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Weekly Forex Forecast For July 31 – August 4, 2023 (DXY, EURUSD, GBPUSD, USDCAD, XAUUSD)

Weekly Forex Forecast For July 31 – August 4, 2023 (DXY, EURUSD, GBPUSD, USDCAD, XAUUSD)

in today's video I'm going to show you exactly how I'm trading the dxy the Euro the pound the dollar versus the Canadian dollar and also gold for the week ending August 4th 2023. okay so kicking things off with the dxy the US dollar Index this is the three day time frame and starting here with this time frame we can see that the market is trading below this trend line that I've talked about off of this 2021 low so we've got the lowdown here in 2021 we have two swing lows two very prominent swing lows down here followed by the breakdown below that area however since that time like I've been saying in these videos we have seen the dxy reclaim 100.8 and the reason that's significant is if we go to the Daily time frame you can see where this level was the previous year today low for the dxy so we've got 100.8 down here and we've also got it right here on this low so as of right now this break that we saw here and the reclaim a couple of weeks ago this right here was a significant development for the dxy and it is why I was bullish last last week so I talked to members about this when the dxy was trading down here in this area on this pullback and I said that this was not the time to get short on the dollar just because of that reclaim there at that level so we've now had two weekly closes back Above This 100.8 level and it's why I continue to think that we are likely to see the dxy push higher potentially a pullback first this week but I do think that we are likely to see another run at 102 over the coming days and potentially that area up around 102.8 so you can see here that the weekly close back here right we got the close back above 100.8 here on the weekly and then last week cleared that area right around 101.25 so as of right now I am cautiously bullish on the dxy with those reclaims and looking at the four hour time frame this is what it's going to come down to in my opinion so we've got this ascending Channel That's developed off of these two lows down here and we've also got these two highs so this is why I think that we could see some consolidation from the dxy early this week so potentially a move back up here toward this area and then a pullback and some consolidation down here and then maybe a retest over here in this area in early August followed by that push back toward 102 and also the 102.8 level so this area up here is going to be a Confluence of resistance for the dxy it's also FIB Confluence so if you look at the fibonaccis from two of these recent legs there is a lot of Confluence there at the 102.8 level so that is kind of my Target and also the fact that we do have that intersection of these two trend lines that I just showed you okay so these two trend lines also come in right there right around the 103 area so again I do think for the dxy as long as it's above this area down here I am looking for higher back toward 102 and potentially 102.8 alternatively though if we were to see the dxy right below this area down here especially 100.8 then that would be bearish for the dollar okay so this area right down here is going to be a must hold for the X Y to the point where if we saw it rotate lower and then close below this area okay that's a stain break below this region right here right that would confirm the breakdown and also expose areas like 100 but again as of now as long as the market is carving these higher highs and lows then I am bullish on the dollar in the short term another reason that I am bullish on the dollar right now is the Euro USD chart so this is something that I talked about last weekend you can see that we do have this trend line down here off of these highs from last year and this level if we extend a parallel level up you've got this high back here this closing price and also these three highs during this consolidation now this right here was a fake out confirmed by this close all right so a fake out like this tends to trigger an extended move in the opposite direction so for the Euro USD that would be a move lower and so far that's exactly what we've seen now my target was hit at 1.095 this is the level that I also talked about last weekend so you can see here that we do have an intersection between this short-term trend line and also this short-term trend line okay so 109.50 was the support for the Euro and you can see we got a significant bounce here on Friday so what I think we could see for the week ahead is potentially some consolidation here for the Euro between these areas so up here in this area and then the support So consolidation here and then potentially a breakdown from this area however 109.50 is going to be the level to get below we're going to have to get a sustained break below that to open up these lows down here around 108 1.08 and also potentially the bottom of that channel right around 1.073 now alternatively if we see the Euro reclaim this area up here so if it were to reclaim the area right around 1.11 I reclaim this then we're looking at a move back here toward this resistance around 1.117 to 1.118 okay now let's take a look at the pound which I don't really favor this nearly as much as other markets right now but you can see where we did have this fake out up here and this is also something I talked about in the weekly forecast a few weeks ago so we had the fake out up here and if you drop down to the four hour time frame you can especially see where we got the fake out back here so this was the fake out closed below confirmed it re-test as resistance so this is something I even talked about in the members area talking about how this fake out right here could trigger that move lower down here towards some of these key support levels so for the week ahead for the pound it's going to be a matter of can we see the market reclaim this level up here okay the bottom of this Channel or does this fake out up here as