Weekly Forex Forecast (08/02/21) EurUsd / XauUsd / 30+ Pairs
hey traders it's john fortune here this week's weekly forex forecast we're going to start off with the dollar index DXY as we always do be sure as always to watch the video all the way through to the end because we will be highlighting ones to watch for next week as we run through all of the markets this morning starting with us dollar index DXY last week and for the last couple of weeks we've noted that this market has been in the near-term uptrend it's structured to the upside in what looks to be a fourth wave before another leg down at some point in this market we did take out both targets to the upside at the 91.01 and the 91.49 last week and we sold off quite hard this was actually an engulfing candle an outside day in the daily chart from a key resistance of 91.49 so very simply put going into this week the near-term uptrend is still intact this what looks to be a corrective wave currently in the bigger picture is still intact and it is still technically bullish but we are sitting at a key resistance of the 91.49 and we did have quite a hard sell-off from here so going into next week i am going to have a bullish to neutral bias on the dollar DXY it means that generally speaking i will be looking to trade the dollar pairs as they are structured without a very strong bias in the dollar DXY one way or the other because we could start to reverse lower from here but at the same time the uptrend is still intact so any shorts could be slightly premature it also means as we've looked at in previous videos and has actually played out very nicely is that there are likely once again to be better opportunities outside of the dollar DXY pairs going into next week just as there have been in the previous weeks and that will once again be something which is high up on my agenda next week is looking outside the dollar DXY pairs for those potential opportunities next we have crude oil now last week we noted that this market was in a secondary trend of correction counter to the overall primary trend and we have now broken to the upside in this market making this one to watch going into next week any correction back down towards the 53 210 is going to be viewed as an opportunity to look for bullish reversals up towards the next care resistance the outside the target set at the 57.40 although we're quite close to this now so we'd need to pull back to get some good risk to reward and if we break through here we're going to be looking up towards the next care of resistance the upside and target 2 at the 60.64 next we have euro dollar EURUSD now last week we were looking further declines to the downside in this market and we did take out the target to the 1.2012 very simply put we've started to correct
already so any deep correction would be viewed as an opportunity to look for bearish reversals in this market down towards the next care of support to the downside the target set the 1.1895 next is GBPUSD now GBPUSD is structured to the downside going into next week however this is counter to the overall trend as we've been looking at in previous videos i don't like this setup that much i don't think i will personally be looking short GBPUSD but if you are looking to trade GBPUSD it is technically structured to the downside and a breakout and a bearish reversal in this area is what i would need to see if i were trading this down towards the next key of support to the downside and the target set at the 1.3479 i do personally think there are better opportunities out there next week than GBPUSD next is USDJPY now last week we're looking further advances to the upside in this market and we took out the 105.03 and also the second target at the 105.66 which represented the entire move in this market last week going into this week therefore i am still looking for advances to the upside in this market and we are falling in line with a new potentially developing primary trend to the upside so it does make this one to watch going into next week since we're very close to the target and there's not much risk to reward opportunity here any deeper correction would be required next week towards the 103.64 and this would be viewed as an
opportunity to look for bullish reversals and if we start to break out to the upside in this market we're going to be looking at initiated longs up towards key resistance the upside in the target set at the 105.78 and if we can break through here we're going to be looking up towards target 2 the 106.09 next is AUDUSD now last week we were looking for further declines to the downside and we did come down take out the target set at 0.7573 almost to the pip and that was the move for last week in this asset going into this week the market is still structured to the downside so i would favor short positions in this market but just bear in mind this is a secondary trend so just like we looked at in crude oil last week you have that risk when you're shorting for example this asset of the market reversing in line with the primary trend at some point this is why we haven't marked this as one to watch but any deeper correction towards the 0.77390 would be viewed as a potential opportunity to look for reversals to the downside in this market and we'd be looking down towards the next key of support to the downside the target set at the 0.7451 next we have NZDUSD now NZDUSD
