Daily Price Action
Shares

(Video) Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, GBPJPY, GBPAUD (January 13 – 17, 2020)

Shares

In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, USDJPY, GBPJPY, and GBPAUD through January 17, 2020.

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

Did you like that video?

Subscribe on YouTube to get notified when I post new videos every week!

EURUSD Forecast

The EURUSD continued its sideways movement last week.

Friday carved a bullish engulfing candle, but it isn’t convincing enough for me to buy the pair.

Furthermore, the EURUSD is still within this consolidation zone between 1.1075 and 1.1180.

I’ve discussed this terminal pattern for several weeks.

In my opinion, it’s going to take a daily close below 1.1075 or above 1.1180 for the euro to establish itself.

A close below 1.1075 would expose the 1.0990 support area.

Alternatively, a daily close above the 2019 descending channel top near 1.1180 would open the door to the 1.1280 region.

EURUSD smaller ascending channel within a larger descending channel

GBPUSD Forecast

Similar to EURUSD, the GBPUSD has been indecisive.

But as I wrote on Friday, this latest round of consolidation shouldn’t surprise anyone.

The pair has given us a few stellar opportunities lately.

Those include the September 4th break of channel resistance and the December 3rd close above the range top at 1.2980.

So, some consolidation up here is warranted.

I also think the GBPUSD needs more time to reset.

In other words, continue its rotation lower, perhaps into the ascending channel support that extends from the 2019 low.

Until that occurs, I think the GBPUSD is one for the watch list.

GBPUSD needs to retest ascending channel support for opportunity to materialize

USDJPY Forecast

The USDJPY ended last week at a critical resistance area.

I made a video about the significance of this 109.50 to 109.70 resistance zone last week.

It’s the intersection of a key horizontal level and the trend line that extends from the November 2018 highs.

We also looked at the recent false break below 108.40.

That false breakout may suggest that the USDJPY wants to move higher.

However, until we get a daily close above 109.70, this area will continue to attract sellers.

A close above 109.70 would expose the open gap from May of last year at 111.10.

Alternatively, bearish price action from 109.50/70 could send the USDJPY back to key support at 108.40.

Want me to help you become a better Forex trader?

Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in January!

USDJPY trend line resistance from November 2018

GBPJPY Forecast

GBPJPY is another one we’re keeping a close eye on.

I wrote about this ascending channel last Wednesday.

The confluence of support that has developed at 141.00 is particularly appealing to me.

That area could either trigger the next leg higher or signal the end to this short-term uptrend that began last September.

As always, it will depend on how this pullback unfolds.

A gradual retracement into 141.00 coupled with bullish price action could signal another rally toward the 148.00 resistance area.

Alternatively, a more aggressive pullback followed by a daily close below 141.00 would suggest weakness and expose 135.50 support.

GBPJPY ascending channel on the daily time frame

GBPAUD Forecast

The GBPAUD is one of the better-looking currency pairs at the moment.

I discussed the potential for a bearish reversal on Tuesday.

The bearish engulfing candle that formed recently on the weekly time frame looked especially ominous for the pair.

That’s especially true given that it developed at multi-year highs.

We also have what appeared to be a head and shoulders pattern on the daily time frame.

As you can see, the GBPAUD offered some decent follow-through on Friday.

I managed to put on a small short position from the 1.9100 area, which I also called out in the member’s area at the time.

However, I won’t be interested in adding to that position until we see a daily close below the neckline near 1.8700.

Such a close would confirm the head and shoulders reversal.

It would also open the door to key support levels such as 1.8420, 1.8100, and also the measured objective near 1.7800.

Alternatively, a move toward those multi-year highs at 1.9500 would negate the bearish scenario I just described.

Want me to help you become a better Forex trader?

Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in January!

GBPAUD possible head and shoulders bearish reversal pattern

Leave a Comment:

22 comments
Justin Bennett says

Want me to help you become a better Forex trader?

Get a Lifetime Membership to Daily Price Action today and receive access to Justin’s full price action course, dozens of forums with over 3,000 members, daily videos of trade ideas, direct access to Justin, and much more!

Save 40% on a lifetime membership in January!

Reply
    Micheal L says

    I would like to be part of your team but can i set up a payment plan for the lifetime membership?

    Reply
      Justin Bennett says

      Hi Micheal, I only accept one-time payments. Sorry.

      Reply
said says

simple is good! great analysis sir

Reply
    Justin Bennett says

    Thank you. And yes, simple is best.

    Reply
praise says

always grateful . thanks very much for the analysis .sir Justin

Reply
    Justin Bennett says

    You’re welcome.

    Reply
fidelis RowlandGreat a says

Great analysis.
Thank you for the teachings

Reply
    Justin Bennett says

    Thanks. It’s my pleasure. Have a great week.

    Reply
Asif hashmi says

Sir how much fees for life time membership?

Reply
Mukul says

It is always great sir. Your analysis help me to take trading decision.

Reply
    Justin Bennett says

    Pleased to hear that.

    Reply
Isaac More says

I like this, permission to rewrite, for my blog?

Reply
Hao says

Xác định nước đôi: Cả tăng cả giảm>>>Không rõ ràng>>Nghĩa là cũng không chắc chắn:
Chuyên gia đưa lên phân tích tuần cần nói chuẩn Xu hướng: Tăng hay Giảm, chứ không nên kịch bản 1 tăng nếu đóng cửa nến này, Giảm nếu đóng cửa nến kia.
Vậy thì ai cũng bình luận được.

Reply
    Justin Bennett says

    English, please.

    Reply
Samuel says

Thank you very much sir for this week analysis. i am highly honoured to identify with you.indeed,it is a great privilege and blessings to my life.you opened my eyes to start comprehending the price action analysis.Thanks.

Reply
Dimitar Bozhilov says

Nice Analysis, thanks Justin !

Reply
ali says

Thanks for the excellent information that you given us sir justin.

Reply
Nwosu Onyeka Nelson says

Thanks Justin especially on the gbpaud.

Reply
Phcorner says

Your analysis help me to take trading decision.
Thanks boss

Reply
Add Your Reply