Weekly Forex Forecast For May 20-24, 2024

·    May 17, 2024

·      May 17, 2024

·    May 17, 2024


Markets reached a pivot point last week that could make or break some trends we’ve seen develop in 2024.

Watch today’s Weekly Forex Forecast to see how I’m trading the US dollar (DXY), EURUSD, GBPUSD, AUDUSD, and AUDNZD next week!

US Dollar Index (DXY) Forecast

The DXY bounced from 104.08 on Thursday, which is a level I’ve had my eye on for weeks.

I even mentioned in Tuesday’s video how 104.00 to 104.10 was the area to watch.

The next big test for dollar bulls is to reclaim 104.50 today, and then get above 105.00 resistance next week.

If the DXY can close a day above 104.50 and 105.00, it will confirm a local bottom and set up the USD for another run at 105.60 and 106.50.

On the other hand, if the dollar index fails to reclaim 105.00 next week and breaks below the 104.20 channel support, it would signal dollar weakness toward 103.60.

I remain cautiously bullish on the US dollar, as I have since January 2nd following the 101.90 reclaim, but I want to see 105.00 fall next week before turning more aggressively bullish.

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DXY 2024 05 17 13 25 08
Weekly Forex Forecast For May 20-24, 2024 6

EURUSD Forecast

The EURUSD tested its 2021 trend line on Thursday, a level I’ve pointed out over the last few weeks.

However, bears need to confirm a sustained break below 1.0860 on the higher time frames to signal a short-term top.

That would flip the 1.0865 to 1.0880 region to resistance next week, and expose 1.0800.

Alternatively, a sustained break above the 2021 trend line on the weekly chart would indicate continued EURUSD strength toward 1.0925.

EURUSD 2024 05 17 13 26 44
Weekly Forex Forecast For May 20-24, 2024 7

GBPUSD Forecast

GBPUSD remains mostly unfavorable as it trades in the middle of its 2024 range.

The pair came close to testing 1.2710 resistance on Thursday but didn’t quite make it.

For next week, 1.2710 is resistance, followed by 1.2800.

Support is 1.2640, followed by 1.2560.

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GBPUSD 2024 05 17 13 29 45
Weekly Forex Forecast For May 20-24, 2024 8

AUDUSD Forecast

AUDUSD is a potential setup that I’m eyeing for next week.

The pair has been mostly sideways in 2024, but this presents opportunities to play failed breakouts (fakeouts) of the range.

We saw one fakeout occur below 0.6450 in April that generated a 170-pip rally back to the range highs.

With AUDUSD breaking above the range on May 15th, I’m waiting to see if sellers can force a daily close below 0.6627 in the coming days.

If so, it will confirm another fakeout with targets toward 0.6560 and 0.6450.

However, nothing is confirmed just yet, so more patience is needed on AUDUSD.

AUDUSD 2024 05 17 13 32 17
Weekly Forex Forecast For May 20-24, 2024 9

AUDNZD Forecast

AUDNZD is a setup we’ve tracked for weeks in the VIP Discord group.

This, too, is a failed breakout play, similar to the one that occurred between February and March.

Although AUDNZD isn’t one of the more popular currency pairs, history tells us that higher time frame failed breakouts are high-conviction plays.

As long as AUDNZD trades below 1.0940 on a daily closing basis, I like the idea of shorts against that level with targets toward 1.0870 and 1.0815.

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AUDNZD 2024 05 17 13 41 47
Weekly Forex Forecast For May 20-24, 2024 10

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