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In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, AUDUSD, GBPNZD, and VETUSD through November 20, 2020.
Watch the video below, and be sure to scroll down to see the charts and key levels for the week ahead.
EURUSD continues to churn within a sideways range.
Key support comes in at 1.1615, with resistance coming in near 1.1970.
There isn’t much to do here until the EURUSD breaks free from this range.
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If buyers can take out 1.1970 on a daily closing basis, it would open up the next key resistance near 1.2150.
Alternatively, a close below 1.1615 would expose 1.1450.
Similar to EURUSD, GBPUSD has been consolidating for months.
In the pound’s case, it’s consolidating between the May trend line support and the top of a falling wedge.
That upper level extends from the 2007 high and helps form a pattern that could send GBPUSD higher in 2021.
For now, though, it’s all about which way GBPUSD breaks over the coming weeks.
A close above the 1.3340 area would indicate strength. It would also confirm the break from the multi-year falling wedge pattern.
Alternatively, a close below the 1.2950 support area would suggest weakness.
I wrote about this AUDUSD breakout on November 3rd.
The pair was breaking out of a short term descending trend line.
AUDUSD managed to close above that trend line as well as the 0.7230 horizontal level.
In the near term, the direction for AUDUSD depends on whether buyers can hang on to 0.7230 support.
If so, the door to the year-to-date high at 0.7400 is wide open.
If 0.7230 support fails, we could see AUDUSD trend lower toward the 0.70 handle.
I wrote about the potential for GBPNZD to trend lower on October 26th.
We were watching how the pair reacted to the bottom of a long-standing ascending channel.
One thing I mentioned is that GBPNZD needs to close below support to open up downside targets.
That never happened.
Instead, GBPNZD bounced from channel support.
However, the lower highs recently point to an imminent breakdown.
That was a key point in my October 26th post.
Sure enough, GBPNZD has trended lower since that time and is once again testing critical support.
Just keep in mind that a close below trend line support may not be enough.
In my opinion, it’s going to take a weekly close below the 1.9050 level to confirm the breakdown.
Of course, that doesn’t have to stop you from scaling in if you choose to do so.
Notice how 1.9050 was support between July and September.
A weekly close below 1.9050 would open the door to the 1.8280 region.
Alternatively, a move above the recent high at 1.9800 would negate or at least delay the bearish outlook.
VETUSD, VeChain’s native token, may have broken out of a long-standing falling wedge last week.
However, so far, we don’t see much bullish momentum.
And as I explain in today’s video (above), VETUSD needs to clear the 0.0121 area on a weekly closing basis.
Until that happens, this consolidation will continue.
That said, I like VET much higher throughout 2021 and into the first quarter of 2022.
That’s my time-based target for all cryptos.