Watch the latest Weekly Forex Forecast to see how Justin Bennett is trading the EURUSD, GBPUSD, USDJPY, USDCAD, and XAUUSD through May 29, 2020. Watch this video before trading these currency pairs!
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Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD, XAUUSD (May 25 – 29, 2020)
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EURUSD lost its upward momentum at the end of last week following a close above wedge resistance near 1.0940.
I wrote about the potential for this bull trap on Thursday.
The way the pair retested former wedge resistance as new support immediately was a red flag.
The GBPUSD carved a false break of its own last week.
After closing back above 1.2200 on May 19th, buyers failed to hold prices above it into the weekend.
USDJPY continues to consolidate below 107.80 resistance.
I wrote about the falling wedge below on May 11th.
I was buying the pair before that in anticipating of a break higher, which materialized on May 11th.
USDCAD continued its consolidation last week following the aggressive March rally.
As you can see, 1.3850 is still serving as key support within this descending channel.
I bought USDCAD last week at 1.3904 based on the way the pair was holding above 1.3850, which I announced in the member forums.
I wrote about XAUUSD (gold) on Friday.
We looked at a confluence of support near 1700, which is the intersection of former wedge resistance and descending channel support.
As long as 1700 holds on a daily closing basis, I like XAUUSD higher.
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#EURUSD #GBPUSD #USDJPY #USDCAD #XAUUSD #Forex
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