Watch the latest Weekly Forex Forecast to see how Justin Bennett is trading the EURUSD, GBPUSD, USDJPY, NZDUSD, and XAUUSD (gold) through November 22, 2019. Watch this video before trading these currency pairs!
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Weekly Forex Forecast for November 18 – 22, 2019
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EURUSD bounced right where we thought it might last week.
We have been keeping an eye on the 1.0990 – 1.1020 support area for the last two weeks.
Sure enough, the EURUSD hit a low of 1.0989 on Thursday before bouncing higher by 68 pips.
Buyers face a key test this week at 1.1070 with a close above that taking on 1.1170/80.
Alternatively, a close below 1.1020 would be a sign of weakness.
GBPUSD continued its consolidation last week.
I still maintain the idea that it’s going to take a close above 1.2980 to expose 1.3170.
Alternatively, a daily close below 1.2770 would expose 1.2570.
The USDJPY confirmed the rising wedge pattern on Thursday.
However, the immediate retest on Friday does leave me wondering if last week’s breakdown was a false move.
It’s going to take some immediate selling pressure this week to follow-through on Thursday’s close.
Alternatively, a close above 108.96 would be a sign of strength.
NZDUSD buyers aren’t backing down just yet.
The pair caught a bid last week from the 0.6320 area, but buyers still need to secure a daily close above 0.6430 to confirm the inverse head and shoulders.
Such a close would expose 0.6490 while a close below 0.6320 would delay the idea.
The XAUUSD (gold) consolidation we’ve seen since August could lead to a break higher.
But buyers have to take out wedge resistance near 1500 to do that.
Such a break would expose 1550 while a close below 1450 would delay that outlook.
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