Weekly Forex Forecast (15/02/21) EurUsd / XauUsd / 30+ Pairs
hey traders it's john fortune here with a brand new weekly forex forecast we're going to start off with the us dollar index DXY before running through a number of markets as always be sure to watch the video through to the end as we will be highlighting ones to watch for the coming week as we go through the markets so starting with the us dollar index DXY in previous videos i highlighted the fact this near-term move to the upside looks to be a corrective fourth wave and i am looking for the market to roll over down to the 88.46 in the near term we have not yet broken the 90.050 which makes this near-term secondary trend counter-trend move or corrective fourth weight still intact and although we have that weakness from the outside day that we highlighted in last week's video from a key of resistance we have not yet fully reversed so going into this week i still maintain a neutral bias on the dxy and it just simply means that unless or until we break the 90.05 at which point i'll be looking to initiate shorts down to the 88.460 but all the while we stay above the 90.05 i will consider this market neutral and i will be looking at trading the us dollar pairs on their own merits so how the pairs are structured without a strong bias in the dollar one way or the other and i'll also be looking to limit my trades in the dollar pairs until we can break below the 90.050 and that means therefore that i will be once again as we have been for a number of weeks primarily focused next week on opportunities outside of the dollar pairs next is crude oil now last week we highlighted this market as one to watch to the upside and we did come up and take out the targets at 57.40 going into this week crude oil is still structured to the upside in line with the overall
primary trend it makes this one to watch once again going into next week we are quite close to the next target to the upside so i'd like to see a correction in this market first any correction in this market is going to be viewed next week as another opportunity to look for bullish setups i'm going to be looking up towards the next care resistance the upside the target set and the 60.64 next is EurUsd last week we were looking for a pullback towards 1.215.70 and we did have a nice pullback in this market we noted that this is a secondary trend to the downside it's corrective a larger corrective move so any short positions in this market are slightly higher risk than some of the other markets we're going to look at but if you are looking at trading this market i would prefer bearish setups bearish reversals in this market for the opportunity to look for short positions down towards the next kf supports the downside the target set at the 1.1895 next is GbpUsd now last week we noted GbpUsd had started to reverse to the downside and this was counter to its overall trend which is why we did not mark this as one to watch makes it slightly higher risk and last week we did reverse back to the upside in line with the primary trend so GbpUsd is once again going to be one to watch going into next week any correction in this market is simply going to be viewed as an opportunity to look for bullish setups i'm going to be looking up towards the next care resistance the outside the target set at the 1.3893 you can see that as GbpUsd structure to the upside and EurUsd structure to the downside this does set up a potential synthetic hedge play next week if that's what you want to do and we cover that in the free gmt course the link is in the description below for anybody who wants to learn more about synthetic hedging next is UsdJpy last week we're sitting in this area and we're looking for a correction to pull back towards the 103.64 and we did get this and we started to break out to the upside any correction once again would simply be viewed as another opportunity for anybody trading this market to look for bullish setups and i'd be looking up towards the next key of resistance the upside the target set at the 105.78 just bear in mind this is a secondary trend this is not in
line with the overall trend of this market so any long positions in this market should be considered slightly higher risk than maybe some of the other pairs that we're going to look at today next is AudUsd now last week we noted that Audusd was in a near-term downtrend which was a secondary trend so the risk of reversal was higher and we did break to the upside we reversed in this market last week and this may be the start of the next bigger leg up in AudUsd if we start to roll over in the dxy down towards the 8850 area roughly this could be as it were the first wave in this market so any correction back down towards the 76310 would be viewed as an opportunity to look for potential breakout to the upside in this market next week and i'm going to be looking first of all up towards the next key of residency outside the target set 0.7812 and if we get to through here going to booking up towards target two zero point seven nine one six and of course as a result of this near-term reversal to the upside in line with the primary trend this is going to go down as one to watch next week next is NzdUsd now we noted last week that despite the fact we had dollar strength recently NzdUsd managed to maintain its structure to the upside and so if the dollar does start to roll over next week i wouldn't be surprised to see