Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, EURCAD, XAUUSD (December 23 – 27, 2019)
Watch the latest Weekly Forex Forecast to see how Justin Bennett is trading the EURUSD, GBPUSD, USDJPY, EURCAD, and XAUUSD through December 27, 2019. Watch this video before trading these currency pairs!
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The EURUSD has struggled at 1.1170/80 resistance in recent weeks.
We saw the bearish pin bar form on the 13th and the subsequent selloff that materialized with the December 17 retest of 1.1170/80.
However, I do expect to see some buying pressure develop early this week around that 1.1070 support region.
The GBPUSD sold off from a significant area earlier this month.
The 1.3340 region is also one that I’ve pointed out several times recently, including the December 3rd analysis when the pair was breaking out.
You’ll also notice that 1.3340 is a confluence of resistance as it’s the intersection of a key horizontal level and ascending channel resistance.
The USDJPY hasn’t been all that appealing lately.
However, the pair is coming into a resistance area around 109.50/60 that could trigger a setup over the coming sessions.
The trend line below extends from the November 2018 highs.
The EURCAD broke a key support level last week.
I wrote about the pair on Wednesday, noting that a daily close below support could send the pair lower.
We got that close on Wednesday, and you can also see how the 1.4620 area attracted sellers on Thursday and Friday.
I’ve written about the XAUUSD (gold) a few times in recent weeks.
The falling wedge pattern below could be indicative of a continuation pattern.
In other words, it could trigger a move higher for XAUUSD.
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