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In this weekly market forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, XAUUSD, BTCUSD, and VETUSD through March 19, 2021.
Watch the video below, and be sure to scroll down to see the charts and key levels for the week ahead.
The EURUSD performed flawlessly for us last week.
On Wednesday, I wrote about how a close above 1.1915 could send the pair higher toward the 1.2000 region.
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Sure enough, Wednesday closed above 1.1915, and that level served as support on Thursday and Friday.
Thursday’s low was 1.1915 on the dot.
For the week ahead, the EURUSD should remain constructive above the 1.1915 area.
Key resistance comes in at 1.2000 – 1.2030 with a close above that, taking on the 1.2100 area.
GBPUSD is less favorable than EURUSD at the moment.
That said, the pair did respect 1.3900 as support on Friday.
If that level holds this week, we could see GBPUSD make another run toward 1.4000.
As I mentioned in today’s video, the recent price action hints at an inverse head and shoulders.
However, GBPUSD bulls need to clear 1.4000 to confirm the structure.
That could very well send GBPUSD back to 1.4240 over the coming weeks.
Alternatively, a daily close below 1.1900 would signal further weakness, perhaps toward 1.3780.
XAUUSD bounced from $1,680 last week, which should come as no surprise to those who have followed along.
I’ve mentioned the confluence of support at $1,680 several times in recent weeks.
As long as that area holds as support, I like gold higher toward $1,760.
Buyers have to clear that $1,760 area on a daily closing basis to expose higher levels including $1,830.
I first bought Bitcoin (BTC) last year when it was trading just below $8,000.
Many thought I was crazy at the time, but it’s played out pretty well, and that’s me being humble.
Bitcoin reached a new all-time high this morning, touching $60,000 briefly.
For now, $58,000 is key support.
However, I doubt we see a full retest of $58,000 support before the breakout above $60,000 begins.
Over the next few weeks, I believe BTCUSDT at $70,000 to $80,000 is a very likely scenario.
VeChain (VET) is another cryptocurrency I was buying last year.
My first purchase was at $0.0078, and I bought up to about $0.02.
Given today’s price of just below $0.07, VET is another one that has played out incredibly well for us.
But I don’t think this market is anywhere close to being over.
For those who saw yesterday’s Cryptocademy newsletter, you know that the charts say there are five to six months left in this crypto bull market.
Furthermore, VETUSDT is moving within an ascending channel that has all eyes on the $0.10 level over the next few weeks.
There’s no guarantee that this channel holds, but if it does, the next couple of days could be the last chance to buy VET below $0.07.
That’s my opinion only, and is not financial advice.
For now, $0.064 is support, and the $0.072 area is resistance.
VETUSDT is in price discovery, so there aren’t any obvious resistance levels to point out.
That said, round numbers like $0.08, $0.09, and, of course, $0.10 should attract sellers on the way up.