they often do trigger that extended move in the opposite direction remember fake out to one side of a pattern extend and move in the opposite direction and typically it doesn't stop here so if this area holds if we see the pound continue to be rejected from this area right around 1.285 then we could get that move down here toward these lows okay this next little pivot right around 1.263 but like I said I don't really favor this one as much as other markets I don't think it's quite as clean technically speaking but again if we do see a breakdown from this channel then we could have that move down here toward this pivot right around 1.263 now alternatively if we see the market reclaim this level up here and also take out 1.3 then that would be bullish toward these highs back here and also that 1.317 area so next up let's take a look at the dollar versus the Canadian dollar and I absolutely love this chart this has been my favorite chart technically speaking for quite a while and you can see here starting on the two-week time frame we've got this massive channel that has been intact since 2015. and we also know that the market is coming off of the support down here carving higher highs and higher lows so like I've said recently this is why I have favor looking for Longs at Key support however the market has also been kind of difficult recently because it has been going sideways however if we drop down here to the Daily time frame you can see that first of all the market is coming off of that trend line from down here in 2021 that I've talked about so I've mentioned this in previous videos and we can also see that the market is moving within this descending channel so we've got the lows down here right we saw the balance back in this area the bounce right here at the 2021 trend line and then also the top of this channel so last week what I was looking for and I made a video about this when the market was consolidating back here was I was looking for further consolidation within this potential ascending triangle which is typically a bullish pattern okay we've got this key level right here at 1.323 and then we also have these higher lows that have developed so this right here does look relatively bullish it looks like the Market's trying to bottom and right now you can see that the market did close above this on Friday now it was a Friday close so you have to be careful with that low volume but if we see the market you know continue to hold above this area next week maybe a week down here this area to clear out some late Longs but if we see a continue to base above this area here then it gives us that breakout that we're looking for and potentially that move back here toward 1.337 now here's what's really interesting about this is and I shared this with members last week and by the way since I'm on that topic I did enter along here at 1.3169 so right through this area right here I entered Along on this candle and I did share that with members too so I'm in this long here I will add to it if we get a sustain break above this area early next week but let's go ahead and take a look at why the the target is so interesting up here 1.337 so the objective for a pattern like this four in a setting triangle you take the height of this pattern and extend it over from a potential breakout point which so far we did potentially get on Friday and you can see that our objective is right there at that recent high at 1.337 okay so the height of the pattern take the same level extend it over from the breakout point and you get the target so no guarantees of course there are never any guarantees and as always this is not Financial advice but I do think that if the dollar CAD it can start to base above this area over here early next week again maybe a wick below here to take out some late Longs but if it can base above here I think we are likely to get that move up toward 1.337 alternatively if we see a rotate lower again and break this trend line here then that would potentially show weakness and expose some lower levels all right so last up we have gold xau USD and looking here at the two-day time frame so we've got this trend line that I've talked about here on YouTube off of this high from back here in 2022 we've got this Confluence of support down here at 1900 where it bounced recently I also made a video about this and now we have this beautiful range that is set up between 1940 and 1980. so looking at the daily time frame this is the level that I mentioned in last week's video okay so I said that this price action right here looked like we might get a pullback toward 1940. sure enough we got the re-test right off in 1980 and the retest very close to 1940 on Thursday all right so we talked about this in the members area and it did play out really nicely and by the way if you are in interested in joining our group there is a link in the description here and this is the last month guys that I'm going to offer it at this price for Lifetime access it's been at this price for a very long time now but I'm starting to ramp up how much time I'm spending with members and also the benefits that I'm adding to that group so it will be the last time to get in at this price you've got literally three days left so see the link in the description here on YouTube to join our Trading Group okay so looking here at xau USD we've got this range that has developed and this is a case where really this is going to be a range round Market until proven otherwise we have key resistance up here at 1980 key support down in 1940 so this is not a case where you want to be trying to short down here or long up here this is really just a case where you want to be trading this range until proven otherwise now this could turn into an inverse Head and Shoulders where we've got the shoulder over here the head and then our right shoulder but we do need a close above a sustain break above 1980 to confirm that and furthermore the dxy and gold tend to be inversely correlated so when we flip back to the dxy right we would have to see the dxy looking here at the four