In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, USDJPY, NZDUSD, and XAUUSD through June 5, 2020.
Watch the video below, and be sure to scroll down for more commentary and annotated charts.
[thrive_custom_box title=”” style=”dark” type=”color” color=”#fef5c4″ border=”fadf98″]
Did You Like That Video?
Subscribe on YouTube to get notified when I post new videos every week!
[/thrive_custom_box]
EURUSD Forecast
The EURUSD rallied above the 1.1100 area on Friday.
However, last week’s close was less than convincing for euro bulls.
I shorted the pair on Friday at 1.1138, an entry which I announced in the membership forums when EURUSD was still trading at 1.1130.
Whether I stay in that trade or not will depend on where Monday opens and how the market reacts to 1.1100.
A rotation lower from 1.1100 would encounter support at 1.0990, which a surge above 1.1100 would face resistance at 1.1150 and 1.1215.
[thrive_custom_box title=”” style=”dark” type=”color” color=”#fef5c4″ border=”fadf98″]
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 May!
[/thrive_custom_box]
GBPUSD Forecast
GBPUSD continues to be an undesirable pair to trade, at least for me.
The selloff from 1.2350 on May 12th, which we discussed in the member’s area, was the last quality opportunity.
Since that time, the pound has been trading mostly sideways below the confluence of resistance at 1.2500.
A retest of 1.2500 would make things interesting, especially if we see an influx of selling pressure in that area.
Until that time, however, GBPUSD isn’t worth trading, in my opinion.
USDJPY Forecast
I love the look of the USDJPY monthly chart.
Anyone who has followed me for the last few weeks knows this.
A breakout from the multi-year wedge above could send USDJPY trending for years.
I’m looking for a 3,000 to 5,000 pip move when this consolidation eventually breaks.
And as I wrote on Friday, I’m still treating this as a continuation pattern following the 2012 to 2015 rally.
In the meantime, Friday’s bullish pin bar hints at strength for the week ahead as long as 106.90 to 107.30 remains intact as support.
It’s going to take a daily close above 108.00/10 to expose the next resistance area between 109.00 and 109.30.
[thrive_custom_box title=”” style=”dark” type=”color” color=”#fef5c4″ border=”fadf98″]
Get Access To The Same New York Close Forex Charts I Use.
DOWNLOAD the charting platform for free!
[/thrive_custom_box]
NZDUSD Forecast
Another appealing multi-year wedge is that of the NZDUSD pattern that extends from the 2000 lows.
The pair’s all-time support level broke down during the March selloff.
As long as 0.6200/50 continues to serve as resistance, I like the idea of looking for NZDUSD shorts.
However, until we see follow-through from sellers, it’s probably best to keep position sizes on the small side.
Only once we see 0.6150 give out followed by the trend line from year-to-date lows will it be time to scale in aggressively.
XAUUSD Forecast
I was talking to Daily Price Action members about XAUUSD (gold) in the forums last week when it was retesting the bottom of this wedge at 1693.
The idea was to keep a close eye on how the market reacted to that level, and if it could recover back above the wedge top at 1705.
Sure enough, it did.
That created a buying opportunity for those who were paying attention.
After carving a high of 1737 on Friday, gold ran into some selling pressure ahead of the weekend, which isn’t a huge surprise.
For the week ahead, keep an eye on 1715 to serve as support.
If that holds, we could see XAUUSD retest that multi-year high at 1750/60.
[thrive_custom_box title=”” style=”dark” type=”color” color=”#fef5c4″ border=”fadf98″]
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 May!
[/thrive_custom_box]
