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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, USDCAD, NZDUSD, XAUUSD (May 18 – 22, 2020)

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In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, USDCAD, NZDUSD, and XAUUSD through May 22, 2020.

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

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EURUSD Forecast

Another week, another round of consolidation for EURUSD.

The pair continued to pressure the 1.0770/80 support area last week, a level that aligns with the multi-year trend line from the 2000 lows.

As I’ve said for weeks, sellers need to clear that 1.0750 region on a monthly closing basis to confirm the breakdown in the multi-decade uptrend.

Of course, a daily close below wedge support shown below would also be bearish in the short-term.

Key resistance for the week ahead comes in at 1.0900.

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EURUSD daily time frame

GBPUSD Forecast

GBPUSD worked out beautifully for us last week.

Following the May 11th close below wedge support at 1.2360, that area became new resistance on May 12th.

The wedge pattern below and the potential for a move below 1.2360 is something I mentioned in last week’s forecast.

You can also see how GBPUSD was “leaning” on support for several days.

I talk about it in the video above, and how you can use that type of price action to determine a market’s likely path forward even before the breakout.

With GBPUSD now below 1.2200, that area becomes resistance with support coming in at 1.2000.

GBPUSD daily time frame

USDCAD Forecast

I wrote about USDCAD on Friday.

The way the pair has consolidated within a descending channel following the March rally looks constructive to me.

Furthermore, the USDCAD has been pushing on channel resistance while carving higher lows.

That’s indicative of an upcoming bullish break.

I could be wrong, and the 1.4130/40 resistance area could turn USDCAD lower this week.

In which case, keep an eye on 1.3850.

But if USDCAD buyers do secure a daily close above 1.4140, watch for that area to become new support.

Key resistance above 1.4140 comes in at 1.4340 and 1.4660.

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USDCAD daily time frame

NZDUSD Forecast

NZDUSD is another one that played out perfectly last week.

I’ve said for weeks that the latest round of consolidation looked more like a continuation pattern than anything else.

Sure enough, Friday’s session confirmed my suspicions with a break below channel support near 0.5990.

We also had a bearish engulfing day on May 11th that allowed some DPA members to get short.

Don’t forget too that NZDUSD is still trading below 0.6200, which is the multi-year trend line that broke down in March.

Key support for the week ahead comes in at 0.5860, followed by 0.5650 with resistance coming in at 0.5990.

NZDUSD daily time frame

XAUUSD Forecast

I told members last week that XAUUSD (gold) looked like it wanted to break higher.

This is something I mentioned last week too.

The wedge pattern that developed did so within an established multi-year uptrend.

That alone was a clue that the wedge structure was a continuation pattern.

Furthermore, the way XAUUSD was pushing on wedge resistance without pulling back suggested demand was increasing.

Be sure to watch the video above, where I explain this dynamic on the 4-hour time frame.

For the week ahead, 1710/20 is support with resistance coming in at 1740/50.

It’s going to take a daily close above 1750 to open the door to 1800.

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XAUUSD daily time frame

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19 comments
Justin Bennett says

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Reply
Martin Njeru says

Cheers ,,,,,,NZDUSD USDCAD similar view similar analysis Actually you have taught me a sniper entry by knowing where bulls and bears pressure Thanks Master

Reply
    Justin Bennett says

    Great to hear. Thanks for sharing.

    Reply
Martin Njeru says

Master if I may ask how do you anticipate that the pin bar is not valid for instance that pin bar on NZDUSD made me close my shorts position since Monday on nzdusd,nzdjpy And bought on Friday although stop loss was few pips below my entry… i got stopped out with a few losses

Reply
    Justin Bennett says

    I mentioned it in the video above. The size relative to the prior candle, the ascending channel within a broader downtrend, weekly bearish engulfing candle (which was near complete on Thursday), etc. There were several factors, all of which I explained in today’s video.

    Reply
      Martin Njeru says

      Thank you master, bye bye happy trading week…..finally i saw something i want confirmation when i fund account with Blue berry markets account(1000usd), you mean i will access your forum cost less? Secondly how much do you charge if i opt my preffered broker of choice?

      Reply
Samuel says

Thank you very much for the coming week analysis.it is filled with good expectation, thanks.

Reply
    Justin Bennett says

    You’re welcome.

    Reply
ali says

Thanks master for the fine analysis that makes me understand better.

Reply
    Justin Bennett says

    You’re welcome.

    Reply
Henry Pullen says

Justin indeed appreciate your work . You really good. Great to learn from you… Stay Bless

Reply
    Justin Bennett says

    Thanks. Enjoy your week.

    Reply
Reuben Adinna says

Many thanks to you sir for this insightful write up. More blessings. Happy weekend

Reply
    Justin Bennett says

    You’re welcome. Cheers.

    Reply
derrick says

thanks for the update sir

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Victor Chijman says

Great insight Justin as always. However what do you think about closing trades prematurely before they reach their take profit point if you see the market might move in the opposite direction of the trade after moving for some days in the direction of the trade

Reply
    Justin Bennett says

    Moving in the opposite direction alone doesn’t justify closing the position. The market would need to do something to convince me that my narrative is wrong.

    Reply
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