(Video) Weekly Forex Forecast For EURUSD, GBPUSD, USDJPY, XAUUSD, VETUSD (August 3 - 7, 2020) - Daily Price Action (2024)

In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, USDJPY, XAUUSD, and VETUSD through August 7, 2020.

Watch the video below, and be sure to scroll down to see the charts and key levels for the week ahead.

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EURUSD Technicals

EURUSD trended higher again last week but lost some momentum in the final hours.

This entire second leg materialized in early July following the close above a bull flag pattern.

I discussed this pattern on June 29th and again, on July 6th.

I also announced to DPA members that I was long EURUSD back when the pair was trading below 1.1300.

That long position from 1.1299 remains open today.

Despite Friday’s pullback, I think the highlight of last week’s move was the July close above 1.1650.

That’s the top of the multi-year wedge pattern that I’ve discussed for months.

July marks the first monthly close beyond that structure.

If you missed this latest rally, though, it might be best to wait for a pullback.

I think EURUSD has become a bit overextended, and if the 1.1770/80 support area fails, we could see a retest of 1.1600/50.

That 1.1600/50 region is a must-hold region for buyers.

Key resistance comes in at 1.1900, followed by 1.2090.

Disclaimer: I hold a long position in EURUSD.

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(Video) Weekly Forex Forecast For EURUSD, GBPUSD, USDJPY, XAUUSD, VETUSD (August 3 - 7, 2020) - Daily Price Action (1)

GBPUSD Technicals

GBPUSD played out beautifully for those who caught the idea I posted last week.

In fact, I’ve been talking about the potential for a higher GBPUSD for the last two weekends.

In last week’s forecast, I discussed how a close above 1.2815 would target 1.3000.

Buyers secured a close above 1.2815 last Monday and reached the 1.3000 target by Wednesday.

But they didn’t stop there.

As you can see, GBPUSD reached a high of 1.3169 last week.

However, Friday’s bearish pin bar hints at a possible turn lower this week.

We’ll see if the pound pulls back aggressively to the 1.2800 area, or decides to take a shallower path toward 1.2970.

Either way, I think GBPUSD needs to cool off before it can move higher again.

(Video) Weekly Forex Forecast For EURUSD, GBPUSD, USDJPY, XAUUSD, VETUSD (August 3 - 7, 2020) - Daily Price Action (2)

USDJPY Technicals

Did USDJPY close below this multi-year pattern last week?

I’ve been discussing this wedge pattern for months.

However, USDJPY wasn’t respecting either level on a daily or weekly closing basis.

That left me waiting for a monthly close beyond the structure.

A word of caution here, though.

Although July did close below 106.00, it was marginal.

That leaves me questioning the validity of the breakdown.

Still, if we see sellers come out to defend that 106.00 area this week, that will indicate that USDJPY is headed lower.

As I mentioned last weekend, 101.00 is support.

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(Video) Weekly Forex Forecast For EURUSD, GBPUSD, USDJPY, XAUUSD, VETUSD (August 3 - 7, 2020) - Daily Price Action (3)

XAUUSD Technicals

XAUUSD (gold) continues to perform exceptionally well.

And I don’t see that changing anytime soon.

Will we have pullbacks?

Of course.

But I’ve maintained for months now that I’m a fan of buying pullbacks into support or bullish breakouts.

That hasn’t changed, and probably won’t for the next few years.

With XAUUSD now above its all-time high just above 1900, it’s all about the 2000 handle, in my opinion.

I talked about that last week.

Above 2000, it gets tricky since XAUUSD has never been this high.

It may just be a matter of using 2100, 2200, etc.

Unless, of course, we get a structure that provides us with a measured objective such as a wedge or bull flag.

But until then, I’ll use 2000 as resistance followed by 2100.

Key support is the previous all-time high between 1900 and 1915.

(Video) Weekly Forex Forecast For EURUSD, GBPUSD, USDJPY, XAUUSD, VETUSD (August 3 - 7, 2020) - Daily Price Action (4)

VETUSD Technicals

VeChain (VETUSD) looks ready to break out again.

If you were here several weeks ago, you’d remember the 150% rally that ensued following the last breakout.

I discussed that opportunity onJune 26thand again onJuly 1st.

That was more than just a rally, though.

