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In this weekly market forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, XAUUSD, ETHUSD, and VETUSD through January 29, 2021.
Watch the video below, and be sure to scroll down to see the charts and key levels for the week ahead.
EURUSD bulls reclaimed a key level last week.
The 1.2150 area has served as support and resistance for the pair since early December.
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Last Thursday’s close back above 1.2150 appears to have flipped it to support once again.
However, the EURUSD is mostly sideways.
Since reaching the 1.2330 resistance area, the euro has struggled and continues to look indecisive.
We’ll see how the next few weeks play out, but the EURUSD uptrend is intact while above the 1.2000 area.
If 1.2150 holds as support, we could see a move back to 1.2330 resistance.
Disclosure: I hold a EURUSD long position.
The GBPUSD is another currency pair that’s mostly sideways right now.
I’ve discussed how 1.3480 is support on a weekly closing basis for the last few weeks.
However, GBPUSD bulls have been unable to clear the 1.3700 resistance area on the weekly time frame.
That’s what it’s going to take to send GBPUSD toward 1.4350.
Until this range between 1.3480 support and 1.3700 resistance breaks, expect more sideways action from the pound.
Gold (XAUUSD) continues to consolidate within a multi-month bull flag pattern.
Despite the recent stalemate between buyers and sellers, I continue to favor XAUUSD higher in 2021.
The bull flag that’s developed since last August points to an eventual move higher.
But developments like this take time.
XAUUSD could breakout out this week, or spend another two months consolidating.
What I do know is that the eventual breakout should be worth the wait.
As I’ve mentioned a few times, the measured objective for this pattern is $2,380.
I still expect that sometime later this year.
I’ve written about Ethereum (ETH) extensively since June of last year.
Back then, the cryptocurrency was trading just above $230.
I also wrote about it in November when ETHUSD was trading at $461.
Fast forward to today, and the crypto is trading at $1,250, representing an incredible 450% gain since it was first mentioned on this site.
That said, I have no intention of selling anytime soon.
In fact, I will most likely be staking ETH, in which case I may not sell any at all.
As for the short term price action, if Ethereum follows Bitcoin’s path at its previous all-time high, ETH should clear $1,440 before February 4th.
Once that occurs, it may only take a few weeks to put ETH above the $3,000 mark.
Disclosure: I have a vested interest in ETH.
VeChain (VET) is another cryptocurrency that I’ve covered since June of last year.
Back then, the crypto was trading at $0.008.
Today, the price of VET is hovering just above $0.03, which represents a 285% return.
But I’m not selling at these prices.
I’ve said for months that I expect big things from VeChain, and so far, they’ve delivered.
However, I still think the best is yet to come.
That’s especially true when you consider that this crypto bull market has several months to go.
In the short term, a weekly close above $0.032 would clear the 2018 trend line shown below.
It would also send VET on a path toward $0.05, followed by $0.10, in my opinion.
As appealing as those figures look, I think VET goes even higher this year.
Disclosure: I have a vested interest in VET.