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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, EURAUD, XAUUSD (October 19 – 23, 2020)

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In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, USDJPY, EURAUD, and XAUUSD through October 23, 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 hasn’t moved much in recent days.

The lack of momentum and key levels has kept me away from the pair lately.

However, I continue to like the idea of a final push into the 1.1450 region before the next leg higher can materialize.

A look at the monthly time frame illustrates why that’s my base case scenario (see the video above).

That means we could see the EURUSD weaken further toward 1.1615.

A close below that would expose the critical support region between 1.1450 and 1.1500.

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

GBPUSD Technicals

The GBPUSD has become unfavorable as well following the close back below the 1.3000 region.

It looked like buyers wanted to take prices higher following the close above that area, but it wasn’t meant to be.

For now, I’m going to leave GBPUSD alone.

We may need to see a rotation lower before the monthly chart’s bullish pattern can take hold.

GBPUSD key levels on the daily time frame
GBPUSD daily time frame

USDJPY Technicals

I wrote about this USDJPY structure on October 9th.

The lower highs since February hint at continued weakness, perhaps back toward 104.20.

But despite breaking below a short term trend line on October 12th, USDJPY has yet to produce much.

That’s been a consistent theme for the entire market.

That said, if 105.60 holds and the USDJPY continues to produce lower highs, we’ll see another run at 104.20.

It’s going to take a close below that to open the door to the next key support at 101.00.

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USDJPY rising wedge on the daily
USDJPY daily time frame

EURAUD Technicals

The EURAUD, along with many other markets, has been sideways for months.

My guess is that markets as a whole will continue to be indecisive until after the US elections in November.

For that reason, I’ve scaled back on my trading.

But one pair I am keeping an eye on is EURAUD.

The pair’s indecision since June has carved a well defined sideways channel.

Support comes in near 1.6100 or just above with resistance at 1.6570.

What’s important here is whether you trade the channel or wait for the breakout.

While that’s entirely up to you, I will say that this channel has been in place for months, which indicates that it may not hold much longer.

If that’s the case, it may be better to wait for the breakout.

On top of that, notice the recent higher low from earlier this month.

That may be indicative of an imminent close above the 1.6570 area.

If EURAUD bulls can clear 1.6570 on a daily closing basis, it could open the door to higher prices, such as 1.7000.

That would be my target following a breakout above 1.6570.

Just remember that there are no guarantees, and breakouts do fail.

For now, though, it’s all about whether buyers can clear 1.6570 to open the door to the 1.70 region.

If they can’t, I’ll be watching for a move down to 1.6100 followed by a break below that level.

EURAUD daily range
EURAUD daily time frame

XAUUSD Technicals

It looked like gold (XAUUSD) wanted to break out recently, but buyers couldn’t hold prices above the 1910 region.

It now looks like we have a smaller structure in play where the upper level extends from the August 18th high.

Given last week’s failure to push higher, we could see a retest of 1850 this week.

But even a close below 1850 wouldn’t negate the bullish outlook.

It would only open the door to the 1790 support level.

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XAUUSD falling wedge pattern
XAUUSD daily time frame

Leave a Comment:

9 comments
Justin Bennett says

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Goodwill says

Good job man I like you job

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Nwosu Onyeka Nelson says

Hi Justin, you are right on spot about the EURAUD I have been on the pair with hope Euro bulls would break the month long consolidation although its been a promising pair to trade while it ranged. I also mentioned in a previous post about how GBPUSD may encounter selling pressure around the 1.3200-1.3100 area being the zone of a trendline that runs through April 2018 to Dec 2019 and also considering the false break of that trendline between Aug & Sept 2020 so I consider a retest of that same trendline would encounter selling pressure which did as was expected.

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Samantha kumar halder says

excellent

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Henry Eze says

Splendid insight into the currency pairs behaviour, you’ve been doing a remarkable job of mentoring and coaching, please keep it up: i started following you two days ago and i can say it’s already looking like a ”FOREX trading made simple” journey. many thanks Justin.

Reply
Khaleeq Ur Rehman says

very nice and accurate technical analysis has been shared. Gold analysis on lower timeframe may also be shared if don’t mind. Thank you so nice

Reply
Masoud402 says

excellent

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Gideon says

Good technical analysis from Justin

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ali says

Thanks sir justin for excellent analysis and information.

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