hour time frame close below that 100.8 level that I talked about so we'd have to see something like this right through here to confirm higher for gold because again the two do move inversely to one another so keep that in mind when you're trading gold that the only way that we get a breakout up here and this turns into an inverse head and shoulders for a Target up here in this area the only way that happens is on a sustain break above 1980 and also with a dxy breaking back below 100.8 okay so for now gold is just a range round Market between these two levels and if we were to get a sustain break back below 1940 all right back below these lows back here then that would open up the lows down here right around 1900 but for now I think that this is the case though where you have to respect the range until proven otherwise so again 1940 is going to be key support and 1980 is resistance alright that's it for today's video I hope it helped do me a favor and smash the like button and also subscribe to the channel and click that Bell icon for notifications and don't forget to join our Trading Group for a 60 discount last few days to do so see the link in the description here on YouTube or if you're on the website click on that join today button and it will take you right to that page have a great rest of the weekend trade well next week and I will talk to you again on Monday

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Weekly Forex Forecast For July 24-28, 2023 (DXY, EURUSD, GBPUSD, AUDUSD, XAUUSD)

Weekly Forex Forecast For July 24-28, 2023 (DXY, EURUSD, GBPUSD, AUDUSD, XAUUSD)

In today's video, I'm going to show you exactly how I'm trading the DXY, the euro, the pound, the Australian dollar, and also gold for the week ending July 28th, 2023. Okay, so let's not waste any time and dive right in looking at the US dollar index.This is the monthly timeframe and this is an A setting channel that I've talked about recently. You can see that off of these 2011 lows. We do have these two uh, swing lows here for the DXY. We've also got these three highs and since this time back here,The DXY has been carving lower highs and lower lows. So that's the first thing to consider that we do have the market coming off of this long-term resistance level and a trending lower. Now if we look at the three day timeframe, okay,This is also something that I've mentioned recently where on the three day you can see that we do have the market breaking down from this trend line off of these lows from 2021. We've also got these two swing lows right before the breakdown. Okay,So this was the breakdown through here below that area around 102. Now the thing to keep in mind though last week is we did see a potentially significant development from the DXY closing back above this area around 100.8. So on the daily timeframe, if you'll notice we do have the low back here.We've also got this one from back here in April. So this was the previous year to date low. And as you can see, the DXY did reclaim that on Friday. Now we'll get to the short term a setting channel you see here in a moment. Uh,But the key for a Dollar Bulls this week going into Wednesday's fed rate decision and statement is going to be to reclaim 101.25. All right? That's going to be key because we do have a lot of closing prices through there. And if you look at the three day timeframe,It's also significant there because the market never did close below 101.25 on the three day. So you can notice back here we've got all these closing prices through this area. So 101.25 is going to be resistance and 100.8 is going to beSupport given the fact that the market did close Friday above these two lows back here. Now looking at the hourly timeframe, this is going to be something to monitor this week. So you can see here that we do have an ascending channel on the hourly based onThese three highs up here. So we've got this high back here, we've got this one and also this most recent one. And then we have this swing low and also this one. So given this and the fact that the market, like I said,Did reclaim 100.8 on Friday, I am cautiously bullish on the DXY. Um, going into next week, however, we do have once again FOMC on Wednesday and also that 101.25 level that the market has to get above. So given the fact that the DXY is trading right here at the top of this channel,I do think that we could get maybe a rotation higher early next week followed by a pullback down here into 100.8 to retest this area down here and then potentially a balance from there. So the two scenarios I'm watching here for the DXY is going to be in either caseI think we get the pullback down here toward 100.8, but then from there it's going to be a matter of do we see the bounce back here toward the highs, potentially the, the top of this channel up there around 102 or do we get that rotation lower theSustained break below here for that move back toward 101. Okay, so this here, when the market comes down here in this area, if we get that retest, that's going to be a significant moment for the DXY to determine if we areLooking at a higher dollar following FOMC or we get that breakdown from the DXY. But either way, like I said, based on where the DXY is trading, where it ended last week, I do think that a early week pullback down here toward 100.8 is likely over theComing days. So next up we have the EURUSD, and this is another reason why I think we could see the dollar rally this week because we do have this trend line off of these highs from last year and this is a level that I've talked about recently.You can see the lows so far this year. So it has flipped to support in 2023 and if we take a parallel level and drag it up here toward these lows, you can see that we do have three highs right here off of the same level.So this is the two day timeframe and you can see where last week we do have a fake out from the Euro. So a fake out like this does tend to produce an extended move in the opposite direction. So for the EURUSD, that would be a move lower.Now looking at the daily timeframe, these are the three highs