Watch the latest Weekly Forex Forecast to see how Justin Bennett is trading the EURUSD, GBPUSD, USDJPY, EURJPY, and XAUUSD through January 10, 2020. Watch this video before trading these currency pairs!
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Weekly Forex Forecast for January 6 – 10, 2020
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The EURUSD tested a significant resistance area last week.
I first discussed the descending channel resistance at 1.1200 back on September 6th when the pair was about to test the channel bottom near 1.0900.
The GBPUSD could be carving a lower high.
We saw the pound retest the ascending channel top in mid-December, which triggered a relatively aggressive selloff.
To me, the latest rally that began on December 24th looks like a bull trap.
The USDJPY has finally broken free from its range between 108.40 and 109.70.
The pair is also selling off from a trend line that extends from November 2018.
I first mentioned this trend line in the December 21st forecast video.
The EURJPY retested a significant support level on Friday.
The ascending channel in the chart below has been intact since the 2019 low in September.
The XAUUSD (gold) reached our second target on Friday at 1550.
Gold hit our first target at 1515 on December 27th.
If you’ve followed this site for the last couple of weeks, you know that I was bullish XAUUSD given the falling wedge that had developed.
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#EURUSD #GBPUSD #USDJPY #EURJPY #XAUUSD #Forex
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