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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, AUDUSD, EURAUD, XAUUSD (January 4 – 8, 2021)

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In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, AUDUSD, EURAUD, and XAUUSD through January 8, 2021.

Watch the video below, and be sure to scroll down to see the charts and key levels for the week ahead.

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EURUSD Technicals

EURUSD pulled back at the end of last week following a retest of 1.2300.

I’ve had this 1.2300 area on my chart for several weeks.

However, despite some selling pressure going into the New Year’s holiday, the EURUSD still looks bullish.

The uptrend is intact, and the pair is holding above 1.2150.

And even if 1.2150 were to break, I would still consider the euro to be bullish while above 1.20 on a daily closing basis.

My target for EURUSD remains 1.25, which I first mentioned in October.

Disclosure: I hold a EURUSD long position.

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EURUSD key horizontal levels on the daily chart
EURUSD daily time frame

GBPUSD Technicals

GBPUSD is holding above 1.3480 on a weekly closing basis.

I’d discussed the significance of this level at length in recent weeks.

As I mentioned a couple of weeks ago, GBPUSD bulls needed to secure a weekly close above 1.3480 to confirm the breakout.

They did that two weeks ago, and the pair retested 1.3480 as new support last week.

However, don’t forget about the 1.3680 region.

The area between 1.3660 and 1.3720 could attract sellers on the way up.

Get through that, and we could see GBPUSD reach 1.4350 in the coming weeks and months.

Immediate support, on the other hand, comes in near 1.3580.

GBPUSD breakout on the weekly chart
GBPUSD weekly time frame

AUDUSD Technicals

I’ve liked AUDUSD higher since early November.

I also talked about how shorts were playing with fire in December.

With AUDUSD now testing the 0.7740 area, we could see some weakness develop, but dips are for buying, in my opinion.

Key support for the week ahead comes in at 0.7620.

It will take a weekly close above 0.7740 to extend the rally and expose the 0.8100 area.

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AUDUSD pullback from key resistance at 0.7740
AUDUSD daily time frame

EURAUD Technicals

I first mentioned this EURAUD bearish reversal on December 19th.

The pair had just closed a week below the July 2019 trend line.

That level could be the neckline of a massive head and shoulders pattern.

If so, expect EURAUD to head toward 1.5700, 1.5200, and 1.4600 in the coming weeks.

However, it won’t happen in a straight line.

Sellers will likely defend any rotations to 1.6000.

EURAUD weekly head and shoulders bearish reversal pattern
EURAUD weekly time frame

XAUUSD Technicals

Gold (XAUUSD) looks ready to break out any day now.

A daily close above the $1,900 resistance area would confirm the breakout and open the door to higher prices.

It would also help confirm the $2,380 measured objective I wrote about on December 7th.

XAUUSD looks set to move much higher in 2021, and it starts with a break above $1,900.

Key support for the week ahead remains $1,850.

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XAUUSD gold bull flag pattern on the daily chart
XAUUSD daily time frame

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13 comments
Justin Bennett says

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Reply
Mudi says

Nice

Reply
ZULFIKAR ALI says

Hi Justine

A very happy new year to you !!
The gold closed just above 1900 last week. Is it a convincing close or there may be a pull back to 1850?

Thanks a lot for the analysis. You are an absolute genius 🙏🙏

Best regards
Zulfikar Ali

Reply
    Justin Bennett says

    You’re welcome. Happy New Year!

    Reply
Juliet ekeh says

Nice one bennett

Reply
Chinenye says

Excellent analysis as always.
Your long position on EU since months ago is still going strong. Wishing you all the best of 2021.

Thanks you for your insights.

Reply
    Justin Bennett says

    Thank you. Happy New Year.

    Reply
Freddie Lottering says

Hi Justin, Thank you for an always informative site where we can get insight into your selfless analysis.
Don’t know if I may ask, but will ask anyway. what is the settings that I see on your analysis charts of the two moving averages on there? Do you mind sharing?
Fred

Reply
Mathew says

Happy New year boss it has been a long time since I last commented on your blog.
At first, I wasn’t pretty understanding your analysis so u left, but after years of learning I have finally come to understand your analysis on trends following.
Thanks as I hope to close the year better than where I’m today and so I wish for my follow struggling traders over there.

Reply
ali says

thanks sir justin for the excellent analysis and Happy New year.

Reply
Samuel Sowedi says

Thank you so much for your analysis. Can we organize so that you host a conference in Kenya? and share your insight and experience with the young people i am i have brought together who have an interest in forex? i will be glad if this event takes place. Let me know through my email address

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