NzdUsd outperforming because as we said last week if NzdUsd isn't going down when the dxy is strong where do you think NzdUsd is going to go when the dxy is weak so this certainly goes down again as one to watch despite the fact we've pretty much moved sideways in the last couple of weeks any correction deeper correction towards the 0.7157 is going to be viewed as an opportunity to look for bullish breakouts in this market up towards an xq resistance outside the target set 0.7322 next is UsdChf now notice in UsdChf how we had a momentum rally to the upside followed by momentum to the downside this kind of up and down is what you see in ranging markets in markets which lack direction and this is because of the lack of direction in the dxy so i think there are better markets out there next week than UsdChf but if you are trading this any continued correction towards 0.88670 would be viewed as an
opportunity to look for bullish setups and we'd be looking up towards the previous high as a more conservative target and on to the next care resistance outside the target set 0.9088 next is UsdCad now UsdCad cad is structured to the downside this week it started to roll over in line with its overall trend to the downside this is interesting because although we have a neutral bias in the dxy the ones to watch this week are GbpUsd to the upside AudUsd to the upside NzdUsd to the upside and UsdCad to the downside those are the dollar pairs which are down as one to watch and all of those are showing dollar weakness so this could be an indication that we will start to break low in the dxy next week we'll have to see but certainly next week any correction towards the 1.28210 would be viewed as an opportunity in this market to look for bearish reversals and i'll be looking down towards the next k of support to downside the target set at the 1.2537
next we have gold XauUsd last week we highlighted gold XauUsd in quite a bit of detail and showed that 1764.75 could be the end of a much larger abc this area and we highlighted the fact that any pullback towards the 1845.89 should be really viewed as an opportunity to look for shorts in this market we have started to break lower so for anybody not already in gold XauUsd any correction once again towards this key of resistance would provide another opportunity to look for bearish reversals down towards the next kf support to the downside the target set at the 1764.75 and to wrap up the dollar pairs we're going to finish by looking at silver XagUsd we don't normally look at silver XagUsd but we're going to look at it this week as a bonus chart we don't normally look at it because there's quite a bit of market manipulation in silver XagUsd but we are looking at this week and it is one to watch because of a specific setup that seems to be appearing in silver XagUsd we have broken out of an inverse head and shoulders pattern in silver XagUsd we broke out with momentum and then we had a bigger sell-off to come back and re-test the breakout point of this pattern we have now started to break higher once again in this market and this is just simply a higher low so as it stands the uptrend in this market is intact and it looks to be just beginning so this is certainly one to watch going into next week the near term target is 29.82 but this previous high if we start to break above this we could see some strong momentum coming into silver XagUsd so this is also something you could consider holding a position for a lot longer than just a single week i certainly will be looking to hold this if we can break above the previous high with momentum i'll be looking to hold it for a number of weeks at least i won't be looking to take my profits next week next is EurJpy now EurJpy is structured to the upside in line with its primary trend it makes this one to watch going into next week any correction back towards the one two six twenty eight is going to be viewed as an opportunity to look for bullish reversals in this market up towards the next key of resistance the outside the target set at the one 127.96 next is ChfJpy last week we started the week in this area and we're looking for a pull back into the 117.63 we did
have this and now we're sitting right at this area this market is quite choppy it's not down as one to watch next week this means it's not very high up on the watch list however if you are looking to trade this this would be the area to start to look for bearish reversals and i'll be looking down towards the next key of support to the downside in the target set at the 116.40 next is pound yen now in previous videos we've been highlighting this market consistently as one to watch and we've been taking out target after target to the upside last week we had this down as one to watch and we came very close to achieving the target of the 145.71 if anybody not already involved because we're very close to the targets what you'd have to see now is any correction towards the 143.15 before we take out these targets would be viewed as another opportunity to get involved with this market to the upside up towards the target set from last week first of all the 145.71 and then on to the second key of resistance the upside in target two at the 146.73 next is AudJpy now AudJpy was another market that performed really nicely which we highlighted is one to watch last week we stopped just shy of the target so for anybody who didn't take advantage of this last week you would need to see a pullback now in this market because we're too close to the target any pullback would provide another opportunity to look for bullish reversals up towards last week's target at 81.57 which we're looking to be taking out this week and then on to the second key of resistance the upside and target two at the 82.60
