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Weekly Forex Forecast for EURUSD, GBPUSD, USDCAD, NZDUSD, XAUUSD (May 18 – 22, 2020)

By on May 17, 2020 0 15 Views



Watch the latest Weekly Forex Forecast to see how Justin Bennett is trading the EURUSD, GBPUSD, USDCAD, NZDUSD, and XAUUSD through May 22, 2020. Watch this video before trading these currency pairs!

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Weekly Forex Forecast for EURUSD, GBPUSD, USDCAD, NZDUSD, XAUUSD (May 18 – 22, 2020)

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EURUSD Forecast
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Another week, another round of consolidation for EURUSD.

The pair continued to pressure the 1.0770/80 support area last week, a level that aligns with the multi-year trend line from the 2000 lows.

As I’ve said for weeks, sellers need to clear that 1.0750 region on a monthly closing basis to confirm the breakdown in the multi-decade uptrend.

Continue reading…

GBPUSD Forecast
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GBPUSD worked out beautifully for us last week.

Following the May 11th close below wedge support at 1.2360, that area became new resistance on May 12th.

The wedge pattern below and the potential for a move below 1.2360 is something I mentioned in last week’s forecast.

USDCAD Forecast
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I wrote about USDCAD on Friday.

The way the pair has consolidated within a descending channel following the March rally looks constructive to me.

Continue reading…

NZDUSD Forecast
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NZDUSD is another one that played out perfectly last week.

I’ve said for weeks that the latest round of consolidation looked more like a continuation pattern than anything else.

XAUUSD Forecast
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I told members last week that XAUUSD (gold) looked like it wanted to break higher.

In fact, this is something I mentioned last week.

The wedge pattern that developed did so within an established multi-year uptrend.

Continue reading…

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