is structured to the upside in line with its primary trend making this one to watch going into next week we didn't really go anywhere last week we just kind of corrected sideways but this is interesting because if we have a strong us dollar and the NZDUSD doesn't really decline against it what is going to happen if we have a weaker u.s dollar DXY we're going to see some strength some decent strength coming into this market so this is certainly on my radar next week as one to watch any correction once again back down towards the 0.71180 which we've already tested would simply be viewed as another opportunity to look for bullish reversals we're going to be looking up towards the next key of resistance the upside in the target set and the 0.7322 next is us dollar swiss franc now USDCHF reversed the upside last week this was actually a market i did like the look of to the downside but we never broke low we never broke out of this kind of counter and move there was a key of resistance up here we just kind of trended to the upside and at the beginning of the last week we started to break higher so we didn't have any bearish reversals in this market but i did like the look of this we instead broke to the upside which is a breakout of what looked to be an inverse head and shoulders although it is still very much like the us dollar index DXY itself is it is still counter to the overall trend the overall trend is still to the downside but for the time being we are structured to the upside in this market and any pullback towards 0.88670 would be viewed as an opportunity to start to look for bullish reversals in this market and i'll be looking up towards the next q resistance outside the target set the zero point nine zero eight eight next is USDCAD now USDCAD is structured to the upside but notice how corrective this market has been and this is because of what's happening in the dollar index DXY and it's why a number of the dollar pairs are not down as ones to watch for next week including this one but it is still structured to the upside so for anybody trading this market i would be looking preferably for bullish setups any pullback towards the 1.26470 would be viewed as the opportunity to look for bullish reversals up towards the next care resistance upside the target set the 1.2951
next we have gold XAUUSD now last week we were looking for potential breakout to the upside in gold XAUUSD and i highlighted gold XAUUSD in the youtube community tab and also on twitter and we were looking for a confirmed break above the 1875 which never came and you can see if we look at the bigger picture this was a failure of a smaller inverse head and shoulders within the right shoulder of a larger inverse head and shoulders and since this has failed it looks like we are now heading for further lows in this market we are technically structured to the downside so i would be focused on bearish setups this week and it looks like we may have the makings of one two three four five waves down followed by three waves up of a b wave and then a c wave so our next major target to the downside is the end of that initial five waves down which is the 1764.75 so very simply put going into this week we've already started to correct and any deep correction will be viewed next week as a potential opportunity to look for bearish setups in this market down towards the next key support downside the target set the 1764.75 next is EURJPY now EURJPY is structured to the upside in line with its overall primary trend making this one to watch this week this was also on our radar as one to watch last week we were looking for a pullback towards the 125.960 before a rally to the upside we did have a nice pull back towards this area and we did break out towards the end of last week so very simply put any correction once again towards the 125.96
is simply going to be viewed as an opportunity to look for bullish setups in this market up towards the next care resistance the upside in the target set at the 127.96 next is CHFJPY now CHFJPY is currently structured to the downside but this is against the overall primary trend in this market this market is very corrective and i think there are going to be better opportunities out there than this pair next week if you are looking to trade this however we're starting to pull back towards the 117.63 and this would be viewed as the opportunity to start to look for bearish reversals in this market down towards key support to the downside the target set at the 116 point of 40. next is GBPJPY now last week we highlighted this as one to watch and we did come up and take out the target set at the 144.560. this market is still in a full-blown uptrend in line with its primary trend this makes this one to watch again going into this we can certainly want to keep an eye on any correction back down towards 143.15
is going to be viewed once again as an opportunity to look for bullish reversals in this market up towards the next care of resistance outside the target set and the 145.71 next is AUDJPY now last week i highlighted this as a market to watch to the upside and we did take out the target to the pip at the 80.90 this market is trending to the upside in line with its primary trend making this one to watch once again next week we have some nice momentum in this market as well so any correction back down towards the 7983 is simply going to be viewed once again as an opportunity to look for bullish setups in this market and if we start to break out to the upside we're going to be looking up towards the next q resistance the upside the target set the 81.57 next is CADJPY now last week we highlighted this as one to watch to the upside and we had a really nice move and we stopped just shy of the target by a couple of pips so very simply put this is one to watch again going into this week as it is trending to the upside in line with the bigger picture any correction back down towards the 81 24 and of course we'll be looking for this to finish the move from last week but any correction back down towards the 81 24 will be viewed once again as an opportunity to look for bullish breakouts and we're going to be looking up towards the next key area of resistance the upside the target set at the 82.65