that I talked about. So right off this level we've got the closing price back here, we've got this high, this one and also this most recent one. Okay, now this up here so far is a fake out from the EURUSD,Which like I said could trigger that move down here toward the 1.1070 highs from back here. However, we may get a retest up here around 1.1170 to 1.1180 before we get that rotation lower. And that's especially true when we look at the DXY,What I just talked about on the DXY is that potential pullback toward 100.8, which could equal a retest up here right around 1.1170 to 1.1180 for the EURUSD before that rotation lower. Okay? So as of right now,This is a fake out from the Euro as we go into a week with a lot of volatility set up with Wednesday's FOMC. So I am looking for lower here, but like I said, I do think we could see it early week rotation higher into that 1.1170 area.So if you saw last week's forecast, what I talked about here on the pound is if we look at the four hour timeframe, you can see that we do have this channel um, in place since these lows back here. We've also got this swing high and this up here was a fake out.So what I talked about in last week's forecast was that the pounded closed right back below this. So through here and you can see where we got a routed retest right up here in this area. So this was your fake out, this was your retest for that short opportunity.Now the first key level was 1.3, which it blew right through that and came down here toward 1.29. So the market for the week ahead is kind of sitting on support right here at 1.285. So looking here at the daily timeframe, you can see why this is significant. Okay,So based on these highs from back here, we've got this high, this one through here and also this one. So you can see right now the pound is holding right above that level. However, 1.29 is also going to be significant because if we look at the four hourTimeframe, again, you can see where 1.29 was support back here. Okay, support, support through here. Once again, we got the close below and now resistance. Okay, so for the week ahead, 1.29 is going to be resistance. And this area down here between 1.28 and 1.285 is support.Now if we do see the DXY continue to reclaim levels included that area around 101.25, then we could see a breakdown from this channel for the pound, in which case I'd be targeting lower levels like this area down here around 1.263. All right, so we've got these highs back here and this low.So if we do get a breakdown from this area, that would be my first target there. And then potentially lower levels like this pivot through here and also maybe even 1.23. But of course the DXY would have to do a lot of reclaiming in orderTo see that kind of move from the pound of course. Alternatively, and for now, this is not something that I would short because I don't like shorting a market that's already made this kind of move. I do think that the opportunity on the euro is a little bit better just givenWhere the market is situated. Um, but if we were to get, like I said, a sustained break below here, below this area, then that could be a short opportunity or if we get that move up here followed by bearish price action, that could also be a short,But you've just gotta keep in mind, like I said, the market is already down, um, quite a bit here over the past week. Next up let's talk about the Australian dollar, which we've had this range intact now between uh, 0.68 and this area down here around 0.658. SoThis is the range that I mentioned recently. You can see we had a fake out below. We had the fake out above and then another fake out above just recently. Okay, so this last week was a short opportunity that I did take and I mentioned this to members in real time.So we caught the entry right here at 0.6808. Um, again, I did share this with members in real time, the entry right there here. So I waited for the market to come up here in this area, reject from that close back below here on the intraday charts and then wentShort for target down here at 0.67. Now it didn't quite make it there on Friday, so I did take profit down here. So it was about a 79 pip profit, which was not bad for about a 24 hour trade. And by the way, guys,I talk about my trading group a lot, but if you are interested in joining, here's what you need to do. So what you need to do is look below this video here on YouTube in the description and click on that link for blueberry markets or if you're on the website,Scroll down from this video and you'll see the link right there. Head over here to this page and fill out this application. Okay? Now, once you fill out this application, you are going to have a choice from either a 20% deposit bonus or your firstTrade free, meaning that if your first trade is a loss, they will refund you up to $300, okay? So it's literally a risk free trade or you can get that 20% deposit bonus. So once you sign up over here, you're going to deposit $500 or more. And then message me on the website.I'll give you lifetime access to our trading group where I provide daily videos, exclusive setups, and also my trades in real time. So I'm going to show you my trades that I'm taking on the EURUSD, Bitcoin, et cetera. So once again,See the link in the description here on YouTube or if you're on the website, scroll down from this video and you'll see the link to blueberry markets right there. Okay, now looking at the week ahead, um, just like some other markets,We do have the Australian dollar trading down here at a near term support. So this area between 0.67, so right down here and also 0.672 is going to be key support for the Australian dollar. We've also got the bottom of this D descending channel that comes in right inThat area. So based on where the DXY is trading, if we do get a rotation lower from the DXY early next week, so a pullback into that 100.8 support for the DXY, then we could see that move higher for the Australian dollar. Now whether theMarket gets all the way back here toward point 0.68, we'll have to wait and see. But I do think that from a risk reward