Weekly Forex Forecast For February 26 – March 1, 2024

by Justin Bennett  · 

February 25, 2024

by Justin Bennett  · 

February 25, 2024

by Justin Bennett  · 

February 25, 2024


The US dollar remains well-bid above 103.50, but how might that affect pairs like the EURUSD, GBPUSD, USDJPY, and XAUUSD next week?

Watch today’s Weekly Forex Forecast to find out!

Let’s begin!

US Dollar Index (DXY) Forecast

The US dollar remains mostly sideways this month, but bulls are keeping the uptrend intact above 103.50.

That’s the must-hold area for bulls next week, with 104.45 and 105.00 as resistance.

If the DXY loses 103.50, particularly the 103.00 lows, it would likely trigger a renewed bearish trend for the dollar.

However, I’ll remain cautiously bullish on the DXY while above those key levels.

DXY 2024 02 25 12 26 42
Weekly Forex Forecast For February 26 - March 1, 2024 6

EURUSD Forecast

EURUSD continues to trade below the 2022 trend line I’ve mentioned, which comes in at 1.0850 next week.

I’ll remain bearish on the euro while below that mark on the higher time frames.

We also have a 4-hour channel here that could produce an opportunity next week.

So far, EURUSD is holding above channel support, although Friday’s close was on the edge.

A sustained break below channel support opens up the 1.0730 lows, while a daily close above 1.0850 would expose 1.0900.

EURUSD 2024 02 25 12 27 42
Weekly Forex Forecast For February 26 - March 1, 2024 7

GBPUSD Forecast

GBPUSD continues to be a tough currency pair to trade.

We saw a retest of channel resistance at the end of last week, so that will be a key factor next week.

The 1.2700 area remains resistance for GBPUSD, with support coming in at 1.2600 and 1.2500.

GBPUSD 2024 02 25 12 28 36
Weekly Forex Forecast For February 26 - March 1, 2024 8

USDJPY Forecast

USDJPY is just 140 pips below its 152.00 multi-year highs.

That makes me think we could see a retest there soon, as significant levels like 152.00 tend to serve as magnets for price.

So far, USDJPY is holding above the 149.70 support area, as well as a breakout point I mentioned last week at 150.40.

Resistance for USDJPY next week comes in at 150.90 and 152.00.

USDJPY 2024 02 25 12 29 37
Weekly Forex Forecast For February 26 - March 1, 2024 9

XAUUSD Forecast

Gold is testing the trend line from last October at $2,040 that I’ve mentioned several times this month.

However, I think it’s a mistake to short XAUUSD here without a valid reason.

Friday’s move was quite strong, and although gold remains below resistance, I don’t see a reason to be bearish, at least not yet.

Bearish price action from here this week could present an opportunity to get short, while a sustained break above $2,050 would be bullish toward $2,080.

XAUUSD 2024 02 25 12 31 15
Weekly Forex Forecast For February 26 - March 1, 2024 10

Continue Learning


Leave a Reply

Your email address will not be published. Required fields are marked *

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}