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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD, XAUUSD (May 25 – 29, 2020)

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In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, USDJPY, USDCAD, and XAUUSD through May 29, 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 upward momentum at the end of last week following a close above wedge resistance near 1.0940.

I wrote about the potential for this bull trap on Thursday.

The way the pair retested former wedge resistance as new support immediately was a red flag.

Furthermore, there was a 4-hour upward sloping flag that hinted at weakness.

I shared this pattern with Daily Price Action members on Thursday, and it played out perfectly before the weekend.

For the week ahead, 1.0890 is support with a close below that taking on the bottom of the wedge pattern near 1.0820.

The 1.0930 area should attract sellers on any retest.

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EURUSD daily chart showing wedge pattern
EURUSD daily time frame

GBPUSD Forecast

The GBPUSD carved a false break of its own last week.

After closing back above 1.2200 on May 19th, buyers failed to hold prices above it into the weekend.

With Friday’s sub 1.2200 close, that area will likely continue to serve as resistance into next week.

Key support comes in at 1.2000 with a close below that taking on 1.1780.

GBPUSD false break above 1.22
GBPUSD daily time frame

USDJPY Forecast

USDJPY continues to consolidate below 107.80 resistance.

I wrote about the falling wedge below on May 11th.

I was buying the pair before that in anticipating of a break higher, which materialized on May 11th.

I shared those entries within the membership site.

However, I’ve been reluctant to add to that position given the sideways movement below 107.80.

I continue to look USDJPY higher toward 109.30, but it’s going to take a daily close above 107.80 to attract a fresh round of buyers.

Key support for the week ahead comes in at 106.90.

USDJPY daily chart showing consolidation
USDJPY daily time frame

USDCAD Forecast

USDCAD continued its consolidation last week following the aggressive March rally.

As you can see, 1.3850 is still serving as key support within this descending channel.

I bought USDCAD last week at 1.3904 based on the way the pair was holding above 1.3850, which I announced in the member forums.

I’m interested in adding to that position, but not until USDCAD gets above channel resistance on a daily closing basis.

Above 1.4080 resistance, we have 1.4330 and 1.4660.

USDCAD potential bullish pattern
USDCAD daily time frame

XAUUSD Forecast

I wrote about XAUUSD (gold) on Friday.

We looked at a confluence of support near 1700, which is the intersection of former wedge resistance and descending channel support.

As long as 1700 holds on a daily closing basis, I like XAUUSD higher.

Just keep in mind that buyers need to clear the 1740 area to expose 1750 and perhaps 1800.

Alternatively, a close below 1700 would signal weakness and could even expose 1640.

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XAUUSD 4-hour chart
XAUUSD 4-hour time frame

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24 comments
Justin Bennett says

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Reply
Martin Njeru says

good job, US economy will get back soon seeing Dollar resume its Glory, Am watching KIWI how it behaves coming days with EURUSD are some of the currency with goods shorts, IF i may ask beside pin bar which other candlestick pattern do you rely on to make trade decision?

Reply
    Justin Bennett says

    Thanks, but I don’t agree that the economy will snap back, nor do I think that’s what is needed for the US dollar to appreciate.

    I’ve written about everything on this site. Feel free to use the search bar.

    Reply
Abraham says

I don’t get how that wedge head complement the other price at the upper channel…Explain why Justin

Reply
    Justin Bennett says

    Did you watch the video? I explain everything there.

    Reply
richard alterado says

Hi Justin I’m following your blog and free videos for a couple of weeks and I decided to avail your promo for lifetime membership,however when I avail the free set up I was unable to download in my MacBook laptop its not accepted hence it comes from untrusted source not from applestore.I have unlocked my security key but still no avail.Maybe you can assigned someone to install the flatform blueberry in my laptop then I will avail your promo so that all will run smoothly.Im a newbie and still learning.Thank you

Reply
    Justin Bennett says

    You’ll need to speak with Blueberry Markets about that. I can’t do anything about it.

    Reply
sunday says

Thanks Justin

Reply
    Justin Bennett says

    You’re welcome.

    Reply
James says

Hi Justin bro, i want to know Eurousd price will come down or up on 25.05.2020

Reply
Simthembile says

Hi Jason, I appreciate your news later, could you please in addition include DXY in your analyses please.

Reply
EMMANUEL OLADUNNI says

Your analysis has always been helpful, thank you

Reply
    Justin Bennett says

    Pleased to hear it.

    Reply
Francis says

Please Mentor, help me: recommend to me some brokers that uses New York closing and having USD Index pair and running on MT4. Please help me out.

Reply
    Justin Bennett says

    That would depend on where you live.

    Reply
Samuel says

Thanks i remain very grateful to you,thanks.

Reply
Lindiwe says

Great analysis as always Justin.

Reply
Wolls says

Dear Justin

I commend your weekly forex analysis.

However, you don’t support your forecast with reasons. For instance,why do you think EURUSD will go up or down. You only focus on pattern most of the time.

Robust presentation ought to be supported by “how”, “why”, “when”,if,etc

Trust you will consider this suggestion.

Thank you.

Ade

Reply
    Justin Bennett says

    I focus on patterns because I’m a technical trader. Trying to determine when something will occur in the market is a fool’s errand. That’s why binary options are no better than an online casino.

    Reply
Rabani says

Thanks Dear for giving nice direction of trading.
Wish I could join your team.

Reply
    Justin Bennett says

    You’re welcome.

    Reply
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