next is cad yen now last week we highlighted this is one to watch and we took out the targets at the 8265. going into this week CadJpy is down as one to watch once again and we see the canadian dollar catching a bid from a stronger crude oil price any correction back towards the 82.22 will be viewed as an opportunity next week to look for bullish reversals in this market up towards the next q resistance the outside the target set at the 83.11 and if we get to break through here up towards the next key of resistance the upside and target 2 the 84 84.12 next is NzdJpy now last week we came very close to the target of the 76.16 this is once again this week highlighted as one to watch because it is now trending to the upside in line with its overall trend any deeper correction in this market is simply going to be viewed as an opportunity to look for bullish reversals up towards an xq resistance outside the target set 76.16 and if we can break through here up towards target two and seventy six point
seven seven next is EurChf we highlighted this as one to watch last week to the upside and we did take out the targets at the one point zero eight three eighty very simply put going into this week this is once again one to watch and it is in line with its primary trend to the upside we've already corrected towards the 1.07650 so this is now a great opportunity in this market to start to look for bullish reversals if we start to break out to the upside we're going to be looking at initiating longs up towards the next key of resistance the upside and target set and 1.0871 next is EurNzd now EurNzd is structured to the downside overall and we're looking last week for a pullback before further declines to the downside we have started correct which is great and this is one to watch going into next week any deeper correction the deeper the better as we get better wrist reward setups to the target the deeper we pull back but any deeper correction is simply going to be viewed as an opportunity to look for bearish reversals in this market down towards the next key of support to the downside of the target set at the 1.6619 next we have EurAud now last week Euraud rolled over in line with its primary trend to the downside and this is something we noted in last week's video that was probably likely to happen based on where we were sitting when we started the week going into this week therefore this market becomes one to watch and we're starting to see commodity currencies outperforming some of the g10 pairs which is what you would expect to see with a weaker dollar with the dollar weakening so i wouldn't be surprised to see the dollar rolling over next week to the downside we are making lower lows in this market so any correction in EurAud is simply going to be viewed as an opportunity to look for bearish breakouts are going to be looking down towards the next kf supports the downside the target set the 1.5580 and if we break through here we're going to be looking
down towards target two at the one point five four four four next is EurGbp now EurGbp has been one of the best if not the best performing currency of 2021 so far and i have been short i am short and i've been shorting and also highlighting as much as possible this market to the downside we are still making lower lows and last week was simply another opportunity to short this market for anybody not involved in this currency pair to the downside already this is once again as it has been for a while now one to watch very high up on the watch list any deeper correction away from the target is simply going to be viewed once again as another opportunity to look for bearish breakouts down towards the next care of supported outside the target set zero point eight seven two six and ultimately i think there's a very very good chance we come down to the second career of support to the downside and target two at the zero point eight six eight two next is EurCad now EurCad is trending to the downside and this is benefiting from the recent rally in crude oil we are looking further declines to the downside and i can see here already we're starting to flag this pullback is a great opportunity we also have somewhat of a double top pattern here breaking down below the midpoint here this is now a great opportunity to start to look for bearish setups in this market i'm going to be looking down towards the next key of support to the downside and the target set at the 1.5246 and again this market is one to watch for next week next is GbpChf now this is another market that has been on the watch list and one to watch for a number of weeks and performing really really well taking out the targets last week we're looking for a correction away from the 1.24260 and that was the opportunity to start to look for bullish reversals a breakout to the upside we have started to break to the upside so any correction once again in this market is simply going to be viewed as another opportunity to position to the long side up towards the one point two four six two six and if we break through here we're going to be looking up towards the second key of resistance the outside and target two at with 1.2529 one to watch again next week
