On this weekly Foreign exchange forecast, I’m going to point out you precisely how I’m buying and selling EURUSD, GBPUSD, GBPNZD, XAUUSD, and ETHUSD via June 26, 2020.
Watch the video under, and be sure you scroll down for extra commentary and annotated charts.
EURUSD misplaced its bullish momentum final week.
Thursday’s shut under 1.1230 signaled weak point, as I identified on the 18th.
We noticed EURUSD take a look at 1.1230 as new resistance on Friday and even lose extra floor earlier than the weekend.
Nonetheless, I’m skeptical in regards to the pair’s draw back potential so long as that 1.1150 space is undamaged on a day by day closing foundation.
If sellers can clear 1.1150, we might see a run at 1.0990.
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On the flip aspect, a bounce from 1.1150 assist this week might set off one other retest of the confluence of resistance at 1.1230.
The GBPUSD continued its sideways motion final week with a break again under former channel assist close to 1.2460.
Should you watched last week’s forecast, you recognize that I used to be anticipating a sub 1.2500 transfer.
The selloff on the 11th and 12th of June was too aggressive to assume in any other case.
For the week forward, 1.2460 turns into new resistance with assist coming in close to 1.2240.
That mentioned, I’m not a fan of buying and selling GBPUSD in the intervening time given the shortage of favorable technicals and momentum.
I wrote about GBPNZD on Friday.
The pair had a pleasant run following the breakdown from a smaller ascending channel again in Might.
I wrote about this commerce concept on March 18th.
For the week forward, keep watch over how the pair reacts across the 1.9000 assist space.
Key resistance is available in at 1.9400.
Over the long term, although, I do anticipate the underside of this channel close to 1.9000 to fail and expose the following key assist at 1.8300.
XAUUSD continues to coil under $1,750.
I’ve written about this vary for gold between $1,680 and $1,750 for weeks.
I nonetheless preserve the concept XAUUSD is headed a lot larger over the following 5 to 6 years, as I wrote on June 16th.
However I additionally like gold larger within the short-term.
That doesn’t imply it will break $1,750 over the approaching days.
Nonetheless, the pattern continues to counsel that purchasing the dips and bullish breakouts are the best way to go.
Simply understand that XAUUSD consumers must clear $1,750 on a daily closing basis to reveal the $1,800 resistance space.
I wrote about Ethereum (ETHUSD) for the primary time on June 4th.
It’s a play within the digital asset house that I’ve been accumulating since April.
The technical particulars and basic story of Ethereum are higher suited to a devoted weblog put up, however I encourage you to pursue this house.
I’m satisfied that Bitcoin is nearing the top of the buildup/distribution section of its four-year cycle.
Meaning the following crypto bull market is simply across the nook.
Actually, I consider it has already begun, and Ethereum might stand to profit probably the most this time round, for my part.
As for the technicals, keep watch over the $215 to $220 assist space.
If that holds, we might see one other run at $350 resistance, which has capped ETHUSD since June of final 12 months.
For the report, I’m not buying and selling this or every other digital asset.
These are long-term holds for me with a two to three-year time horizon.
Disclaimer: I maintain Ethereum in my crypto portfolio.
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