perspective, that is the, you know, highest conviction trade and of course the one with the best risk reward. Um, so for the Australian dollar for the week ahead,I do like the idea of looking for shorts up here if we get it just because of the fact that like I said, the market is trading below that after closing above it, just like we saw back here. So this is once again just one more fake out from the Australian dollar,Very similar to what we saw back here. Okay, so as long as 0.68 holds, I do like looking for shorts here toward that area around 0.67 and then potentially toward those range lows right around 0.6. And last up we have gold XAUUSD. This is a trend line that I mentioned recentlyBefore the market tested 1900. You can see we've got the high back here from 2022. We've got this high, this was a pivot through here and then we had 1900. So I talked about this before the market tested it and we got a nice bounce from there.I also mentioned how the breakout above 1940 could trigger that move up toward 1980. So, so far gold has been playing out really nicely, um, based on the technical levels that I've discussed. Now looking at the daily, you can see where the market so far is, once again,This is our resistance level right here in 1980. We've also got support down here around 1940. So as of right now, this is just a range trade for gold for XAUUSD. Now we do have some support here at 1960. This is the midrange of the rangeBetween 1940 and 1980. So I would expect a bounce maybe early, um, this week up here toward this area around 1970, potentially back toward 1980. Um, so a bounce there for gold early next week, Monday, potentially into Tuesday. So looking right here,This is going to be the support area for gold. Okay? So right through here, this consolidation to where we could get that bounce early in the week back here toward this area, right? 1970 in this region followed by that rotation lower down here towards some ofThese lows and potentially that retest of 1940. So given this right here, given the breakdown that we saw last week and the significance of 1980, um, and also what we're seeing from the DXY because the two are inversely correlated,I do think that a rotation up here into this area followed by a rotation lower down here into 1940 does seem likely for now. Okay, so for now, gold is just a range trade between 1940 and 1980. Nothing more, nothing less. Um, we could see higher from the market,But this is also a case where you have to trade what the market gives you. And right now the market is giving you a range between these two levels. Alright, so that's it for today's weekly forecast. Be sure to smash the like button and also subscribe to the channel and click that.Bell icon. And don't forget to sign up to Blueberry Markets where you can get your first trade free or a 20% deposit bonus. See the link in the description here on YouTube, or if you're on the website, scroll down from this video and you'll see the link to Blueberry Markets rightThere. Trade well next week and I will talk to you again on Monday. I.

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Weekly Forex Forecast (June 19-23, 2023) DXY, EURUSD, GBPUSD, AUDUSD, USDCHF

Weekly Forex Forecast (June 19-23, 2023) DXY, EURUSD, GBPUSD, AUDUSD, USDCHF

welcome to this week's Forex forecast for the week ending June 23rd 2023 my name is Justin Bennett with daily price action and in today's forecast we're going to talk about the dxy the Euro the pound the Australian dollar and also the US dollar versus the Swiss franc now if you have not joined my partner Prime xbt be sure to do so seeing the link in the description here on YouTube or if you're on the website click on the link that says Brokers you can get up to a seven thousand dollar trading bonus when you deposit through my link and also trade Forex crypto Commodities and indices and if you deposit at least 500 I will give you lifetime access to our Trading Group all right so starting here with the dxy the US dollar Index we had a significant pullback late last week following CPI and also fomc now this was a more aggressive pullback than what I was looking for I was anticipating a continuation of this healthy looking correction that we saw up here so I was looking for more of a pullback down here into the 103 area followed by a bounce from here okay now we did not get that obviously we got them move below 103 and currently the dxy is testing a somewhat of a must-hold area for Bulls and the reason for that I explained this last week but you can see that over the past few months what we've seen from the dxy is we have this swing high up here and now we have this recent one okay so 10220 is going to be the last opportunity for dollar Bulls to carve a higher low okay because if we see this breakdown all of a sudden we have a series of equal lows down here 100.8 which is the year-to-date low and then we also have this lower high up here and that starts to look relatively bearish for the dollar all right so 102.20 this area down here is going to be significant going into this week and you can see where these two trend lines just to kind of explain what I have going on you can see this trend line up here we've got these highs back in this area and this does connect with that last swing high so this is going to be one to watch if we see more consolidation from the dollar whether it be down here or up here first this trend line up here is going to be one to watch over the coming weeks now this lower trend line is the one that extends off of that 2017 High I believe it is if we go back here to let's say the five day chart you can see how this looks where going back here to um 2017 early 2017 you can see that we've got this high back here all right so very prominent swing High another prominent swing High here in 2020 and then we've got lows across this level okay so this is going to be one to watch and really this area down here right around 100.8 that's going to be the one that is a must hold for dollar Bulls if we were to see that breakdown over the coming weeks then we are