and if we get a break through here especially if it takes out this target first and then pulls back we're going to be looking up towards the next key resistance the upside and target 2 at the 83.11 next is NZDJPY now last week we highlighted this as one to watch to the upside and like a number of the ones we highlighted last week this market outperformed we had a really nice rally coming into the 76 16 we stopped just shy of it so we'll be looking for this move from last week to finish but any correction back towards the 7438 will be viewed as simply another opportunity to look for bullish breakouts in this market as this is once again one to watch going into this week and we're going to be looking up towards the next key of resistance the upside and the target set from last week at 76.16 and once we've gone through here we're going to be looking up towards the second key of resistance the upside and target 2 and 76.77 next we have EURCHF now EURCHF was another market we highlighted last week as one to watch to the upside and we had a really nice rally to the upside we stopped just shy of the target set at the 1.0838 so we will be looking for this move from last week to complete any pullback towards the 1.07650 will be viewed once again simply as an opportunity to look for bullish breakouts up towards last week's target if we haven't already taken it out the 1.08 to 380 and if
we can get a break through here we're going to be looking up towards the next key of resistance the upside target 2 with 1.08 so EURCHF is once again one to watch going into this week next is EURNZD now this was a market we highlighted as one to watch for further declines last week we did come down take out both targets to 1.67 270 and the 1.66650 i am looking for the declines in this market once again this week and this does go down once again as one to watch we started to correct so any deep correction will simply be viewed as an opportunity to again look for bearish reversals in this market if we start to get bearish setups in this market we're going to be looking down towards the next k supports the downside of the target set the 1.6619 and through here we're going to be looking down towards the second target to the downside at the 1.6527 next we have EURAUD now EURAUD is structured to the upside and this near-term uptrend is actually counter to the overall bigger picture the primary trend which is to the downside in order to start to look for shorts in the direction the primary trend we would have to break the 1.56740 first which we haven't done but it does look like we're probably going to come and break this next week as it stands however because this is technically structured to the upside although i personally think there are better opportunities than EURAUD long positions next week anyone who is looking to trade this currently as it stands should be really looking for bullish breakouts to the upside up towards the next gear resistance to the upside in the target set at the 1.6023 again just to reiterate long EURAUD positions are going to be very low
down on my list next week and i would not be surprised to see this break the 1.56740 which would then mean i would only be interested in looking for short positions which would be in line with the primary trend but that only comes with a break below the 1.56740 next week next we have euro pound now EURGBP really is the gift that keeps on giving it is in an overall bear market and i have two fundamental long-term positions on this from a couple of months back which we put out on twitter before they happened we highlighted them and also in the youtube community tab on this channel and since then we've also just been shorting this you can see this is once again one to watch going into this week because we are selling off in line with the overall primary trend so any correction in EURGBP next week should be viewed simply as another opportunity to look for bearish reversals in this market down towards the next care of support to the outside the target set and the 0.8726 and if we get a break through here down towards the
second gear of support to the downside and target 2 0.8682 next is EURCAD now EURCAD is structured to the downside in line with its primary trend making this one to watch going into next week any correction back towards the 1.55 180 is going to be viewed as an opportunity to look for bearish reversals down towards the next care of support to the downside the target set and the one point five two four six next is GBPCHF now last week we highlighted this as one to watch to the upside and we did come up and take out the target set last week at the one point two three two seventy pound frank is still structured to the upside in line with its primary trend making this one to watch again next week any correction back down towards the 1.21 320 is going to be viewed as another opportunity to look for bullish reversals in this market up towards the next care of resistance outside the target set the 1.2426 and on a breakthrough here we're going to be looking up towards the second target to the upside at the one point two five two nine next is GBPAUD now GBPAUD is structured to the upside although it is not in a full-blown uptrend i do only favor long positions in this market therefore next week and any correction towards the 1.7616 is simply going to be viewed as a potential opportunity to look for
