Watch the latest Weekly Forex Forecast to see how Justin Bennett is trading the EURUSD, GBPUSD, USDJPY, AUDUSD, and XAUUSD through December 20, 2019. Watch this video before trading these currency pairs!
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Weekly Forex Forecast for December 16 – 20, 2019
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The EURUSD tested a significant resistance area last week.
Friday’s candle reached the 1.1170/80 region that we’ve been discussing for several weeks now.
The long upper wick just before the weekend signals an increase in selling pressure around that zone.
The GBPUSD played out nicely following the December 3rd breakout.
I’ve discussed the bullish potential from this pair for several weeks now given the higher lows and higher highs.
Furthermore, the sideways action that occurred in October and November signaled strength following the 800 pip rally in October.
The USDJPY has been incredibly indecisive recently.
Yes, the pair has managed to churn higher in recent weeks, but the price action has been choppy, to say the least.
But nothing lasts forever.
AUDUSD buyers finally broke free last week.
The bullish potential is something I wrote about on December 4.
However, after reaching our first target at 0.6930, the AUDUSD carved a bearish engulfing candle on Friday.
The XAUUSD tested a key resistance level last week.
I wrote about the potential for a retest of the falling wedge top in the November 30th Forex forecast.
It was likely given the higher lows that have formed since mid-November.
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#EURUSD #GBPUSD #USDJPY #AUDUSD #XAUUSD #Forex
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