next is GbpAud now last week GbpAud started to roll over to the downside in line with his primary trend so this does go on the watch list although i think there are better opportunities out there next week any correction towards the 1.7980 is going to be viewed as a potential opportunity to look for bearish reversals in this market down towards the next kf supports the downside the target set at the 1.7747 next is pound cad now pound cad is down as one to watch next week because it is an oval trend to the upside but just bear in mind the canadian dollar is catching a bid from crude oil so there may be better markets to trade even though this is down as one to watch out of all of the markets down as one to watch there are likely to be better opportunities next week however i do favor long positions in GbpCad and any correction in this market is simply viewed as an opportunity to look for bullish reversals up towards the next care resistance the upside in the target set the 1.7665
next is GbpNzd now GbpNzd is structured to the upside in line with its primary trend making this one to watch next week any correction back towards the 1.90510 will be viewed as an opportunity to look for bullish setups and bullish reversals in this market if we start to break out to the upside i will be looking up towards the next kia resistance outside the target set the 1.9316 and through here i'll be looking up towards the second target to the upside at the 1.9480 again for very similar reasons to pound cad i do think there are better markets outside of GbpNzd trade next week next is AudChf now AudChf is structured to the upside in line with its primary trend making this one to watch next week we also had that breakout to the upside in AudUsd last week showing some near-term strengths coming into aussie so this certainly would be one to keep an eye on for next week any correction away from the next key of resistance is going to be viewed as an opportunity to start to look for bullish setups in this market if we start to break out to the upside i'm going to be looking up towards the next key of resistance the outside the target set 0.6952 and if we get to break through here we're going to be looking up to target two the zero point seven zero four one next is AudCad now AudCad is also down as one to watch next week and notice how many markets are down next week as one to watch this is because we had a 50 increase from the week before in the number of markets that have started to revert in line with their overall trends this is a good indication that we may start to see some bigger moves coming into the market and it also makes me think again we could see that reversal to the downside in the dxy next week so in AudCad any correction back down towards the 0.97410 will be viewed as an opportunity to look for bullish breakouts up towards the next care resistance upside the target set the zero 0.9908 next is AudNzd now AudNzd is structured to the downside in a secondary
trend so this is not marked as one to watch next week not high up on the watch list but if you are looking to trade this any break to the downside in this market should be viewed as the next opportunity to look for bearish setups in this market down towards the next key of support to the downside the target set at the 1.0570 next is NzdCad now i don't really like NzdCad because of how choppy this market is it is not very high up on the watch list last week we highlighted the key of resistance at 0.920.90 for a selloff down towards 0.9132 we did get this kind of price action so anybody who is interested in trading this and again i think there are much better opportunities out there any correction towards 0.92090 again would be viewed as the opportunity to look for
bearish reversals down towards the next care supports the downside the target set at 0.9132 next is NzdChf now this market is structured to the upside in line with its primary trend and i prefer this compared to NzdCad for example we've already started to correct down towards the 0.63670 and this is just simply viewed as an opportunity to look for bullish breakouts i'm going to be looking if we start to break out to the upside at initiating longs up towards the next key resistance the outside the target set and 0.6504 and last but not least we have CadChf now CadChf is structured to the upside in line with its primary trend and it also has some support from stronger crude oil prices feeding through to the canadian dollar we started to correct which is great because this is what we want to see if we're entering in the direction of the overall trend any deep correction in this market is simply viewed as an opportunity to look for bullish reversals first of all up towards the next care resistance the upside the target set at the zero point seven zero six five and a break through here we'll see it's going up to the second key of resistance to the upside and target two at the zero point seven one three three so that is it for 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 you to everybody who has subscribed to the channel so far and also everybody who comments on the channel on a regular basis as well i want to wish you all a fantastic trading week and i want to wish you all a nice weekend the only thing left to say is take care and don't forget to trade safely
2021-02-15 07:42
