Weekly Forex Forecast For July 31-August 4, 2023

·    July 29, 2023

·      July 29, 2023

·    July 29, 2023


Today I’m going to show you exactly how I’m trading the DXY, EURUSD, GBPUSD, USDCAD, and XAUUSD next week.

Last week saw a second DXY close above 100.80 and also 101.25, potentially signaling further dollar strength next week.

The USDCAD also looks primed for a breakout, but Monday’s price action will be critical.

I’ll discuss all of that and more in today’s video, including key levels and targets for next week.

Let’s begin!

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US Dollar Index (DXY) Forecast

The DXY closed its second week above the 100.80 previous year-to-date low, confirming the reclaim of that key area.

The dollar index also closed above the 101.25 key level.

As long as the DXY is above that 100.80-101.25 region on the higher time frames, I favor another push to 102.00 and potentially 102.80.

Alternatively, a sustained break below 100.80 would be bearish and expose 100.00.

DXY 4h 7.29.23
Weekly Forex Forecast For July 31-August 4, 2023 6

EURUSD Forecast

EURUSD reached my 1.0950 target last week, an area I discussed in the last forecast video.

That’s a confluence of support based on two short-term trend lines.

Key resistance for EURUSD next week is between 1.1070 and 1.1100, while support remains the 1.0950 area.

Healthy consolidation from the DXY would have me watching for fresh EURUSD shorts below 1.0950, while a sustained break above 1.1100 would be bullish toward 1.1170.

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EURUSD daily 7.29.23
Weekly Forex Forecast For July 31-August 4, 2023 7

GBPUSD Forecast

GBPUSD is not at the top of my watch list, as I think there are better, more obvious opportunities elsewhere in the forex market.

However, the bottom of this channel at 1.2850 is one to watch next week.

A bearish rejection there opens up 1.2630, while a sustained break above 1.2850 and 1.3000 would expose the 1.3140 recent highs.

GBPUSD daily 7.29.23
Weekly Forex Forecast For July 31-August 4, 2023 8

USDCAD Forecast

USDCAD is one of my favorite markets based purely on the technicals.

I’ve discussed the 2021 trend line at length, and we saw a nice rally from that level two weeks ago.

The recent consolidation looks bullish, but it will take a sustained break above 1.3230 to confirm the breakout toward 1.3370.

Alternatively, a sustained break below 1.3180 would be bearish in the short term.

USDCAD daily 7.29.23
Weekly Forex Forecast For July 31-August 4, 2023 9

XAUUSD Forecast

Last weekend, I mentioned that we could see XAUUSD (gold) rotate lower from the $1,980 region for another $1,940 retest.

We got that in a single aggressive move on Thursday.

For now, XAUUSD is a range-bound market between $1,940 and $1,980, so expect bulls to defend the former and bears to defend the latter.

A sustained break above or below those levels on the higher time frames would open up additional levels depending on the direction of the break.

XAUUSD daily 7.29.23
Weekly Forex Forecast For July 31-August 4, 2023 10

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  1. Thanks Mr. Justin, you’re doing a great sacrifice for we the beginners. No trading guide on community WhatsApp again.
    Thanks

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