In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, USDJPY, XAUUSD, and VETUSD through January 22, 2021.
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
EURUSD broke below a key level last week at 1.2150.
I mentioned how this was a possibility in Tuesday’s commentary.
Friday’s breakdown opens the door to the confluence of support at 1.2000.
That’s the intersection of former range resistance and the May 2020 trend line.
Any bullish price action from the 1.2000 area could send EURUSD back to 1.2150 and perhaps 1.2330.
Alternatively, a daily close below 1.2000 could suggest a local top is in and even re-expose the 1.1615 region.
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GBPUSD Technicals
GBPUSD has been all over the place recently.
I’ve discussed the bullish scenario for the last few weeks following the weekly close above 1.3480.
However, buyers have (so far) failed to clear the 1.3700 level.
They need to get above that to have any chance of forcing a retest of 1.4350.
And if GBPUSD bulls give up 1.3480 on a weekly closing basis, we could see the pair weaken further.
USDJPY Technicals
I wrote about the USDJPY last week, and not much has changed.
The pair continues to look indecisive between 103.00 support and 104.00 resistance.
So far, sellers are winning the battle at 104.00 on the weekly chart.
However, the indecision and lack of a clear sell signal mean I’m still on the sideline.
USDJPY sellers have to get through the 103.00 support area on a weekly closing basis to expose 101.00.
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XAUUSD Technicals
The gold (XAUUSD) consolidation continues.
I thought gold had broken out based on a different channel, but it appears my previous analysis was incorrect.
For now, the $1,780 area remains support.
XAUUSD buyers need to clear channel resistance near $1,930 to break free from this consolidation.
I still like gold higher in the long run, but expect more consolidation given last week’s selloff.
VETUSD Technicals
VeChain (VET) is a cryptocurrency I first mentioned on June 26, 2020.
At the time, it was trading below a penny, near $0.008.
Fast forward to today, and VETUSD is up over 200%.
However, I think the crypto is just getting warmed up.
The $0.028 area marks VET’s previous all-time high that was set in July 2018.
A weekly close above that area could send VET higher to $0.04 and $0.05 in a hurry.
But even those prices are low relative to where I think VET is going based on VeChain’s potential coupled with this year’s cyclical bull market.
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