Weekly Forex Forecast for EURUSD, GBPUSD, AUDUSD, XAUUSD, ETHBTC (November 2 – 6, 2020)
Watch the latest Weekly Forex Forecast to see how Justin Bennett is trading the EURUSD, GBPUSD, AUDUSD, XAUUSD, and ETHBTC through November 6, 2020. Watch this video before trading these currency pairs!
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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, AUDUSD, XAUUSD, ETHBTC (November 2 – 6, 2020)
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EURUSD sold off aggressively last week after failing to test the 1.1950 region.
This was always a possibility while trading in this range.
I’ve also thought that a move toward 1.1450 was likely, as I’ve mentioned in recent weekly forecasts.
GBPUSD looks set to break lower.
The potential lower high recently suggests weakness, but it’s going to take a daily close below the May trend line to expose lower levels.
Two such support levels are 1.2670 and 1.2520.
I wrote about AUDUSD on Thursday.
The idea that the pair could sink lower is real, but only if sellers can break 0.7020 on a daily closing basis.
As of Friday’s price action, AUDUSD is holding above that key support.
Gold (XAUUSD) continues to consolidate above 1850 support.
That’s a confluence of support per the key horizontal level and trend line that extends from the August 12th low.
On the other end, the 1900 region is likely to attract sellers.
Both Bitcoin and Ethereum are up huge since I first wrote about them in May and June, respectively.
Bitcoin was trading at $8,828, which marks a 50% gain so far, and Ethereum was $243, or a 56% gain as of today’s price.
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