Daily Price Action

(Video) Weekly Forex Forecast for EURUSD, GBPUSD, GBPNZD, XAUUSD, ETHUSD (June 22 – 26, 2020)


In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, GBPNZD, XAUUSD, and ETHUSD through June 26, 2020.

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

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EURUSD Forecast

EURUSD lost its bullish momentum last week.

Thursday’s close below 1.1230 signaled weakness, as I pointed out on the 18th.

We saw EURUSD test 1.1230 as new resistance on Friday and even lose additional ground before the weekend.

However, I’m skeptical about the pair’s downside potential as long as that 1.1150 area is intact on a daily closing basis.

If sellers can clear 1.1150, we could see a run at 1.0990.

On the flip side, a bounce from 1.1150 support this week could trigger another retest of the confluence of resistance at 1.1230.

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

GBPUSD Forecast

The GBPUSD continued its sideways movement last week with a break back below former channel support near 1.2460.

If you watched last week’s forecast, you know that I was anticipating a sub 1.2500 move.

The selloff on the 11th and 12th of June was too aggressive to think otherwise.

For the week ahead, 1.2460 becomes new resistance with support coming in near 1.2240.

That said, I’m not a fan of trading GBPUSD at the moment given the lack of favorable technicals and momentum.

GBPUSD support and resistance
GBPUSD daily time frame

GBPNZD Forecast

I wrote about GBPNZD on Friday.

The pair had a nice run following the breakdown from a smaller ascending channel back in May.

I wrote about this trade idea on March 18th.

For the week ahead, keep an eye on how the pair reacts around the 1.9000 support area.

Key resistance comes in at 1.9400.

Over the long run, though, I do expect the bottom of this channel near 1.9000 to fail and expose the next key support at 1.8300.

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GBPNZD two ascending channels on the daily chart
GBPNZD daily time frame

XAUUSD Forecast

XAUUSD continues to coil below $1,750.

I’ve written about this range for gold between $1,680 and $1,750 for weeks.

I still maintain the idea that XAUUSD is headed much higher over the next five to six years, as I wrote on June 16th.

But I also like gold higher in the short-term.

That doesn’t mean it will break $1,750 over the coming days.

However, the trend continues to suggest that buying the dips and bullish breakouts are the way to go.

Just keep in mind that XAUUSD buyers need to clear $1,750 on a daily closing basis to expose the $1,800 resistance area.

XAUUSD sideways range
XAUUSD daily time frame

ETHUSD Forecast

I wrote about Ethereum (ETHUSD) for the first time on June 4th.

It’s a play in the digital asset space that I’ve been accumulating since April.

The technical details and fundamental story of Ethereum are better suited for a dedicated blog post, but I encourage you to pursue this space.

I’m convinced that Bitcoin is nearing the end of the accumulation/distribution phase of its four-year cycle.

That means the next crypto bull market is just around the corner.

In fact, I believe it has already begun, and Ethereum could stand to benefit the most this time around, in my opinion.

As for the technicals, keep an eye on the $215 to $220 support area.

If that holds, we could see another run at $350 resistance, which has capped ETHUSD since June of last year.

For the record, I’m not trading this or any other digital asset.

These are long-term holds for me with a two to three-year time horizon.

Disclaimer: I hold Ethereum in my crypto portfolio.

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Ethereum (ETHUSD) falling wedge on the weekly chart
ETHUSD weekly time frame

Leave a Comment:

Justin Bennett says

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Zakariya Babayo says

Always on point, may God bless Mr Justin.

Martin Njeru says

I hold a short on EURUSD!What moving averages do you use and what are they for coz i know you dont use indicators?

Josephine a Basciano says

Hi Justin, out of all the Forex Gurus out here, you really seem to have a great understanding of this market..am going to fund an acct here in NY and sign up for your Daily Price Action course, I’m confident that with your guidance I will be a success story for you to share. Thank you, Jo

Isiyaku Ibrahim says

Thanks Justin, good analysis

ali says

Thanks for the excellent analysis sir justin hopefully we can make some money this week.

s says

Thank you very much for this week analysis. Am very grateful.thanks.

Declan says

I enjoy your forecast alot and I appreciate your time for bringing it up always.
Please do you have a telegram group? I’m interested to join

Sergio Arias says

Hello Justin ,

In your analysis on Friday, June 18, you comment that the GBPNZD pair in case of breaking with the support line 1.90 would go down to 1.83 ??

Or do you consider that the price is recomposing and going towards an increase.

    Justin Bennett says

    As I said then, I expect 1.90 support to fail eventually. But I never say something “will” happen.

Mashiloane Mapitseng says

Please Mr Justin help me to improve my trading strategies as I am still new to the market. Please send me more information on how to become a successful trader.

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