On this weekly Foreign exchange forecast, I’m going to indicate you precisely how I’m buying and selling EURUSD, GBPUSD, USDJPY, AUDUSD, and VETUSD by October 30, 2020.
Watch the video under, and you’ll want to scroll right down to see the charts and key ranges for the week forward.
The EURUSD gained an honest quantity final week after a slight pullback the week earlier than.
In case you noticed Wednesday’s video, that I managed to get lengthy right here.
As I discussed in that video, I appreciated the concept of the 1.1815 space turning into new assist.
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That’s exactly what occurred between Thursday and Friday.
Nevertheless, I’m extra involved in what occurs this week close to 1.1950/70.
That’s vary resistance in addition to what may very well be the highest of a bull flag sample.
We’ll have to attend and see how EURUSD reacts to that 1.1950 space to know for positive.
A every day shut above that space might set off the following leg increased for the euro.
Simply understand that the pair is range-bound so long as the 1.1950/70 area is undamaged as resistance.
GBPUSD continues to look unfavorable.
Though the uptrend is technically nonetheless intact, the previous few weeks have been extremely uneven.
Moreover, the 1.3000 space has change into much less influential following the value motion in mid-October.
That mentioned, I do like GBPUSD increased so long as the Could development line is undamaged.
Key resistance for the week forward is available in at 1.3260.
USDJPY gave us a nice move last week.
I’ve been speaking concerning the potential for a retest of 104.20 for the final couple of weeks, together with last week’s forecast.
The pair didn’t fairly make it to 140.20, however Wednesday’s low of 140.34 will do.
Given the decrease highs since February, USDJPY appears to be like set to interrupt under 104.20.
If it does, 101.00 may very well be within the playing cards.
I discussed this AUDUSD development line on October 11th.
Positive sufficient, the pair failed to shut above it and rotated decrease to check 0.7030 assist as soon as extra.
This has carved a wedge sample that may very well be playable over the approaching days.
Given the uptrend right here, I’m inclined to search for shopping for alternatives.
However first, consumers must clear the year-to-date development line on a every day closing foundation.
That may open the door to 0.7400.
Alternatively, an in depth under 0.7030 would counsel weak spot and expose the 0.6830 space.
VeChain’s token VET closed above a vital space final week.
I’ve written about this pattern a few instances in current weeks, noting how VET wanted to get above falling wedge resistance.
It did that final week.
Nevertheless, as I discussed within the video above, the amount following this breakout has been missing.
That may very well be a sign of additional consolidation and even that this breakout will fail.
However that mentioned, no two breakouts are alike, and so long as former wedge resistance holds as assist, this breakout is in play.
Simply do not forget that that is an funding for me.
I’m not buying and selling VET or any crypto for that matter.
BTC, ETH, and VET are all long run performs based mostly on the new cyclical bull market that kicked off a number of months in the past.