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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, AUDUSD, XAUUSD (October 12 – 16, 2020)

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In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, USDJPY, AUDUSD, and XAUUSD through October 16, 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 could be carving a descending channel.

Given the uptrend since March, this could serve as a bull flag pattern.

The euro also broke above a short term trend line last week, suggesting a move higher in the week ahead.

However, as of now, the EURUSD is in the middle of a range between 1.1600 support and 1.1950 resistance.

So unless you bought the last dip into 1.1600, it might be best to stand aside for now.

I’m still anticipating a continuation of this uptrend, but that may not be possible until buyers take out the 1.1950 area.

My longer-term target for EURUSD remains 1.2500.

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EURUSD daily time frame with descending channel
EURUSD daily time frame

GBPUSD Technicals

There’s a lot of bearish GBPUSD rhetoric online these days.

However, one look at the monthly time frame indicates that a bearish bias may be ill-advised, at least in the long run.

GBPUSD falling wedge pattern
GBPUSD monthly time frame

The falling wedge above hints at a turn higher over the coming months.

Turning to the daily time frame, you can see where GBPUSD closed above the 1.2980 level last week.

I’ve mentioned 1.2980 a few times in recent weeks.

It was the level buyers had to clear to open the door to 1.3260.

As long as 1.2980 holds as support on a daily closing basis, I like the idea of a higher GBPUSD this week.

GBPUSD daily key levels
GBPUSD daily time frame

USDJPY Technicals

It’s no secret that I’ve been bearish USDJPY for a few months.

Ever since the pair closed below a multi-year level, sellers have been in control.

USDJPY monthly wedge pattern
USDJPY monthly time frame

But despite that breakdown, USDJPY has held up relatively well.

That isn’t too surprising, though, given that the entire market has been at a standstill.

If you recall my last USDJPY post, I pointed out a trend line from the March low.

As you can see from the chart below, the pair intersected with that level at 106.10 on October 7th.

Since then, the USDJPY has come under selling pressure.

Just keep in mind that sellers need to take out the 104.20 area to expose the 101.00 target I’ve had on my chart for several months.

Given the lower highs since February, a breakdown seems imminent.

On the other hand, if USDJPY bulls were to take out the 106.50 resistance area on a daily closing basis, it would negate the bearish outlook.

That doesn’t seem likely at the moment, though.

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USDJPY rising wedge pattern
USDJPY daily time frame

AUDUSD Technicals

AUDUSD is testing a short-term trend line from the year-to-date high.

If buyers can clear 0.7240 on a daily closing basis, we could see the pair push higher into 0.7320 and perhaps 0.7400.

Alternatively, a rotation lower this week should encounter buying pressure at 0.7200 or just below it.

AUDUSD descending trend line
AUDUSD daily time frame

XAUUSD Technicals

Gold (XAUUSD) made a significant move on Friday.

I’ve been discussing the structure below for several weeks now.

Friday’s close above the confluence of (former) resistance at 1910 suggests a move to 1970 this week.

At least that’s the game plan as long as 1910 holds as support on a daily closing basis.

A close above 1910 would expose 2015 and perhaps 2075.

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XAUUSD gold breakout
XAUUSD daily time frame

Leave a Comment:

7 comments
Justin Bennett says

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ali says

Thanks sir justin for the excellent information that you given us.

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Nongcebo says

Thank you Justin , you have been so helpful.

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Pola P says

I like the idea of pointing out current intact trends.. Thanks!

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Nwosu Onyeka Nelson says

Could this be the anticipated decline of the USD. Thanks Justin!

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Ichwan Antonius says

Brilliant analysis Justin, its very helpful !!! Thanks a lot …

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Gogoye says

Am interested

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