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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, NZDUSD, XAUUSD (November 9 – 13, 2020)

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In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, USDJPY, NZDUSD, and XAUUSD through November 13, 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 broke above a key trend line on Friday.

If the 1.1825 area holds as support this week, we will likely see the euro push into 1.1950/70.

That’s the resistance level that needs to break on a daily closing basis to expose higher levels.

Alternatively, if 1.1825 fails to hold as support, we could see EURUSD move back to 1.1615.

My longer term target for EURUSD remains 1.2500.

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EURUSD daily breakout
EURUSD daily time frame

GBPUSD Technicals

GBPUSD is holding above the May trend line I wrote about several weeks ago.

As long as the pound is above that level, this uptrend is intact.

However, GBPUSD needs a close above 1.3170 to expose higher levels including 1.3260.

But the bigger play here is the falling wedge on the monthly time frame.

I’ve mentioned that pattern in the last few weekly forecasts.

That falling wedge could send GBPUSD higher in 2021.

GBPUSD trend line support
GBPUSD daily time frame

USDJPY Technicals

USDJPY finally broke below 104.20 last week.

That was our previous target back on October 14th.

As long as USDJPY is below 104.20 on a daily closing basis, I like the idea of a move lower to 101.00.

Alternatively, a close back above 104.20 would negate the idea and likely trigger a move higher.

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USDJPY breakdown on the daily chart
USDJPY daily time frame

NZDUSD Technicals

On October 27th, I wrote about how the NZDUSD trend was likely to continue above 0.6800.

The monthly chart continues to look bullish, and 0.6500 support is intact.

If buyers can clear 0.6790 this week, it would open the door to 0.6940 and perhaps 0.7160.

Alternatively, a turn lower from 0.6790 could send NZDUSD back to 0.6500.

My longer term target for NZDUSD is 0.7500.

NZDUSD key resistance
NZDUSD daily time frame

XAUUSD Technicals

XAUUSD closed above 1930 last week and simultaneously carved a higher high.

That was the requirement for gold to turn higher.

As long as 1930 holds as support this week, I like XAUUSD higher toward 2015 and perhaps 2075.

Alternatively, a close back below 1930 would negate the idea and re-expose the 1850 area.

I like gold much higher in 2021 toward 2500.

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XAUUSD gold key breakout
XAUUSD daily time frame

Leave a Comment:

26 comments
Justin Bennett says

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Reply
Rene says

Thanks for analysis

Reply
    Justin Bennett says

    Anytime, Rene.

    Reply
Chinenye says

The simplicity of your analysis is amazing, I look forward to it every week. Thank you for your impeccable insight.

Reply
    Justin Bennett says

    Cheers. Great to know you found it helpful.

    Reply
Bob says

Thanks Justin you have really been of a help to me

Reply
    Justin Bennett says

    My pleasure. Happy to help.

    Reply
Deepak says

Thank you Justin

Reply
    Justin Bennett says

    You’re welcome, Deepak.

    Reply
Zaki says

Thanks Justin. Helpful and enjoyable. Always looking forward to your weekly analysis.

Reply
    Justin Bennett says

    My pleasure. Glad you found it helpful.

    Reply
Fernando Principe says

i’ll try observe your analysis. Thank you

Reply
    Justin Bennett says

    You’re welcome.

    Reply
emaan says

nice view

Reply
    Justin Bennett says

    Cheers. Enjoy your week.

    Reply
EMMANUEL says

Thanks for all the insights, i suspect NZDUSD might back off from the high, it has lost momentum on H4

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Khaleeq Ur Rehman says

Sir thank you so nice for your trade ideas.

Reply
    Justin Bennett says

    You’re welcome.

    Reply
Nwosu Onyeka Nelson says

All together a weak USD moves. Thanks as always.

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Emmanuel idogei says

Thanks Justin for your analysis every week

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Adisa biodun says

Sir thanks so much for the analysis u the best

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Masoud402 says

Thank you for your good analyses. For gold, I expect a pullback to 1904 and then it goes up again. You can check the Ichimoku and bullish flag pattern. Gold responds to Ichimoku very well.

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Ali says

Thanks for the excellent analysis sir Justin.

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Oniyide Kayode says

Thanks Justin for the analysis

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Sandi Rosenau says

I am a member and do think it has been the best program, I have had. I have learned so much and would encourage other who are on the fence to join/ I don’t think you will regret it.

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