On this weekly Foreign exchange forecast, I’m going to indicate you precisely how I’m buying and selling EURUSD, GBPUSD, EURGBP, EURCAD, and VETUSD by July 24, 2020.
Watch the video beneath, and make sure to scroll right down to see the charts and key ranges for the week forward.
EURUSD bulls simply capped off a powerful week.
I first talked about this descending channel, which can be serving as a bull flag sample on June 29th.
The July sixth shut above resistance confirmed the breakout and uncovered the 1.1350 resistance stage.
That’s the world I mentioned last weekend.
As anticipated, EURUSD broke above 1.1350 final Tuesday, which opened the door to the channel’s inception level at 1.1420.
Get Instantaneous Entry to the Similar “New York Shut” Foreign exchange Charts Utilized by Justin Bennett!
Discover how Wednesday shaped what seemed to be a bearish pin bar.
Nonetheless, as I advised DPA members on Wednesday, that was not a good promoting alternative.
In case you look intently, Wednesday’s session truly closed above Tuesdays, indicating that consumers have been nonetheless within the driver’s seat.
The euro’s rapid path ahead will rely on how Monday opens.
If EURUSD holds above 1.1420, we may see a fast run to 1.1500.
If it doesn’t, we’ll probably see extra sideways motion above 1.1350.
I stay lengthy right here from 1.1299 and can proceed to carry that place so long as 1.1350 holds as help.
GBPUSD is far much less enticing than its euro counterpart.
In case you noticed last weekend’s video, you realize that 1.2530 was (and nonetheless is) help.
Discover how sellers tried to take out 1.2530 a number of occasions final week, however consumers held their floor.
That leaves us in the same state of affairs for the week forward.
It’s going to take a day by day shut above the 1.2640 resistance space to reveal the 1.2800 area.
Alternatively, a day by day shut beneath 1.2530 would point out weak spot and expose channel help slightly below 1.2400.
I wrote about EURGBP on July 16th.
That publish centered primarily on what seems to be a false break beneath a long-standing development line.
Discover how EURGBP closed beneath that development line on July seventh.
Nonetheless, final week’s rally put the pair again above that stage.
As I typically say, a false break to at least one aspect of a construction typically triggers an prolonged transfer in the wrong way.
Positive sufficient, EURGBP bounced proper from (new) development line help close to 0.9050 final week.
However consumers failed to shut the pair above 0.9100.
That’s the resistance stage I identified final week.
For the week forward, I’ll be watching to see if consumers can shut EURGBP above 0.9100, adopted by 0.9150.
Do this, and I believe the market is headed towards 0.9300.
On the flip aspect, a day by day shut beneath 0.9050/70 would sign weak spot and negate all the concept.
EURCAD performed out completely for us final week.
Within the last weekly forex forecast, I discussed how a break above wedge resistance would goal 1.5530.
That’s precisely what occurred final week.
Discover how EURCAD stalled at 1.5530 after breaking above wedge resistance on Monday.
The pair’s future route will rely on whether or not or not consumers can clear 1.5530 on a day by day closing foundation.
If that’s the case, we may see EURCAD check the highest of the ascending channel.
Then again, if 1.5370 help fails, we may see EURCAD transfer towards the 1.5000 deal with.
I first discussed VeChain on June 26th when VETUSD was buying and selling at 0.0088.
By July eighth, VET was buying and selling above 0.02, representing a 150% acquire in just a little over every week.
I even wrote about the breakout from wedge resistance on July 1st when it was nonetheless buying and selling below 0.01.
In case you missed these two posts, VeChain seems to be gearing up for its subsequent rally above 0.02.
Discover how VETUSD is holding above 0.017 help on a day by day closing foundation and continues to place stress on 0.02 resistance.
Additionally be aware how quantity has decreased throughout consolidation.
That’s a constructive signal because it illustrates a consensus between consumers and sellers that VeChain’s new valuation is warranted.
As said in as we speak’s video (above), a day by day shut above 0.02 would expose 0.028.
And an eventual breakout above 0.028 would put VET in worth discovery mode because it’s by no means been above that mark below its present financial mannequin.
As a reminder, I’m invested in VeChain, not buying and selling it as I imagine the long-term appreciation will far outweigh any short-term beneficial properties from buying and selling the asset.
Disclaimer: I maintain an extended place in VeChain.
— to dailypriceaction.com