In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, AUDUSD, GBPNZD, and XAUUSD through December 4, 2020.
Watch the video below, and be sure to scroll down to see the charts and key levels for the week ahead.
EURUSD Technicals
The EURUSD is close to breaking out of a four-month range.
The area between 1.1615 support and 1.1970 resistance has been a key factor since September.
However, I’ve favored the euro higher for months.
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The uptrend is intact, and the pair is holding above the 1.1450 area on the monthly chart. See the video above for the details.
As for the week ahead, EURUSD needs to secure a daily and weekly close above the area between 1.1970 and 1.2010.
That would expose 1.2150 and 1.2330.
My target for EURUSD remains 1.2500 as we head into next year.
Disclosure: I hold a EURUSD long position.
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GBPUSD Technicals
GBPUSD buyers are trying their best to close the pair above the 1.3340 resistance area.
They managed to do so between Tuesday and Thursday last week, but Friday’s close casts some doubt over the breakout.
As I mentioned in today’s video, the weekly chart failed to close above 1.3340.
That could trigger some weakness from the GBPUSD early next week.
That said, the higher time frame charts continue to look constructive.
But viewing the daily time frame below, I do expect some weakness early in the week followed by another bounce.
If GBPUSD continues to pressure the 1.3340 area, I do expect a bullish breakout into 2021.
A weekly close above 1.3340 would open the door to 1.3480 followed by 1.3650.
AUDUSD Technicals
I mentioned the potential for a higher AUDUSD on November 23rd.
In the Daily Price Action member’s video, I said that the 4-hour triangle pointed to a break above 0.7340.
Sure enough, AUDUSD broke above that level on the 24th.
However, buyers still need to deal with the 0.7410 resistance area to expose the next key area around 0.7740.
Key support for the week ahead comes in at 0.7340.
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GBPNZD Technicals
I’ve been talking about a potential breakdown from GBPNZD since July.
I also mentioned it on November 12th.
The lower highs since August suggested that a break lower was imminent.
Last week’s close below the 1.90 support area confirmed the break.
Going forward, I’d expect to see sellers defend the area between 1.9000 and 1.9150.
As long as GBPNZD…
Read More: (Video) Weekly Forex Forecast for EURUSD, GBPUSD, AUDUSD, GBPNZD, XAUUSD