Daily Price Action

(Video) Weekly Forex Forecast for EURUSD, GBPUSD, NZDUSD, ETHUSD, VETUSD (November 23 – 27, 2020)


In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, NZDUSD, ETHUSD, and VETUSD through November 27, 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

Not much has changed for the EURUSD since last week’s forecast.

The pair continues to consolidate in a sideways range between 1.1615 support and 1.1970 resistance.

Until the pair breaks this range, there isn’t much to do here.

That said, I continue to favor an eventual break higher given the uptrend on the daily and what’s occurring on the monthly chart.

See the video above for all of the details.

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EURUSD horizontal range
EURUSD daily time frame

GBPUSD Technicals

GBPUSD could be on the verge of a massive bull run.

I wrote about the twenty-year falling wedge on October 29th.

GBPUSD monthly falling wedge pattern
GBPUSD monthly time frame

The structure above hints at a bullish reversal for the pound.

That isn’t surprising given what we’ve seen from other major currency pairs in recent months.

However, GBPUSD buyers still have work to do.

The pair needs to secure a weekly close above wedge resistance near 1.3340.

I’d also like to see GBPUSD buyers take out the recent highs at 1.3480.

Those are the two key resistance levels that need to break to send GBPUSD higher in 2021.

A weekly close above 1.3340 followed by 1.3480 would open the door to the 2018 highs at 1.4350.

I will continue to like the idea of an imminent break higher as long as the May trend line support is intact.

GBPUSD key levels on the daily
GBPUSD daily time frame

NZDUSD Technicals

I wrote about the potential for NZDUSD to move above 0.6800 on October 27th.

I liked the idea of a move higher because of the uptrend on the daily chart and what was occurring on the monthly time frame.

For now, 0.6940 remains resistance, with a daily close above that opening the door to 0.7160.

The 0.6800 remains key support.

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NZDUSD key horizontal levels
NZDUSD daily time frame

ETHUSD Technicals

I first wrote about Ethereum (ETHUSD) on June 4th.

At the time, the cryptocurrency was trading at $243.

Since then, Ethereum has gained 123%, and is currently trading at $541.

But the crypto market is nowhere near the euphoric phase we saw at the end of 2017.

That’s why I think cryptos like Ethereum are just getting started, and that $800 will only be a temporary hurdle.

Disclosure: I hold a long position in Ethereum.

ETHUSDT trend lines on the weekly chart
ETHUSDT weekly time frame

VETUSD Technicals

VeChain (VETUSD) is another crypto that I’ve been holding since earlier in the year.

I was initially buying during the June consolidation near 0.008.

I’ve added to that position every week since 0.023.

Today’s breakout represents the first higher high since August and a significant turning point for the pair.

As I mentioned last weekend, a weekly close above 0.0125 would confirm the breakout and open the door to 0.0152.

That said, my personal opinion is that cryptos like Bitcoin, Ethereum, VeChain, and others, are going much higher over the next year or so.

Disclosure: I hold a long position in VeChain.

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VETUSDT key horizontal levels on the daily chart
VETUSDT daily time frame

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Justin Bennett says

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ali says

Thanks for sharing your thoughts sir justin.

Prince says

Justin, what broker are you using for crypto pairs. I read you’re long on Etheruem

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