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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, NZDUSD, XAUUSD (June 1 – 5, 2020)

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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.

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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.

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EURUSD daily chart showing two ascending channels
EURUSD daily time frame

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.

GBPUSD resistance area
GBPUSD daily time frame

USDJPY Forecast

I love the look of the USDJPY monthly chart.

Anyone who has followed me for the last few weeks knows this.

USDJPY wedge pattern on the monthly chart
USDJPY monthly time frame

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.

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USDJPY 4-hour support and resistance
USDJPY 4-hour time frame

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.

NZDUSD monthly wedge pattern
NZDUSD monthly time frame

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.

NZDUSD confluence of resistance at 0.6200
NZDUSD daily time frame

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.

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XAUUSD 4-hour time frame

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13 comments
Justin Bennett says

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Reply
    Olusegun Isaac says

    RE:EURUSD

    Dear Austin
    I want to partially disagree on your EURUSD price projection,although there wiill be throw-back on Monday-Tuesday due to shooting star occuring at the said Resistance but from my Elliott wave and inter-market analysis perspective i can see this pair traveling above 1.12770 in the coming days/weeks because we are probably in wave iii of c. Infact RSI on daily chart has announced this incoming rally which wiil probably start on Wednesday.Support for this rally will be 1.0990.Thanks for good analysis keep it up

    With regards

    Reply
      Justin Bennett says

      Thanks for commenting. It’s Justin, by the way. 😉

      Reply
Martin Njeru says

Tomorrow is on a holiday for NZD ,…until i see a nice opportunity to convince me i step aside ,AUSSIE and Kiwi looking attractive ,,,However lets wait for confirmation on a daily bases. Aussie forming HIGHER HIGHS and Higher Lows….My best Confirmation Signal has remained to be a pin bar which can occur on a H-4 time frame and Bearish Engulfing on a daily time frame…..But the best time frame to make decision to click buy or sell button remains on a higher time frame in this case Daily.. Keep an eye on Aussie ahead of Interest decision in my opinion news come to push big boys direction and what we can do to our account and souls is to follow them .Forex is a game of reaction not prediction and anticipation
Happy Trading guys obverse highest level of discipline especially in a range market caused by dollar index

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Sumantra kumar halder says

Excellent analysis

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Isiyaku Ibrahim says

Hello Justin,we are always by your side

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Rene says

Hello, so the recommendation for pair of UsdJpy is to wait?

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ali says

Thanks sir justin for update , your analysis give me positive sentiment to go on even though the environment is very difficult to do the relax business.

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mr I V BAYCHEV says

Thanks Justin Bennett – it is very very Good explanations,

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MDUDUZI says

well done Justin your analysis always on point. thank you very much

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Anele says

This guy is very good in his craft my guy

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Emmanuel says

Thanks Mr Justin, you are always the best and am glad to be following your analysis and update, it gives a sense of insight , keep it up and God’s bless

Reply
Samuel says

Thank you very much for the weekly analysis Sir

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