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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, NZDUSD, USDCAD, CADJPY (June 15 – 19, 2020)

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In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, NZDUSD, USDCAD, and CADJPY through June 19, 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 lost some ground late last week after an impressive 550 pip rally that began May 25th.

If you saw last week’s forex forecast, you know that I was keeping a close eye on the 1.1340 to 1.1380 resistance area.

Despite repeated attempts from buyers, the EURUSD never closed above 1.1380.

As I mentioned before the weekend, the upward sloping flag on the 4-hour chart hinted at weakness on Friday.

Sure enough, the EURUSD sold off and also retested 1.1230/40 support.

That’s the area sellers have to break this week to send the euro lower toward the next key support at 1.1150.

But as long as the 1.1400 region is intact as resistance, the EURUSD is vulnerable.

That doesn’t mean the pair will move lower this week, but it is something to keep in mind, especially if you have a bullish outlook for the pair.

Disclaimer: I hold a EURUSD short position from 1.1293, as announced in the member’s area.

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EURUSD daily time frame with key support and resistance
EURUSD daily time frame

GBPUSD Forecast

The GBPUSD is still holding above the 1.2500 support area I’ve mentioned for the last couple of weeks.

However, the final 48 hours of last week aren’t an encouraging sign for bulls.

The aggressive selloff into 1.2500 could trigger a break lower this week, in which case look to the 1.2200 area.

At the same time, as long as 1.2500 is intact on a daily closing basis, traders need to respect the potential for a push higher into 1.2800.

GBPUSD confluence of support at 1.2500
GBPUSD daily time frame

NZDUSD Forecast

The NZDUSD tested a long-standing trend line last week.

If you’ve seen my recent NZDUSD posts, you know about the multi-year wedge pattern, much like the one on the EURUSD.

We saw the New Zealand dollar come off that 0.6550 resistance level and retest 0.6430 as new support.

It’s going to take a daily close below 0.6430 to expose the 0.6250 region.

Remember that 0.6250 is now a confluence of support as it’s the intersection of several key levels.

Disclaimer: I hold an NZDUSD short position from 0.6471, as announced in the member’s area.

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NZDUSD key support and resistance levels
NZDUSD daily time frame

USDCAD Forecast

I wrote about USDCAD on Friday.

In that post, I stated that a Friday close above 1.3560 could signify that the last few days below channel support was nothing more than a false break.

If USDCAD buyers can hold the pair above that 1.3560 area in the coming week, it would open the door to the confluence of resistance near 1.3860.

Alternatively, a daily close back below 1.3560 would negate the idea.

Disclaimer: I hold a USDCAD long position from 1.3556, as announced in the member’s area at the time of entry.

USDCAD potential bear trap with support and resistance areas
USDCAD daily time frame

CADJPY Forecast

CADJPY is dealing with a twenty five year trend line this month.

I wrote about this on Thursday.

CADJPY 25 year trend line on the monthly chart
CADJPY monthly time frame

Where June closes in relation to the 78.40/50 area will be telling.

If we see a close above that area, it could signal that the March breakdown was false, in which case we can expect a higher CADJPY.

A monthly close below 78.40/50 would keep that trend line intact as support and also give us a monthly bearish pin bar to work with.

As for the daily time frame, CADJPY bears need to secure a daily close below 78.40 or so to open up downside targets including 76.00.

Key resistance for the week ahead comes in at the 80.00 handle.

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CADJPY daily chart showing possible bull trap
CADJPY daily time frame

Leave a Comment:

21 comments
Justin Bennett says

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Reply
    Gary says

    Thanks for sharing your consistency analysis

    Reply
      Justin Bennett says

      You’re welcome, Gary.

      Reply
Isiyaku Ibrahim says

Thanks Justin, very wonderful analysis

Reply
Emmanuel says

Thanks so much Mr Justin for your update and wonderful analysis, really appreciate it so much.

Reply
    Justin Bennett says

    Anytime, Emmanuel. Enjoy your week.

    Reply
sanjay says

jessy brother is great

Reply
    Justin Bennett says

    Cheers. Not sure who Jessy is, though. :p

    Reply
Nwosu Onyeka Nelson says

Definitely right on cadjpy, usdcad, nzdusd the other two especially gbpusd is quite fishy for me at the moment.

Reply
    Justin Bennett says

    We’ll see. Have a great week!

    Reply
Alis says

Where is your stop loss on nzdusd ?

Reply
Innocent says

Hi Sir,how much does it cost to join your price action team?

Reply
Mawanda Derrick says

thanks justin for your sharing but me l feard to take the sell on NZDUSD bcz of fxmeter USD was so weak and nzd was so strong which was showing it could be a buy but it eventually went into a sell for two days

Reply
    Justin Bennett says

    You’re welcome.

    Reply
Samuel says

Thank you for this week analysis. it’s quite interesting.thanks.

Reply
    Justin Bennett says

    My pleasure. Glad to hear it!

    Reply
Manunu says

Hello,
I am in South Africa, i have seen an advert that i can pay zar149.95 monthly to in premium group. Can you please confirm this and explain further if it’s true.
I want to join your members forum but the once off payment is too high for me. Thank you about the analysis you freely provide.

Reply
    Justin Bennett says

    What advert? I don’t run a monthly paid service, unless you’re referring to becoming a YouTube member.

    Reply
ali says

Thanks sir justin.

Reply
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