Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, EURJPY, XAUUSD (February 3 - 7, 2020)

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Watch the latest Weekly Forex Forecast to see how Justin Bennett is trading the EURUSD, GBPUSD, USDJPY, EURJPY, and XAUUSD through February 7, 2020. Watch this video before trading these currency pairs!


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Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, EURJPY, XAUUSD (February 3 – 7, 2020)

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EURUSD Forecast

The EURUSD broke down on January 3rd.

We waited several weeks for a breakout, and I discussed how a move lower could target 1.0990 on January 22nd and again on January 25th.

I also discussed the 1.0990 support level last week.

Continue reading…

GBPUSD Forecast

The GBPUSD was even more impressive than its euro counterpart last week.

Thursday’s session carved a bullish engulfing candle following the BOE decision and statement.

Notice too that the pound never did close below the 1.2980 support region.

USDJPY Forecast

USDJPY was my main focus last week.

I discussed the potential for a move lower from the risk-sensitive pair on January 23rd.

Here’s what I wrote:

But given the short-term ascending channel in the chart below, a move lower does seem likely.

Continue reading…

EURJPY Forecast

The EURJPY is another risk-sensitive pair that has played out beautifully.

I first discussed the possibility of a break lower on January 23rd.

The way the pair was starting to lean on ascending channel support hinted at an imminent breakdown.

XAUUSD Forecast

The XAUUSD (gold) uptrend that began in 2018 continues to look healthy.

We caught the breakout that occurred on December 23rd with a final target of 1550.

I also wrote about XAUUSD two weeks ago.

Continue reading…

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