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

by Justin Bennett  · 

May 23, 2020

by Justin Bennett  · 

May 23, 2020

by Justin Bennett  · 

May 23, 2020


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.

[thrive_custom_box title=”” style=”dark” type=”color” color=”#fef5c4″ border=”fadf98″]

Did You Like That Video?

Subscribe on YouTube to get notified when I post new videos every week!

[/thrive_custom_box]

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.

[thrive_custom_box title=”” style=”dark” type=”color” color=”#fef5c4″ border=”fadf98″]

Want Me To Help You Become A Better Forex Trader?

Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in May!

[/thrive_custom_box]

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.

[thrive_custom_box title=”” style=”dark” type=”color” color=”#fef5c4″ border=”fadf98″]

Want Me To Help You Become A Better Forex Trader?

Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in May!

[/thrive_custom_box]

XAUUSD 4-hour chart
XAUUSD 4-hour time frame

Continue Learning

26  Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

  1. 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?

    1. 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.

  2. 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

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

  4. 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.

  5. 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

    1. 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.

  6. I have different view about USD/CAD. In my opinion it formed a descending triangle with support around 1.3860 and 5 lower highs for the last 2 months. I am short from May 14 at 1.4034 and will add to that position after a brake of the support. If that happens, I believe there is nothing to stop the free fall at least to 1.35

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}