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(Video) Weekly Forex Forecast for November 11 – 15, 2019

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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 NZDUSD through November 15, 2019.

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

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EURUSD Forecast

The EURUSD reached the top of a key support area on Friday.

I wrote about the significance of the region between 1.0990 and 1.1020 on Tuesday of last week.

You can see how ascending channel support is just below that.

This does not mean the EURUSD will bounce this week, though.

We have no way of knowing what the euro or any currency will do, and there’s no sign of strength here, at least not yet.

However, any bullish price action from this 1.0990 to 1.1020 area could signal a rotation higher, perhaps into 1.1070.

The longer-term bearish trend is intact for the EURUSD, but I am respecting the potential for a bounce while above 1.0990.

Alternatively, a close below the channel bottom near 1.0990 would likely send the euro even lower.

EURUSD confluence of support above 1.0990
EURUSD confluence of support

GBPUSD Forecast

The GBPUSD consolidation continued last week above 1.2770.

I wrote about this sideways movement last week, noting that it’s going to take a break below 1.2770 or above 1.2990 to end the consolidation.

As long as GBPUSD is above 1.2770 on a daily closing basis, there’s a chance we could see another run at 1.2990.

But the lack of bullish price action is enough to keep me on the sideline.

That’s especially true when you consider how Friday’s session closed just above that 1.2770 level.

For now, it’s going to come down to what happens at 1.2770 this week.

Bullish price action such as a pin bar or engulfing candle would hint at another push higher while a close below it would expose 1.2570.

GBPUSD key support & resistance

USDJPY Forecast

The USDJPY tested the top of a rising wedge last week.

You can see how this wedge resistance that extends from the June low has been so significant, especially over the last few weeks.

Wedge support also played a role in late October and early November.

However, the USDJPY is sending conflicting signals.

On the one hand, we have a rising wedge, which signals exhaustion from buyers.

And on the other, the inverse head and shoulders that I wrote about last month is technically still intact.

As such, it’s going to take a close above wedge resistance near 109.50 or below support at 108.70 to break the pair free.

A move higher would target 110.60 while a break lower would expose 106.80.

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USDJPY rising wedge pattern
USDJPY rising wedge pattern

AUDUSD Forecast

AUDUSD buyers tried to break the pair free last week but ultimately failed.

You can see how the pair hovered just below descending channel resistance at 0.6910/20 for several days.

The AUDUSD had also held above 0.6880 horizontal support on a daily closing basis.

But Friday’s close changed that.

With the pair now below 0.6880, I would expect sellers to defend that area as new resistance this week.

Key support comes in at 0.6810.

However, if we see the AUDUSD close back above 0.6880 this week, it would signal strength and would also re-expose the channel top near 0.6910.

AUDUSD selloff from channel top
AUDUSD descending channel top

NZDUSD Forecast

The NZDUSD looked like it wanted to move higher following the formation of what appeared to be an inverse head and shoulders.

But buyers never did confirm the reversal pattern.

Notice how the pair never closed above the neckline at 0.6430.

Furthermore, the November 4 bearish engulfing day hinted at a deeper pullback from the NZDUSD, which is precisely what we got.

With the pair now below 0.6350, I would expect sellers to defend the area as new resistance this week.

A move lower would likely encounter buyers around the 0.6280 area.

Alternatively, a daily close back above 0.6350 would signal strength and would also open the door to the 0.6430 resistance area once more.

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NZDUSD new resistance level
NZDUSD key support & resistance

Leave a Comment:

27 comments
Justin Bennett says

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said says

thanks justin ,God bless you

Reply
    Justin Bennett says

    You’re welcome.

    Reply
ADEJOBI ADEDEJI says

I’m happy I met Justin as a mentor in this fx market. I thank God for this. U be really made me a profitable trader as I always read your blogs whenever u update it.God blesses u d more u give out.

Reply
    Justin Bennett says

    That’s great to hear! Cheers.

    Reply
Nicky says

Fantastic work as usual Justin. If you look at the EURAUD on the daily time frame there looks like a big head and shoulders pattern about to finalise it’s form. Just an idea.

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    Justin Bennett says

    Thanks, Nicky.

    Reply
Emmanuel says

Good job Justin, your analysis has been helpful. Thanks

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Domitilla Duran says

Hi, Justin Bennett. Thank you, I learned everyday more and more. I wish you, your investments are better every day.Thank you again. God bless you

Reply
    Justin Bennett says

    You’re very welcome.

    Reply
Euphemia Nwachukwu says

Thanks Justin for your wonderful analysis and advice on how to watch and trade them.
Remain blessed.

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Muhammad says

Thanks again Justin

Reply
    Justin Bennett says

    Anytime, Muhammad. Have a great week!

    Reply
blessing says

thanks nice one

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ali says

I hope we have a great week , thanks to sir justin for excellent analysis.

Reply
    Justin Bennett says

    Have a good one, Ali!

    Reply
howard hill says

Very helpful analyses. Thank you Justin.

Reply
    Justin Bennett says

    Pleased to hear that, Howard. Cheers.

    Reply
Rajesh Kumar Pattnaik. says

Thank you very much Bennet for your wonderful technical analysis . Let’s see what is going to happen on Monday. Keep it on man . 👍 A daily forecast would be a great help for me to know the market movement.
Thank you.

Reply
    Justin Bennett says

    You’re most welcome. Enjoy your week!

    Reply
Emmanuel says

Thanks Mr Justin for the wonderful analysis

Reply
    Justin Bennett says

    My pleasure, Emmanuel.

    Reply
James Bennett says

Good session, Thanks, Your presentations are always helpful!! Jim

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Peter says

Your analysis is helpful & interesting. Thank you Justin.

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