potentially looking at a a macro bearish scenario for the dollar that puts it back inside of this range okay and that would be you know again very bearish for the dollar but for now I think that it's a mistake getting too bearish on the dollar simply because it is still above that area and also this is just sideways consolidation up here all right so next up let's take a look at the Euro USD and this is another one that caught me off guard I think a lot of Traders got caught off guard by this move late last week um you know I was expecting to move up here above 108.30 this area back here okay so this was resistance back in this area and I was looking for a stop loss run up here toward this area followed by rotation lower now obviously we did not get that the market not only took out 108 20 108 30 but also this area up around 109.30 now the reason that's significant is if we look here at the monthly time frame all right you can see that back here we've got two highs okay two monthly highs right off of 109.30 and this month back here okay closed above it and then we got the close right back below now we haven't had confirmation of this as a bearish engulfing candle the same thing with this candle back here both of these were potential bearish engulfing candles but they never confirmed because we never got that close below the the low of this candle okay so right now you know just sideways action from the Euro and this area up here is going to be very critical for the Euro USD over the coming days and weeks so it's a little bit tricky right now because we do have the Euro trading between two critical levels here the first one is at 109 30 level that I just showed you and also this area up here around 109.70. all right so you can see that back here we've got several lows in this area okay so this is going to be resistance here this week and support down here at 109 30. so essentially for the Euro if we do get a sustained break above this area around 109.70 that puts it back inside of this range in which case we are probably looking at a move up here toward 1 10 90 111 and that probably also coincides with the dxy testing the year-to-date low now alternatively if we get a pullback earlier this week it's a stain break below 109.30 then we could see a rotation lower into this area down here around 108 20. all right so that's what I'm looking for right now um you know just some indecision to end last week so it is a little bit tricky to call this one from here I do think though given the extent of last week's rally I would not be at all surprised to see a rotation early rotation lower early this week you know potentially down here into this consolidation area you know and then potentially from there a bounce back here toward this level I would be a little bit surprised if we do see the Euro just continue to move higher next week without some type of pullback first to really flush out those late longs so we saw the British pound break above a significant area last week a Confluence of resistance right around 127.40. you can see that this is the top of this pattern okay this trend line off of the highs from back here in August and also a key horizontal which I'll show you in a moment now we do have some significant event risk coming up for the pound this week including Wednesday CPI and also a Boe rate decision on Thursday okay so those are going to be critical events in and really it is going to come down to whether the pound can stay above 127.40 over the coming days that's going to be the area to watch on the higher time frames all right so we do have the break higher and this horizontal level if we go back here to let's say a three-day time frame you can see why I have these two levels on my chart in fact three levels so this one down here okay at 127.40 that coincides with that trend line you can see that back here right in 2020 this was a key pivot for the pound and this area up here around 137 3170 you can see this was also a key pivot during that period okay so these are going to be levels to watch along with 130. all right so all significant levels for the pound so if we look here at the daily time frame right this is how I'm approaching it this week I think we are likely to see a rotation lower a pullback down here like I said with the euro to kind of flush out some late Longs I would be surprised given the extent of this rally if we just see the pound dude this I would think that you know something like this is more appropriate maybe we get to push higher first but then a pullback down here flush out those late Longs and also with next week's uh event risk that we have with CPI and also the Boe I would expect some type of retest down here in this area now if the pound can hold above 127.40 all right hold this on the daily time frame right consolidate down here then we could see that move up toward 130 potentially 1 31.70 to continue this breakout now if we see the pound close back below this all right close back below this this up here becomes a fake out and we're looking at a move down here toward this trend line okay so that's how I'm looking at that this week you know again we do have some event risk coming up this week so be careful trading the pound so next up I want to talk about the Australian dollar which we have some really clean levels to play here now I completely missed this fake out down here I was watching it and I didn't pull the trigger on it I wish I had in hindsight of course so you can see back here we got the move below this area around 65 80 this was a key support area down here you can see we got the close below for several candles in fact over a week it traded down here closed back above here retested as support and since that time we had a very significant rally now the market also took out last week this area up around 67 80 67 90. okay so the way I'm looking at this for you know the week ahead is going to be if we see the Australian Dollar close back below this area around 68.70 or so on the higher time frames okay so lose this area next week and this up here becomes a minor fake