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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, NZDUSD, EURGBP, GBPCAD (February 10 – 14, 2020)

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In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, NZDUSD, EURGBP, and GBPCAD through February 14, 2020.

Watch the video below, and be sure to scroll down for more commentary and annotated charts.

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EURUSD Forecast

Last weekend, I discussed the significance of Monday’s open.

Because the January 31st rally occurred on a Friday, and at the end of a month, I wanted to see how Monday opened before making a decision.

More specifically, I stated that a gap down would signal weakness.

That statement applied to both the EURUSD and GBPUSD.

Sure enough, the euro and pound both gapped lower to start last week, which signaled weakness.

I also wrote about EURUSD on February 6th when the pair was testing the 1.0990 key level.

We were watching for a break below that level, which would target 1.0940.

Thursday’s 1.0980 close confirmed the breakdown, and Friday’s session reached a low of 1.0941, just one pip above the level I mentioned.

That 1.0940 support level could be a factor early this week.

However, I will continue to look for shorts here while the pair is below 1.0990 on a daily closing basis.

A daily close below 1.0940 would expose 1.0900.

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EURUSD daily time frame with key support and resistance

GBPUSD Forecast

GBPUSD played out perfectly for us last week.

I wrote about the potential for a breakdown on February 3rd and again on the 5th.

On Wednesday, I announced my short position from 1.3044 in the member’s area.

I remain short GBPUSD going into the new week.

As I mentioned a few times last week, the first key support following the recent breakdown comes in at 1.2770.

It’s going to take a close below that to expose 1.2570.

As long as the area between 1.2980 and 1.3000 is intact as new resistance on a daily closing basis, I favor GBPUSD shorts.

The “daily close” refers to 5 pm EST when using New York close charts. Go here to get access to the Forex charts I use.

Given the price action over the last few months, I wouldn’t be surprised to see a move down to 1.2570 or even 1.2380 over the coming weeks.

GBPUSD break below ascending channel support

NZDUSD Forecast

I wrote about NZDUSD on February 7th.

In that post, I discussed how a daily close below 0.6435 would expose the next key support at 0.6320 this week.

The NZDUSD closed below 0.6435 on Friday.

That means the 0.6435 area will likely attract sellers if tested as new resistance this week.

Of course, there are no guarantees we will see a retest of that level first.

Given the recent weakness here, we could see NZDUSD sell-off immediately this week toward that 0.6320 region.

Regardless, I’ll continue to favor shorts while below 0.6435 on a daily closing basis.

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NZDUSD daily time frame showing break below support

EURGBP Forecast

The EURGBP has been my most controversial idea so far in 2020.

I wrote about a potential bottom here on January 31st.

At the time, the EURGBP was trading near 0.8390 or about 100 pips below Friday’s closing price.

I then discussed the February 3rd close above the 0.8450 key level, which was likely to serve as support going forward.

Last but not least, I wrote about 0.8450 serving as new support on February 5th.

I still hold a EURGBP long position from January 31st, which I added to during last Wednesday’s dip below 0.8450.

However, I still think it’s going to take a daily close above 0.8590 to confirm the bottom that’s in progress.

Be sure to watch the video above where I point out a short-term channel that could offer a breakout opportunity this week.

Key support remains 0.8450.

EURGBP possible bottoming pattern

GBPCAD Forecast

The GBPCAD boasts what is arguably the best-looking chart this week.

I discussed the pair’s counterpart (EURCAD) on Thursday, noting how the 1.4600/30 area would likely serve as new resistance following the recent false break.

The EURCAD reached a high of 1.4613 on Friday before sliding 60 pips lower.

As for GBPCAD, the rising broadening wedge in the chart below hints at a move lower in the coming days and weeks.

I wrote about this wedge pattern just before the weekend.

If you read that post, you know that it’s going to take a daily close below the 1.7050/90 area to open the door to 1.6830 and perhaps 1.6600.

But given what could be a lower high coupled with this broadening wedge, a break lower does seem imminent, in my opinion.

I’m already short GBPCAD from 1.7224, an entry I posted in the Skype group I run for higher net worth traders.

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GBPCAD rising broadening wedge on the daily chart

Leave a Comment:

24 comments
Justin Bennett says

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Reply
Ochuko says

Great work by expert Justin.u make forex simple by your analysis.i haven’t got it this clear before now.thanks

Reply
    Justin Bennett says

    Thank you. It’s my pleasure.

    Reply
Praise says

always grateful ,thanks Mentor.

Reply
    Justin Bennett says

    You’re very welcome. Have a great week.

    Reply
Martin Njeru says

I agree with you Master at this level 1.09382 is a strong area of support that consign with May 2019 trendline , however i have no bias mind since a opening canlde will probaly sign the direction.

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Meer Manwar Hossain says

Thanks for your analysis my dear. God bless you.

Reply
    Justin Bennett says

    You’re very welcome.

    Reply
makrom says

thank you very much its really helpfull.
but can you pls analyze AUDUSD too ?

Reply
    Justin Bennett says

    You’re welcome. I might discuss AUDUSD this week.

    Reply
ali says

Thanks sir justin for excellent analysis, I was waiting to see when you will mention about gbpcad .

Reply
    Justin Bennett says

    My pleasure, Ali. Have a great week!

    Reply
Emmanuel says

Thanks Mr Justin , you are such a wonderful analysis and always on point with your update and analysis, really appreciate that.

Reply
    Justin Bennett says

    You’re welcome, Emmanuel.

    Reply
Victor Orbegoso says

What hours of the day and what time frame do you use for your trades?

Reply
    Justin Bennett says

    I use the daily time frame.

    Reply
Silas says

I’m new to forex and I have not started trading either demo or live account, please I need your advice

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Theo says

Justin,

Firstly it is very difficult to get a response from you which is contradictory to your advert for the course I paid for. Secondly I thought that by paying for the course i would get inside information as it were when you make trades but your GBPCAD comment says you advised “HIGHER NETWORTH CLIENT” that you took the trade on Skype. If I knew that I would not get the inside information, then I would never have signed up for the course. I would have stayed with the free weekly comment.

Reply
    Justin Bennett says

    Theo, sorry to hear about your troubles. As you can see, it isn’t difficult to get in touch with me at all. Further, your last email to me was in October of last year as was your last post inside the member’s area, so I’m not quite sure what you’re referring to when you say it’s difficult to get a response from me.

    I did not announce my GBPCAD entry in the member’s area, true. But so far in February, I’ve announced entries on EURCAD, GBPUSD, and EURGBP in the members area, both in the forums and in the 5-10 members-only videos I release every week. Every one of those trades is in profit at this time.

    Feel free to send me a private message on the membership site and I’ll send you a link to each entry that I announced.

    Cheers,

    Justin

    Reply
Mixon says

very looking forward to years of fruitfull relationship

Reply
    Justin Bennett says

    Cheers. Thanks for commenting.

    Reply
Ngo Sy Ha says

thanks you

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