Watch the latest Weekly Forex Forecast to see how Justin Bennett is trading the EURUSD, GBPUSD, USDCAD, NZDUSD, and CADJPY the week of October 21, 2019. Watch this video before trading these currency pairs! RESOURCES & LINKS:
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Weekly Forex Forecast for October 21 – 25, 2019
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EURUSD Forecast
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This EURUSD rally is intact while the pair is above 1.1070 support.
Key resistance for the week ahead comes in at 1.1200 with a close above that targeting the broader descending channel top around 1.1250/70.
Alternatively, a close below 1.1070 would expose the 1.0990 region.
GBPUSD Forecast
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GBPUSD ended the week at the 1.2990 resistance area.
If buyers can close the pair above that, we could see GBPUSD extend higher toward 1.3170.
Alternatively, a close below 1.2770 would signal weakness and expose 1.2570.
USDCAD Forecast
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Can USDCAD sellers defend 1.3130/40 this week?
That’s the question that needs answering.
If so, we could see USDCAD trend lower toward 1.3000/20 and perhaps 1.2870 and 1.2680.
Alternatively, a move above the 1.3382 high would likely turn the pair higher.
NZDUSD Forecast
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NZDUSD buyers have a lot going in their favor, especially that 0.6200 confluence of support.
As long as 0.6350/60 is intact as new support, I have to favor a move higher into 0.6430 and perhaps 0.6490.
Alternatively, a close below 0.6340 would negate the bullish outlook.
CADJPY Forecast
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CADJPY remains relatively bullish while above the 81.50/80 support area.
However, there is also some minor support around 82.50 this week.
A push higher from there would target 83.20 with a close above that exposing 84.20.
The measured objective for CADJPY remains 85.20/50.
If buyers can keep CADJPY above 81.20/80 this week, we could see the pair move higher into 83.20 with a close above that exposing 84.20.
The objective for the potential inverse head and shoulders comes in around 85.20.
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