bullish reversals up towards next care resistance the upside in the target set with 1.8166 next we have pound cad now last week we highlighted this as one to watch to the upside we want to see a correction towards the 1.7290 before a reversal back towards the 1.7665 we did have a really nice rally after a correction in this market so very simply put for anybody not involved from last week any correction once again towards the 1.7299 is simply going to be viewed as another opportunity as this is once again one to watch next week another opportunity to look for bullish reversals up towards the next care resistance the upside and the target highlighted from last week the 1.7665 next we have GBPNZD now GBPNZD is pretty choppy and personally speaking i don't like this pair that much going into next week it's going to be very very low down on my list and i pretty much expect not to trade this market until next week we have traded into for anybody who wants to trade this market we traded into the 1.91070 and we are structured to the downside so if you really wanted to trade this market this would be the area to start to look for potential bearish setups in this market down towards the next care of support to the downside the target set at 1.8837 once again i think there are going to be better opportunities outside of GBPNZD next
week next we have AUDCHF now AUDCHF was in a secondary trend a corrective mode but it broke out to the upside last week and this actually makes this one to watch we are starting to trend in line with the bigger picture in line with the primary trend in this market so any correction next week in this market is going to be viewed as an opportunity to look for bullish breakouts up towards the next care of resistance the outside the target set at the 0.6952 and a breakthrough here will see us looking up towards the second target to the upside the 0.7041 next is AUDCAD now last week we highlighted the fact this market was in a secondary trend to the downside and we're still in this corrective secondary trend to the downside we took out the target last week 0.97520 the secondary trend is still intact so i do still favor only short positions in this market but just bear in mind trades in secondary trends are always riskier than trades in the direction of primary trends any deeper correction for anybody who does want to trade this market next week would be viewed as an opportunity to look for bearish reversals in this market down towards the next care of support to the downside the target set 0.9694 next is AUDNZD now AUDNZD destruction to the downside but this is not in line with its primary trend we highlighted last week it looked like the primary trend was going to come to an end and it did we do have this kind of bear flag set up so anybody interested in trading this this would be the opportunity to start to look for bearish reversals in this market down towards the next care of support to the downside the target set at the 1.0512
next is NZDCAD now NZDCAD pretty much went nowhere last week and it's been very corrective i don't really like the price action too much in this market this is kind of lower down on my watch list next week i would really like to see a break above the 0.9 to 380 so we can start to look for long positions again but for anybody who does want to trade this any pullback into the 0.92090 would be viewed as the opportunity to look for bearish setups down towards the next kf supports the downside the target set the 0.9132 and through here we'll be looking down towards the second target to the downside at 0.9067 next we have NZDCHF now last week we highlighted this as a market to watch to the upside and we took out both targets at the 0.64390 and 0.64620 going into this week this market is still one to watch as it is trending in line with its primary trend we are very close to the next target so any correction in this market is going to be viewed as a bullish opportunity next week to look for bullish breakouts to the upside we're going to be looking up towards the next care of resistance outside the target set at 0.6504 and on a breakthrough here we're going
to be looking up towards the second target to the upside the 0.6551 and last but not least we have CADCHF now CADCHF has been choppy over the last few months but we have had a nice rally to the upside and this is putting the market back in line with its primary trend so this does go down next week as one to watch we're quite close to the next target so we would need to see a correction and any correction in this market would be viewed as an opportunity next week to look for bullish reversals we're going to be looking up towards the next care resistance the outside the target set 0.7065 and if we get a break through here or if we take out the target first over here we're going to be looking up towards the second key of resistance to the upside and target 2 the 0.7133 so that is it from me for this week guys as always i hope you enjoyed this video and if you did please let me know by liking sharing and subscribing a big thanks to everybody who does that on a regular basis and a big thank to everybody who comments on the channel and everybody who has subscribed to the channel so far i want to wish you all a nice weekend and i want to wish you all the best in your trading next week the only thing left to say is take care and don't forget to trade safely
2021-02-07 19:26
