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.
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.
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.
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.
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.
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.