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Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, AUDUSD, XAUUSD (May 4 – 8, 2020)

By on May 24, 2020 0 7 Views
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Watch the latest Weekly Forex Forecast to see how Justin Bennett is trading the EURUSD, GBPUSD, USDJPY, AUDUSD, and XAUUSD through May 8, 2020. Watch this video before trading these currency pairs!

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Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, AUDUSD, XAUUSD (May 4 – 8, 2020)

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EURUSD Forecast
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The EURUSD gained ground last week after breaking above the 1.0890 level.

It all started with the April 24th bounce from a multi-decade trend line that extends from the euro’s all-time lows.

Continue reading…

GBPUSD Forecast
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Like EURUSD, the GBPUSD didn’t show us much last week.

The most significant development was probably the retest of the mid-April high.

That negates the idea that this is a head and shoulders reversal.

USDJPY Forecast
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The coiling continues for the USDJPY.

I’ve discussed this multi-year edge for weeks.

It’s most likely going to take a monthly close above resistance or below support to confirm the breakout.

Continue reading…

AUDUSD Forecast
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The AUDUSD carved a sell signal last week.

Friday’s close below 0.6450 was significant in that it negated the April 27th close above it.

It also finished off a bearish pin bar on the weekly time frame.

XAUUSD Forecast
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Last week, I wrote about how XAUUSD (gold) had broken back above 1690 on a weekly closing basis.

Thursday’s session closed back below it, but gold wasn’t a sell, at least not for me.

The uptrend is intact, which means buying on dips and breakouts on the way up is still favorable.

Continue reading…

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#EURUSD #GBPUSD #USDJPY #AUDUSD #XAUUSD #Forex

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