out we likely see that retest down here you know off of these highs this previous range resistance back here right around 67 80 or so and that becomes our key support level okay now you know the market could just continue higher after last week but like I've said with some of these other markets this rally has gotten you know kind of extended here and I would expect some type of pullback to flush out those late Longs you know it's typically not that that easy where you can just start a week and just buy here and sell up here right maybe we get that but I do think that we we're likely to see some type of pullback now if over the coming days if the dollar can really strengthen okay and we see the stock market start to pull back and this fails okay this level down here fails then this up here becomes a fake out just like this one down here was all right and we essentially have the Australian dollar running both sides of this range in which case we're looking at a more significant correction all right but for now the levels I'm watching is going to be 68.70 and then also this area around 67.80 and resistance based on last week's close comes in up here right around 0.7 so last up I want to talk about the dollar versus the Swiss franc and this one is a little bit controversial in the sense that the dollar overall looks relatively weak okay the dxy right now even though it's holding support it did not end last week on a bullish note however if you look at the dollar versus the Frank this one shows a little bit of a different story okay now you can see where you know the market recently broke out from this trend line it's not the strongest trend line um you know out there but you can see where we've got these prominent swing highs off of this level including this one right here just before the breakout okay so we had the breakout from this right here on this candle and since that time we've had a rounded retest okay so getting bearish on this pair in my opinion right now based on where last we closed is a mistake in my opinion you know just because based on this falling wedge we could see a move higher however here's the thing and this is where waiting for confirmation comes in the play if we look at the four hour time frame all right you can see where we've got off of some of these lows and high is we have what appears to be a channel right here in this area Okay so if we look at these highs up here and draw our levels across this is kind of what I'm watching uh next week all right we really need to see the market close back inside of this channel right here so you can see we've got these two highs and we've got these lows through here also this one and this last one before the breakdown so in order to Long the dollar versus the Frank you know really you could long it down here somewhere sure look for a pullback you know in this area but it's a little bit risky considering the fact that the market is trading below this channel up here okay so I think that a better play might be to wait for a higher time frame uh reclaim up here if we get it as a show of strength okay so potentially reclaim up here put it back inside of this Channel and all of a sudden we're looking at a move back here toward the channel resistance up here and potentially that 0.91 level now alternatively okay if the the dollar versus the Frank can't do that then we are potentially looking at a close below this trend line okay and this breakout fails and you know look like I said the the dollar really at this point even though it's holding support it doesn't really look all that bullish you can see right here from this channel you know again it is trading below this channel support that previous channel support So if this area fails this trend line down here okay if that fails right around 0.89 then we're looking at this support down here right around 0.88 if that fails then of course we are looking at lower down here toward this trend line okay so you know you've got to be a little bit careful with this one right now um trading early in the week here is ill-advised in my opinion it's better to wait for either a reclaim of this channel that it lost or that close below this trend line and potentially even a close below these lows down here around 0.88 all right so a little bit more time is needed here on this one but you know it does give a different view of the dollar because just based on this falling wedge that broke out recently in that retest you know it does look relatively uh bullish but you do have to be careful considering the indecision that we're seeing right now from the dollar all right guys so that's it for today's video I hope it was helpful if it was be sure to like the video and subscribe to the channel and don't forget to sign up to my partner primexbt get up to a seven thousand dollar bonus and trade Forex crypto Commodities and indices see the link in the description or if you're on the website click on that link that says Brokers and you'll see the link for primexbt there on that page have a great rest of the weekend trade well out there next week and I'll talk to you again soon

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Weekly Forex Forecast (June 5-9, 2023) DXY, EURUSD, GBPUSD, NZDUSD, XAUUSD

Weekly Forex Forecast (June 5-9, 2023) DXY, EURUSD, GBPUSD, NZDUSD, XAUUSD

