has played out nicely for us.

I’ve discussed the falling wedge below several times including in the December 19th commentary as well as last week’s forecast video.

The bullish idea required a daily close above the confluence of resistance at 1480, which materialized on December 23rd.

Our first target was 1515, which was fulfilled on Friday.

I do think the XAUUSD could be due for a pullback this week, or at least some consolidation.

That could occur just below 1515 or gold could pull back into the 1505 or even 1490 regions.

We’ll see what happens, but I wouldn’t be surprised to see some profit-taking around 1515 at the start of this week.

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XAUUSD falling wedge on the daily time frame

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34 comments
Justin Bennett says

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Reply
IDOGEI Emmanuel says

I am with you always. Thanks Justin

Reply
    Justin Bennett says

    You’re welcome.

    Reply
OLIVER YAKUBU says

Nice 1 Benny. It all looks very simple

Reply
    Justin Bennett says

    Simple is best. 😉

    Reply
Ogar Emmanuel says

Since i started reading your analysis, things have changed… Thanks

Reply
    Justin Bennett says

    Great to hear! Thanks for sharing.

    Reply
Zaki says

Thanks justin. Lovely chart and explanation. I got 1 question to ask. GBPUSD. 1.2980 is support. But daily candle break and closed below it. So it become resistance. Then 2 days later daily candle broke and closed above it. So 1.2980 can still become support??

Reply
    Justin Bennett says

    Sure, false breaks happen. It was also Christmas week, so volume was lower than usual.

    Reply
handoyo says

good morning Sir. I saw an bearish engulfing candle form in GBPUSD resistance on weekly chart. Is it good to SELL GU in daily timeframe for next week ?

Reply
    Nwosu Onyeka Nelson says

    I would consider GU a rally just like Justin mentioned. You have to look out on USD rather following the Economic situation going with Trump impeachment issue. I hope this becomes helpful.

    Reply
      Nwosu Onyeka Nelson says

      The GBP pair is the Bulls Market.

      Reply
    Justin Bennett says

    I don’t see a bearish engulfing week on GBPUSD.

    Reply
Yasotaran says

Hi Justin, just wanna share something here. Since october 2019, i am following your analysis that comes with detailed explanation, which is superb. Yes, one or two analysis might not went as predicted. You always say there is no guarantee in this business. I have learned alot from your analysis and explanation and also from your chart. Soon i will join you in the premium membership. Thanks Alot and do continue your free analysis.

Reply
    Justin Bennett says

    Thanks for sharing. I’m glad to hear you’re finding the content so helpful. 🙂

    Reply
Tu Dang Phuoc says

Great, Justin.

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Emmanuel says

Your analysis is crystal clear, you are more or less a forex oracle

Reply
    Justin Bennett says

    Thanks, Emmanuel! Nice to know it’s easy to understand.

    Reply
Matt says

Thank you once for the insightful analysis , I’ve grown in my trading from just keeping up with the updates. Great work!!

Reply
    Justin Bennett says

    Nice to hear, Matt. Keep up the good work! Thanks for the feedback.

    Reply
Samuel says

Thanks for this week analysis please.

Reply
    Justin Bennett says

    You’re welcome, Samuel.

    Reply
Godwin says

thanks boss for the videos

Reply
    Justin Bennett says

    You’re very welcome.

    Reply
ali says

Thanks sir justin for excellent analysis and Happy New Year.

Reply
    Justin Bennett says

    My pleasure. Happy New Year.

    Reply
David says

happy new year to you ,with best wishes ,and i wish the best for every one.

Reply
    Justin Bennett says

    Happy New Year, David.

    Reply
Nwosu Onyeka Nelson says

I consider 0.8744/84 a strong resistance zone for NZDCAD. A break of this zone with bullish continuation signal will see the pair up 0.9265. It should be mentioned here that 0.8744/84 zone is 50% bearish retracement from the 24th Mar 2019 high to 29th Sept 2019 low on the weekly time frame. Cheers!

Reply
    Justin Bennett says

    Thanks for sharing.

    Reply
Naeem says

Hi Justin! Fantastic and True analysis. Great work.

Reply
    Justin Bennett says

    Thank you. Have a great week!

    Reply
Euphemia Nwachukwu says

Hi Justin,
Happy new year to you and your family, Thanks for your helpful and insightful analysis every week
All your analysis and commentries have helped me so far since i joined your community, eventhough
there is no guarantee or 100% sure in this business but it is has been profitable following your analysis
Once again thank you and may God bless and keep you in Jesus Amen.

Reply
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