Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, AUDUSD, NZDUSD (November 4 - 8, 2019)

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Watch the latest Weekly Forex Forecast to see how Justin Bennett is trading the EURUSD, GBPUSD, USDJPY, AUDUSD, and NZDUSD the week of November 8, 2019. Watch this video before trading these currency pairs!


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Weekly Forex Forecast for November 4 – 8, 2019

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EURUSD Forecast

The EURUSD bounced from the 1.1070 support level I mentioned last weekend.

However, buyers still have work to do with the most recent swing high intact as well as that 1.1200 resistance area.

Any rotation into 1.1070 to 1.1100 is likely to encounter buyers.

Key resistance for the week ahead comes in at 1.1200.

GBPUSD Forecast

The GBPUSD spent last week consolidating above 1.2770 support.

I mentioned this area in last week’s Forex forecast video.

I also talked about how the area just below 1.3000 was likely to attract sellers.

For now, it’s going to come down to whether the pair breaks below 1.2770 to expose 1.2570, or above 1.2990 to expose 1.3160/70.

USDJPY Forecast

The USDJPY appears to be at a turning point to start the new week.

The rising wedge on the daily time frame hints at exhaustion from buyers.

But it’s going to take a daily close below 108.10 to expose 106.80.

Key resistance this week comes in at 109.00 with a minor area around 108.50/60.

AUDUSD Forecast

The AUDUSD has a decision to make this week.

The pair ended last week just below the descending channel top from 2018.

A close above 0.6910/20 would expose 0.7030 while a close below the 0.6860/80 support area would open the door to 0.6800.

NZDUSD Forecast

NZDUSD could be on the verge of confirming a bullish reversal pattern.

I wrote about this one last week.

I also discussed the descending channel that triggered the recent bull move in last Saturday’s Forex forecast.

For now, it’s going to take a daily close above 0.6430 to expose 0.6490 and perhaps 0.6580.

Alternatively, a close below 0.6350 would signal weakness.

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