Daily Price Action

Weekly Forex Forecast (June 17 – 21, 2019)


Important: This site uses New York Close Forex Charts so that each 24-hour session starts and ends at 5 pm EST. These charts are essential for trading price action.

The EURUSD put in what appears to be another false break last week.

This has been a common theme throughout 2019. It’s why I have avoided buying the pair for the majority of the year.

Friday’s close back below 1.1260 suggests we could see another run at the 1.1110 support level.

However, unlike the last few retests of this area, I’m not convinced we’ll see another bounce.

A false break like this often triggers an extended move in the opposite direction.

In the case of EURUSD, that means a move lower.

And if the 1.1110 support area fails on a daily closing basis, I have every reason to believe the single currency will trend lower toward the 1.0860 region.

The weekly time frame illustrates why it’s a significant area.

But as long as 1.1110 support and 1.1260 resistance are intact, it’s best to play the ranges here on EURUSD.

Want to see how we’re trading these currency pairs and more? 

Click Here to join us and save 40% – Ends June 30th!

EURUSD support and resistance

Much like EURUSD, the GBPUSD bullish move failed on Friday.

Although this channel is starting to lose its significance, I still think it’s serving as a guide for buyers and sellers.

You can see how the GBPUSD rally was stuffed between May 21st and June 6th.

As soon as the pair climbed above it on the 7th, the level began serving as support and did so until last Friday’s breakdown.

For the week ahead, I think we could see a few buyers surface in the 1.2580 area.

At the other end, any pops into 1.2650 resistance are likely to be sold quite aggressively.

GBPUSD channels

I wrote about EURGBP on June 6th. At the time, the pair was coming off of 0.8840 support, and all eyes were on 0.8930 resistance.

You can see where the pair encountered selling pressure at 0.8930 last week.

If buyers can take out 0.8930 resistance this week, we could see EURGBP trend higher toward the year-to-date high near 0.9060.

Alternatively, a daily close below 0.8840 would signal a larger pullback. This is a must-hold area for buyers, in my opinion.

I’m not interested in EURGBP at the moment, but the current range could produce a breakout opportunity over the coming sessions.

IMPORTANT: I use New York close charts so that each day closes at 5 pm EST.

Click Here to get access to the same charts I use.

EURGBP range

wrote about GBPCAD on June 4th and again on the 7th.

The idea both times was simple. The pair had carved a massive ascending channel and was resting just above its key support level.

However, the lower high in May combined with the heavy price action above 170.00 meant I was not interested in buying.

Even the title of the June 4th commentary included the words, “breakdown imminent”.

On that same day (June 4th), GBPCAD closed below channel support.

And by the 5th, the pair was below the 1.6980 horizontal level. This is the area I told members I wanted to short from, and I did.

The next two sessions saw GBPCAD lose more than 200 pips from high to low.

But since the June 10th low, buyers have managed to claw back 170 pips as of last week’s high.

So where does that leave us for this week?

I like to keep things simple. In the case of GBPCAD, as long as the pair remains below 1.6980 on a daily closing basis, I will stay short.

Even if buyers take back 1.6980, my bearish bias for GBPCAD will be in play as long as the pair is below former channel support near 1.7050.

Key support is the same at 1.6600. That’s the 2018 low as well as the triple bottom that triggered the bounce late last year.

Now, if I see the pair challenge this week’s high at 1.6962 this week, I will exit my position. I’m not willing to take a loss here, and I can always get back in higher if warranted.

GBPCAD breakdown

The NZDCAD reached our first target at 0.8690 last week.

This was my top trade idea last Sunday as the pair had just carved a bearish pin bar on the weekly time frame.

NZDCAD had also formed an ascending channel that I was treating (and still am) as a bearish flag pattern.

In my opinion, the NZDCAD has more downside in store.

However, I do expect bounces while above 0.8690 on a daily closing basis. A close below that would expose the 0.8500 area.

Key resistance for the week ahead comes in at 0.8780.

Want to see how we’re trading these currency pairs and more? 

Click Here to join us and save 40% – Ends June 30th!

NZDCAD channel on the daily time frame

Leave a Comment:

Justin Bennett says

Now you can get access to the same professional Forex charts I use!

Get access today: http://bit.ly/2UzPyiR

These charts give you five 24-hour sessions each week. They are essential if you trade from the daily or 4-hour time frames. Anything else can produce false buy and sell signals.

Download the platform here: http://bit.ly/2UzPyiR

    Volka says

    Thanks for sharing, is the set up for eurnzd and Euraud still playing the same or something changed?

Fola says

Justin, doesn’t this seem to you like a Heads & Shoulders reversal pattern in the making?

Fola says

Justin, looking at the eurusd daily chart, doesn’t it seem to you that the market could be forming an Inverse heads & shoulders

Syed Hassan says

Thank you,Sir

Peter says

Have you looked at EURAUD and AUDCAD? They are both testing significant daily levels


Thank you very much, Justin Sir.

Fergus says

I also would like to know what will happen with eurnzd. ..please

Zahid Nawaz says

Hi Justin please some analyst for gold up or down tell me please

    Bernard says

    Eishh i love Gold I hope he mention important levels

Bernard says

Best Analysis ever .. Thank you Bernet

Ali says

Thank you alot justin.

Methuli says

Great analysis, thank you Justin

Samuel says

Thanks so much sir for the weekly analysis.

akeem says


Kevin Ripton says

Really like your methods and explanations.

Add Your Reply