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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, AUDUSD, GBPNZD, XAUUSD (November 30 – December 4, 2020)

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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 XAUUSD through December 4, 2020.

Watch the video below, and be sure to scroll down to see the charts and key levels for the week ahead.

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EURUSD Technicals

The EURUSD is close to breaking out of a four-month range.

The area between 1.1615 support and 1.1970 resistance has been a key factor since September.

However, I’ve favored the euro higher for months.

The uptrend is intact, and the pair is holding above the 1.1450 area on the monthly chart. See the video above for the details.

As for the week ahead, EURUSD needs to secure a daily and weekly close above the area between 1.1970 and 1.2010.

That would expose 1.2150 and 1.2330.

My target for EURUSD remains 1.2500 as we head into next year.

Disclosure: I hold a EURUSD long position.

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EURUSD daily time frame with horizontal levels
EURUSD daily time frame

GBPUSD Technicals

GBPUSD buyers are trying their best to close the pair above the 1.3340 resistance area.

They managed to do so between Tuesday and Thursday last week, but Friday’s close casts some doubt over the breakout.

As I mentioned in today’s video, the weekly chart failed to close above 1.3340.

That could trigger some weakness from the GBPUSD early next week.

That said, the higher time frame charts continue to look constructive.

GBPUSD falling wedge on the monthly chart
GBPUSD monthly time frame

But viewing the daily time frame below, I do expect some weakness early in the week followed by another bounce.

If GBPUSD continues to pressure the 1.3340 area, I do expect a bullish breakout into 2021.

A weekly close above 1.3340 would open the door to 1.3480 followed by 1.3650.

GBPUSD key levels on the daily
GBPUSD daily time frame

AUDUSD Technicals

I mentioned the potential for a higher AUDUSD on November 23rd.

In the Daily Price Action member’s video, I said that the 4-hour triangle pointed to a break above 0.7340.

Sure enough, AUDUSD broke above that level on the 24th.

However, buyers still need to deal with the 0.7410 resistance area to expose the next key area around 0.7740.

Key support for the week ahead comes in at 0.7340.

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AUDUSD key resistance on the daily chart
AUDUSD daily time frame

GBPNZD Technicals

I’ve been talking about a potential breakdown from GBPNZD since July.

I also mentioned it on November 12th.

The lower highs since August suggested that a break lower was imminent.

Last week’s close below the 1.90 support area confirmed the break.

Going forward, I’d expect to see sellers defend the area between 1.9000 and 1.9150.

As long as GBPNZD is below that region on a weekly closing basis, I favor lower prices toward the 1.8280 support region.

GBPNZD weekly ascending channel
GBPNZD weekly time frame

XAUUSD Technicals

Gold (XAUUSD) hasn’t performed well of late.

And that’s an understatement.

Since carving a 2020 high at 2075, gold has declined over 12%.

While I still think XAUUSD will rally in 2021, it won’t do nearly as well as Bitcoin.

If 2020 is any guide, Bitcoin will outperform gold by a long shot!

So far this year, gold is up about 20%.

Meanwhile, Bitcoin is up a staggering 167% this year.

Bitcoin is also up 114% since I publicly mentioned my interest on May 5th.

I was buying BTC starting in early April, which I also discussed in the Daily Price Action member’s area.

So, while XAUUSD may offer some trading opportunities as we head into 2021, it isn’t the best choice to hedge against the money printers.

That title goes to Bitcoin.

As for the XAUUSD technicals, the pair is fast approaching the 1790 support level I’ve mentioned several times this year.

XAUUSD weekly time frame

That’s a critical area that dates back to 2011 and 2012.

If gold can hold above the 1790 support area on a daily and weekly closing basis, I like the yellow metal higher.

Buyers would also need to close the pair back above 1850.

If, on the other hand, it closes below 1790, we could see an extended pullback toward 1680.

Just keep in mind that if you’re looking for an investment, I don’t think anything comes close to cryptocurrencies like Bitcoin and Ethereum.

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XAUUSD descending channel on the daily chart
XAUUSD daily time frame

Leave a Comment:

9 comments
Justin Bennett says

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Reply
Chinenye says

Thank you for sharing.

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Zaki says

A thumbs up from me ( I couldn’t find the thumb up symbol to tick in the video, nevertheless one thumb from me).
Always look forward to your analyses, keep them up and thanks.

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Lloyd says

Thank you so much Justin.
We really appreciate your analysis

Reply
Jamaica Obu says

Sir you are doing a great job, I must say it.

I observed that you talk about daily close in most of your analysis. I have gone through your blog to see if there is any write up in regards to daily candle close above or below a high or low. Is there any link to any write up in this regards that I can read?

Well I have a question, when you consider daily candle close above or below, do you consider the length of the candle close or you stick to the point that a candle closed above or below a high or low is what is what you need irrespective of the length of the closed?

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ali says

thanks sir justin.

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Anh Duy says

chào anh.. tôi đến từ Viêt Nam

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Rhoda says

I want to learn to trade, on demo. Please help

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Dr Eliakim Mizrahi says

In relation to GBP I note you never refer to the ongoing Brexit discussions which affects the GBP on s daily if not hourly basis.
KIM

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