It represented a multi-year break above $0.01, which is just hours away from confirming on a monthly closing basis.

(Video) Weekly Forex Forecast For EURUSD, GBPUSD, USDJPY, XAUUSD, VETUSD (August 3 - 7, 2020) - Daily Price Action (5)

Note too how volume has increased in July.

That’s a positive sign for bulls as it shows an increase in market participation during the breakout.

Turning out attention to the daily time frame below, you can see how VETUSD has spent the last three weeks consolidating below $0.02.

And just like the monthly time frame above, volume is increasing as VET tests the top of the bull flag pattern.

What’s interesting here is themeasured objective.

If I take the distance of the last rally of $0.0138 and plot it against the recent consolidation low at $0.0142, I get an objective of $0.028 on the dot.

It’s interesting because $0.028 is VET’s all-time high.

Coincidence?

Probably not.

It indicates, at least to me, that a daily close above this channel is likely to expose $0.028, which would be a 60% move from today’s price.

However, as I’ve stated since June, VeChain is a long-term investment, so I’m not trading it.

That should tell you a lot about how bullish I am on VeChain, given that I’m up 90% at the time of this writing.

I think levels like $0.02 and $0.028 will serve as temporary hurdles on the path to much higher prices.

That’s just my opinion, as always.

Last but certainly not least, don’t underestimate the potential for a weekly rally from VETUSD.

The largest two-day move following the last breakout occurred between Saturday and Sunday with VET gaining over 60% just in those two days.

I’m not saying thatwillhappen again, but ruling it out would be a mistake.

Disclaimer: I hold a position in VeChain as part of a multi-year investment portfolio.

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(Video) Weekly Forex Forecast For EURUSD, GBPUSD, USDJPY, XAUUSD, VETUSD (August 3 - 7, 2020) - Daily Price Action (6)
(Video) Weekly Forex Forecast For EURUSD, GBPUSD, USDJPY, XAUUSD, VETUSD (August 3 - 7, 2020) - Daily Price Action (2024)

FAQs

What is the EUR USD prediction today? ›

EUR/USD Daily Outlook

Current fall is part of the decline from 1.1138. Next target is 100% projection of 1.1138 to 1.0694 from 1.0980 at 1.0536 next.

Should I buy or sell xauusd? ›

XAUUSD Signals & Forecast

Since the short-term average is above the long-term average there is a general buy signal in the currency pair giving a positive forecast for the stock. On further gains, the currency pair will meet resistance from the short-term Moving Average at approximately $2,322.12.

Is GBPUSD bullish or bearish? ›

The strong short-term decline in GBP/USD calls into question the currently slightly bullish basic trend. A trend reversal is likely. As long as the price remains below the resistance located at 1.2570…

What is the best time to trade EUR/USD? ›

The popular time to trade EUR/USD is when European and US trading sessions overlap. It often trades with the highest liquidity and volatility between 1pm and 4pm GMT. Economics, geopolitics and central banks all move EUR/USD.

Can I trade forex with $5? ›

For example, to trade on a real trading account, you must deposit at least $5. You'll be able to open orders, the volume starting from 0.01 lots, and you'll have amazing leverage. The minimum trade size with FBS is 0.01 lots. A lot is a standard contract size in the currency market.

Is the euro expected to go up or down? ›

The Euro US Dollar Exchange Rate - EUR/USD is expected to trade at 1.06 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.04 in 12 months time.

Will the EUR USD rise or fall? ›

EUR/USD forecast – technical analysis

EUR/USD continues to trade in a falling channel. The price has rebounded from 1.06, the April low. However, the recovery has stalled around 1.07. Buyers will need to rise above 1.0750, last week's high, to extend gains towards 1.08, the 200 SMA, and static resistance.

Is the euro getting stronger against the U.S. dollar? ›

Euro to US Dollar Exchange Rate is at a current level of 1.072, down from 1.072 the previous market day and down from 1.098 one year ago. This is a change of -0.02% from the previous market day and -2.40% from one year ago.

Is it good to buy Euros now? ›

It's sitting comfortably above that now. You could consider any rate above the average as a good time to buy Euros with your Pounds. When you are a buyer of Euros, the higher the rate, the better. Bear in mind, that exchange rates move every few seconds.

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