Daily Price Action
Shares

(Video) Weekly Forex Forecast for EURUSD, GBPUSD, NZDUSD, XAUUSD, VETBTC (October 5 – 9, 2020)

Shares

In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, NZDUSD, XAUUSD, and VETBTC through October 9, 2020.

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

Did You Like That Video?

Subscribe on YouTube to get notified when I post new videos every week!

EURUSD Technicals

The EURUSD continued its sideways movement last week.

And as I wrote on September 30th, buyers need to secure a daily close above 1.1800 to send the pair higher.

So far, they haven’t been able to do that.

Last week, I told members that I wouldn’t be surprised to see one more pullback from EURUSD before the next leg higher.

One area I’m keeping a close eye on is between 1.1450 and 1.1500.

That’s the top of the multi-year trend line that I’ve discussed for months.

Want Me To Help You Become A Better Forex Trader?

Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in October!

EURUSD daily time frame

GBPUSD Technicals

The GBPUSD looks less favorable than EURUSD, in my opinion.

It has the same short term uptrend, but the price action isn’t as telling as its euro counterpart.

GBPUSD buyers need to secure a daily close above 1.2980 to send the price higher.

Notice how 1.2980 has served as resistance for several weeks.

Support for the week ahead comes in around 1.2670.

GBPUSD daily time frame

NZDUSD Technicals

The NZDUSD closed back above 0.6600, which is an area I mentioned last week.

However, this rally isn’t all that convincing.

There’s still a chance NZDUSD stalls out near 0.6700, which could produce a topping pattern in the form of a head and shoulders.

I like NZDUSD higher over the long term, but I do expect further weakness before the next leg higher can materialize.

0.6600 is support for the week ahead, with 0.6780 serving as resistance.

Get Access To The Same New York Close Forex Charts I Use.

DOWNLOAD the charting platform for free!

NZDUSD daily time frame

XAUUSD Technicals

I wrote about gold (XAUUSD) on Friday.

The key takeaway from that post was that the 1910 to 1920 region is serving as resistance.

That’s the area buyers need to break to send gold higher.

However, if we do see another pullback, keep an eye on the 1850 region.

I mentioned to DPA members last week how this could be the beginnings of a falling wedge pattern.

If 1850 fails, look to 1790.

All in all, I continue to like the idea of looking for buying opportunities on pullbacks or bullish breakouts.

XAUUSD daily time frame

VETBTC Technicals

VeChain against Bitcoin (VETBTC) is an interesting pair.

A view of the daily time frame shows a triangle pattern that has formed since the pair carved the recent high around 240 sats.

The 100 sats area is currently serving as support, which isn’t surprising considering it was long time resistance in 2019 and earlier this year.

As I mentioned in today’s video (above), we could see a dip below 100 sats to clear out any stops before the pair can move higher again.

But ultimately, buyers need to climb above trend line resistance near 120.

Want Me To Help You Become A Better Forex Trader?

Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in October!

VETBTC daily time frame

Leave a Comment:

11 comments
Justin Bennett says

Want me to help you become a better Forex trader?

Get a Lifetime Membership to Daily Price Action today and receive access to Justin’s full price action course, dozens of forums with over 3,000 members, daily videos of trade ideas, direct access to Justin, and much more!

Save 40% on a lifetime membership in October!

Reply
    Brown says

    Good analysis as usual.i have learnt how to keep away from lower time frames.

    Reply
    Nguyễn Đăng Lâm says

    I would love to follow you to learn and succeed in price action at FX but actually my English is very poor don’t know if you have any solution to teach me ….. I heard English not understand so very sad because can’t follow your class …. please help me

    Reply
Martin Njeru says

GOOD EURUSD Forming bullish flag i do expect a rotation higher before buying for good pips also EURCAD broke from bullish flag still consolidating but i like the idea of long position on deeps rather than short positions

Reply
Ronie Fisher says

Thank you so much for your valued analysis of the markets. It’s informative which helps me to make an informed decision. I’ve learnt to be patient and trade the bigger timeframes which gives me plenty time to do other things with my family.

Reply
Nwosu Onyeka Nelson says

I really like your idea for Eurusd but those that indicate further weakness from the dollar after an expected short term rally? Thanks once again for the good job you do.

Reply
Dr Eliakim Mizrahi says

Good as always

Reply
Samuel says

Very good weekly analysis. thanks

Reply
Ngo Sy Ha says

thanks you

Reply
ali says

Thanks for start emailing weekly forex sir justin.

Reply
forex says

Good analysis as usual.i have learnt how to keep away from lower time frames.

Reply
Add Your Reply