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(Video) Weekly Forex Forecast for November 25 – 29, 2019

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In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, USDJPY, AUDJPY, and AUDCAD through November 29, 2019.

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

EURUSD Forecast

EURUSD sold off from a familiar area last week.

I’ve pointed out the 1.1070 region for several weeks now.

You can see how it has served as a pivot for the euro since late July.

We’ve also looked at the support region between 1.0990 and 1.1020. This is where the EURUSD bounced earlier this month.

Friday’s selloff leads me to believe that a retest of 1.0990 is likely.

If we see EURUSD close below the confluence of support near 1.0990, it would expose lower levels including the year-to-date lows.

Alternatively, any bullish price action from 1.0990 could trigger another move higher into 1.1070 resistance.

EURUSD ascending channel on the daily time frame

GBPUSD Forecast

GBPUSD remains in consolidation between 1.2770 and 1.2980.

We’ve been discussing this range for several weeks now.

Notice how the 1.2980 region attracted sellers once again last week.

Buyers must hold the 1.2770 area this week if they intend to push GBPUSD higher from current levels.

A daily close below 1.2770 would expose the next key support at 1.2570.

Alternatively, a close above 1.2980 would target 1.3170.

GBPUSD key horizontal support and resistance

USDJPY Forecast

The USDJPY remained indecisive last week following the November 14 close below wedge support.

So far, sellers have yet to follow through on that breakdown.

At the same time, the USDJPY is still capped below the 109.00 resistance handle.

We’ll see if sellers can push the pair lower this week, but until we see the price move out of this consolidation, it’s going to be a tough market to trade.

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USDJPY rising wedge pattern on the daily chart

AUDJPY Forecast

The AUDJPY may be gearing up for a move lower.

Notice how the pair has carved what could be a rising wedge over the last few months.

But it isn’t the most well-defined pattern I’ve seen.

So while it could trigger a move lower, I’m going to need to see the AUDJPY respect the level as new resistance following a break.

As long as the pair is above support, though, the area will continue to attract buyers.

AUDJPY rising wedge pattern

AUDCAD Forecast

I wrote about a possible AUDCAD bullish pattern last week.

The inverse head and shoulders isn’t the cleanest formation I’ve seen, but it does still qualify as one for now.

However, there’s always the possibility that buyers never quite get behind this pair.

With that in mind, it’s important to respect both the bullish and bearish scenarios.

The bullish scenario could develop with a close above trend line resistance near the 0.9100 area.

On the other hand, a daily close below support near 0.9000 would likely send the AUDCAD lower.

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AUDCAD daily wedge pattern

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13 comments
Justin Bennett says

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Mark Watson says

Hi Justin,
I was wondering about the weekly chart on USDJPY. It looks like sideways consolidation with a line of SR about 108.55 and a close above over the past 3 days trading?…could this be a sign of a push higher do you think?.

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jimoh ibrahim opeyemi says

BRAVO MASTER AM CONFIDENCE TO SAY HAVE FOLLOWED YOUR PATH.. I NOW ANALYSE EXACTLY LIKE YOU MAN JUST BY WATCHING THOSE LESSON VIDEOS IN THE YOUTUBE CHANNEL AND ADD IT TO MY LITTLE KNOWLEDGE I HAVE BEFORE

KEEP THE GOOD WORK UP

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farayi sahumbe says

i want to know more about forex

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Samuel says

Thank you very much Sir for this week analysis.

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Fadayomi says

You have reality inspired me into trading FOREX.
U are a good teacher and mentor.
I really appreciate you.
Thanks very much.

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Eliezer Andino says

Thanks Justin, you have been right on track all month with your videos. We love you man and pray for you and your family weekly.

Elly

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Victor says

Thank you once again. With your simplicity on how to identify key levels on a chart, it gives better understanding on possible entry for a sell or buy.Regards

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howard hill says

Thank you Justin. I much appreciate your video analyses.

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Anthony Biasillo says

i have been catching your post for a few weeks now – they are very good- – trend lines and channels are somewhat new to my analysis – particularly trendlines – appreciate your analysis

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Allan says

I think ur wrong

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John says

Thanks sir for everything …do you mind having a look at EURAUD I see H&S formation

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dolfie says

With havin so much content and articles do you ever run into any
issues of plagorism or copyright violation? My blog has a lot of
unique content I’ve either written myself or outsourced but it appears
a lot of it is popping it up all over the web without my agreement.
Do you know any techniques to help prevent content from being ripped off?
I’d definitely appreciate it.

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