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(Video) Weekly Forex Forecast for November 4 – 8, 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 8, 2019.

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

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EURUSD Forecast

We’ve been tracking the EURUSD’s bullish progress for weeks.

It all started when the pair bottomed in the 1.0900 region. I discussed this several times, including three reasons why sellers needed to be careful.

But it was the October 11 close above the descending channel top that really got our attention.

That breakout meant any retest of 1.0990 was likely to attract buyers.

What followed was a 190 pip rally above the 1.1070 support region.

I discussed the potential for a bounce from 1.1070 in last Saturday’s Forex forecast video.

The EURUSD bounced there last week and even challenged the last swing high that topped out at 1.1180.

For the week ahead, I would expect to see buyers defend the area between 1.1070 and 1.1100.

As long as EURUSD stays above that region, the 1.1200 resistance area is exposed.

EURUSD key support and resistance areas

GBPUSD Forecast

Similar to its euro counterpart, the GBPUSD spent last week consolidating.

That isn’t surprising, though, given the massive 800 pip rally in October, which materialized with the September 4 bullish breakout.

Every market needs time to consolidate after a move like that, and the GBPUSD is no exception.

I prefer to avoid indecisive price action like this, though.

The market lacks conviction, and there are better opportunities out there, in my opinion.

I will, however, keep an eye on what happens at 1.2770 support or 1.2980/90 resistance over the coming days.

A close below 1.2770 support would expose 1.2570.

On the other hand, a daily close above 1.2990 would open the door for a move to the 1.3160/70 resistance area.

GBPUSD consolidation

USDJPY Forecast

I wrote about this USDJPY rising wedge on Thursday.

I had been relatively bullish the pair until that Wednesday bearish rejection candle from 109.00 hinted at a pullback.

Furthermore, the rising wedge below appears to suggest exhaustion from buyers.

If that’s the case, we could see USDJPY rotate lower in November.

That’s especially true considering last week’s bearish engulfing candle. Watch the video above for all the details.

However, keep in mind that sellers need to clear wedge support first.

At the moment, that support area comes in around 108.10.

A daily close below that would expose the next horizontal support at 106.80 with a break there targeting the pattern’s inception point at 105.00.

Key resistance for the week ahead comes in at 108.50/60 followed by 109.00.

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USDJPY rising wedge pattern

AUDUSD Forecast

The AUDUSD has a decision to make this week.

I wrote about the significance of the 0.6920 resistance area on Friday.

It’s the top of a descending channel that dates back to December of last year.

At the same time, the AUDUSD is holding above the 0.6860/80 support region, which previously served as resistance.

It’s going to take a daily close above the channel top around 0.6910/20 to expose the next key resistance level at 0.7030.

That’s the 50% retracement of the descending range as well as a key weekly level.

Alternatively, a daily close below 0.6860/80 would expose 0.6800.

AUDUSD descending channel top

NZDUSD Forecast

Last but not least, we have the NZDUSD.

I’ve discussed the pair several times, including last Saturday’s forecast video, where I pointed out the confluence of support at 0.6350.

Notice how the New Zealand dollar bounced from 0.6350 last week and even tested the 0.6430 resistance level.

That 0.6430 region is significant for a couple of reasons.

First, it’s a key horizontal level based on recent price action.

Second, it’s the neckline of what could be an inverse head and shoulders pattern.

I made a video about this idea on Thursday.

But buyers still have more work to do if they intend to push the NZDUSD significantly higher.

It starts with a daily close above 0.6430. Notice how buyers failed to close the pair above this level before the weekend.

That means 0.6430 is still serving as resistance for the week ahead.

However, if we do see the pair close above 0.6430, it would expose 0.6490 and perhaps even 0.6580.

Alternatively, a close below 0.6350 would signal weakness, in my opinion.

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NZDUSD inverse head & shoulders

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25 comments
Justin Bennett says

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Reply
Saif says

I think perfect analysis. Thanks JB.

Reply
    Justin Bennett says

    You’re very welcome.

    Reply
Jibrill says

Great analysis Jastin… you make trading look really simple.

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    Jibrill says

    Pls what is the name of the tool or software you use in writing on your charts? Is that MT4?

    Reply
      Justin Bennett says

      I use Camtasia.

      Reply
    Justin Bennett says

    Thank you. Simple is best. 🙂

    Reply
Muhammad says

PERFECT,AS ALWAYS,THANKS JUSTIN

Reply
    Justin Bennett says

    You’re welcome, Muhammad.

    Reply
Mr Vongani Maimela says

i want to find out about the USDJPY. The very first time i followed a post on this pair was when we’re expecting an inverse head and shoulders pattern with an objective profit at around 112. this pull back is on the neckline and i was wondering if this is still going to move higher to that objective first discussed.

Reply
    Justin Bennett says

    I included USDJPY in this post.

    Reply
Shah says

Hai Justin, u were saying bout the candle stick to close above or below….is it a Daily or H4 candle stick?

Reply
    Justin Bennett says

    If I’m showing the daily time frame when I say it, I’m referring to the daily close.

    Reply
GASPER says

my roll model

Reply
tugsuu says

thanks

Reply
    Justin Bennett says

    You’re welcome! Have a great week.

    Reply
Jane says

Hi Justin

It’s always refreshing to receive your updates and videos which have become a life line for many of us; I always look forward to Sat! I love the way you give us a very balanced view of what to expect from the chosen pairs,with various options, making decision making that much easier when the odds turn in our favor. It’s almost like taming the giant (market) for us….. thanks a mil!

Reply
    Justin Bennett says

    Absolutely, Jane. It’s great to know you’re finding these posts and videos so helpful. Enjoy your week!

    Reply
pius ositadinma says

Hi Justin happy to be here. i am a newbie believe me i need help, can i start having possible ebooks , videos that can help me. thanks

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ali says

Sir justin thanks for the very fine explanation without it I am lost. Thank you again.

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DEBO SAMSON says

Justin, i must quickly say that you a blessing to me. I have learnt a lot from your analysis. However i will appreciate if you could include CRUDE in your analysis. i trade crude but you rarely include it in your analyses. Please consider it sir. You are a blessing. Thank you sir

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Emeka says

Perfect analysis, please kindly include analysis and setup for AUDJPY this week. Thank you.

Reply
Fan Zai says

You are the best mr justin,,i very hope the display image is large when you upload it in vedeo by youtube,,you’re the best,May God bless you

Reply
Kim says

Thank you, I enjoyed your video. regards.
KIM

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