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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, AUDUSD, XAUUSD (May 4 – 8, 2020)

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In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, USDJPY, AUDUSD, and XAUUSD through May 8, 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 gained ground last week after breaking above the 1.0890 level.

It all started with the April 24th bounce from a multi-decade trend line that extends from the euro’s all-time lows.

EURUSD wedge on the monthly time frame
EURUSD monthly time frame

But despite last week’s rally, the EURUSD didn’t tell us much that we didn’t already know.

We know the DXY (US dollar index) is range-bound, which has caused quite a lot of indecision across the FX market.

I talk about this in the video above.

It’s no surprise then to see the EURUSD range-bound as well.

Buyers are also struggling with a confluence of resistance around the 1.1000 handle.

Notice the intersection of several key levels in the chart below.

It’s going to take a daily close above that region to secure a move higher.

Alternatively, we could see some weakness develop while the EURUSD is trading below 1.1000 for a move toward 1.0890 support.

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EURUSD key support and resistance levels
EURUSD 4-hour time frame

GBPUSD Forecast

Like EURUSD, the GBPUSD didn’t show us much last week.

The most significant development was probably the retest of the mid-April high.

That negates the idea that this is a head and shoulders reversal.

However, the GBPUSD is still struggling to move above that 1.2570/80 resistance area.

Furthermore, the 1.2330/40 support region is likely still a factor.

With that in mind, it’s going to take a daily close above 1.2570/80 to signal strength or below 1.2330/40 to indicate weakness.

GBPUSD support and resistance on the daily time frame
GBPUSD daily time frame

USDJPY Forecast

The coiling continues for the USDJPY.

I’ve discussed this multi-year edge for weeks.

USDJPY wedge pattern on the monthly chart
USDJPY monthly time frame

It’s most likely going to take a monthly close above resistance or below support to confirm the breakout.

However, the eventual breakout is likely to be aggressive and one I certainly don’t want to miss.

You can also see how the USDJPY is coiling in the 4-hour chart below.

I mentioned this on Thursday, but it’s going to take a close (4-hour or daily) above trend line resistance to confirm the break.

As for support, keep an eye on the 106.50 to 106.90 area.

I wrote about it last week, and so far, it’s holding up.

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USDJPY short-term trend line on the 4-hour chart
USDJPY 4-hour time frame

AUDUSD Forecast

The AUDUSD carved a sell signal last week.

Friday’s close below 0.6450 was significant in that it negated the April 27th close above it.

It also finished off a bearish pin bar on the weekly time frame.

As long as 0.6450 holds as resistance on a daily closing basis, I like the AUDUSD lower this week.

Key support comes in between 0.6200 and 0.6250, with a close below 0.6200 exposing 0.6000.

Only a move above last week’s high at 0.6570 would negate the idea.

AUDUSD bearish pin bar on the weekly time frame
AUDUSD weekly time frame

XAUUSD Forecast

Last week, I wrote about how XAUUSD (gold) had broken back above 1690 on a weekly closing basis.

Thursday’s session closed back below it, but gold wasn’t a sell, at least not for me.

The uptrend is intact, which means buying on dips and breakouts on the way up is still favorable.

For the week ahead, keep an eye on 1690 support. If gold breaks below that, look to 1640.

Key resistance comes in at 1740/50 with a break above that taking on the 1800 handle.

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XAUUSD key levels on the weekly time frame
XAUUSD weekly time frame

Leave a Comment:

11 comments
Justin Bennett says

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Reply
Martin Njeru says

good master,,,,I AM ALSO having same view on ausd since the audjpy gap was closes however only price action would confirm where the pair is going since no one knows where the market is going. To add my view with RBA decion on tuesday i do expect volatilty to push market make trend
Iam also looking the future direction of nzdusd

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Emmanuel says

Thanks Mr Justin for your update and analysis, so grateful on that and thanks a lot

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NTOMBI says

I would like you to get good direction everyday please

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Francisco says

Começei acompanhar essa semana, estou ansioso em ver as análises. obrigado.

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Samuel says

Thanks for all your cares always.I deeply appreciate you.

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ali says

thank you sir justin.

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SHOHAG says

I want to know forex

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IBRAHIM OPEYEMI says

I am just a beginner that is interested in forex trading but has no body to guide me through

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James says

Hi, Justin, could you send me – or let me know where I can access your article on BitCoin? Many thanks, James.

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Margeir Margeirsson says

Thank you for good and clear information.

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