welcome to this week's forecast for the week ending June 9th 2023 my name is Justin Bennett with daily price action and in today's forecast we're going to talk about the dollar the Euro the pound the New Zealand dollar and also gold now if you have not joined my new partner primexbt be sure to do so they're a great broker they offer Forex crypto Commodities and indices up to 100x leverage and also you can get up to seven thousand dollar bonus on your deposit if you join today so see the link in the description here on YouTube or if you're on the website click on that link that says free access okay so starting with the dxy the US dollar Index this is something that I mentioned last week a few times this 103.50 level which is the yearly open for the dxy now we have seen daily and weekly closes Above This level up here okay so this level down here was always going to be support last week and at the level I talked about going into non-var payroll on Friday sure enough we saw the dxy balanced nicely from that level now looking a little bit broader here you can see that the market has been trading within this range now for several months so this is what I was saying back here in April and it's the reason I was cautiously bullish on the dollar simply because the market was holding above that year-to-date low right around 100.8 okay so going forward I do think that we are going to eventually see a retest up here 105.60 the range highs it's just a matter of how much consolidation do we get between these levels here also if the yearly open at 103.50 does hold if that fails in the coming days then we are looking at a deeper correction for the dollar down here toward 103 potentially toward 102 but right now this is really just a range-bound market between 103.50 and 104.25 alright but I do like the fact that the dxy did close above some of these lows last week on Friday okay now the one thing I will say about this is that it was a Friday move a lot of times you guys know I don't always love Friday moves because of the low volume and volume equals conviction okay but you can see where these lows back here the market did reclaim those on Friday so we'll see if this can hold as new support next week if so we could see some pressure on 104 20 10425 and then it's a stain break above that on the daily time frame okay is going to open up 105 and 105.60 like I said if this does fail and we see the dxy break below 103.50 that yearly open then we are looking at a deeper correction for the dollar okay now for the Euro which I continue to watch this channel off of some of these lows and this is an equidistant Channel okay so what that means is that this level up here off of these two highs runs parallel to the support level down here off of these lows and you can see where recently the market did dip down toward that level but didn't quite test it and this is why I think that we could see the Euro USD Trend lower in the coming days and to test this level okay take out this low back here test the level around 106 and then potentially we get some consolidation and a bounce from there all right so that's kind of what I'm thinking for now last week on Friday what I did mention we're going into Friday with non-farm payroll what I mentioned was this level up here at 107.60 okay I was looking for some stops to get run Above This level okay up in this area but we didn't quite get it okay and you can see how key this level has been at 107.60 here over the past few months so I was looking for a spike up here on that non-farm payroll volatility we didn't quite get that high however what you'll notice on the four hour time frame and this is something that I mentioned to members in the members only video on Friday is that this four hour close right here okay what you'll notice is that at 107.60 you can see these lows back here on the four hour the lows here resistance and then resistance through here going into non-farm payroll now we got the four hour close above this and then the very next candle closed below all right now notice what happened on the next candle we got the retest as new resistance okay so the way this looks is we got the confirmation above okay close above the close back below which confirmed that this up here was a fake out and then the retest right here okay so that was a potential selling opportunity on Friday for a nice little move into the weekend so going forward guys what this is going to come down to is do we see the Euro hold below this area around 107.60 if so I think we're heading down there toward 106 if of course we see the Euro rally next week and take out this level okay sustain break above this then we are looking at that 108 30 area next up we have the British pound which I mentioned last week on Friday and it was a very speculative post also something with a very aggressive measured objective but I do think they could play out if we see this confirmed okay this head and shoulders this potential Head and Shoulders confirmed over the coming days and what that means is that first and foremost you can see that this is the potential head and shoulders up here now we don't have confirmation yet because the neckline is all the way down here at 123. so even though Friday sold off pretty aggressively keep in mind too low volume you know Friday move so it is a bit speculative and we will need to see some follow through this week okay but if we do get the break below 123 over the coming days if the dollar continues to strengthen then we could be looking at much lower here for the the pound down here toward 122. okay this pivot through here and potentially even that objective around 119. now you'll remember 119 if you've been following me for a while this was the range that we traded back here okay so you can see that all these lows at 119 this is the objective of this potential head and shoulders and the way you find that is you measure from the head down toward the neckline and then from a potential breakout point over here you get the area right around 119. but again very speculative as of now this is not to say that that's where the pound is going to go nobody knows where these markets are going to go but that is something I'm watching for now especially while the pair is below this area around 1 25 30. okay you can see resistance back here this up here is a fake out slash deviation okay you can see deviation here here right confirmed on this close resistance and resistance once again all right now alternatively if we see the pound rally higher take this out around 125 30 and get that move back here toward the highs then this idea that this is a bearish reversal is off the table okay but for now I am looking for you know potentially a move down here toward 123 although we probably get some kind of a rally early next week before we get some kind of failure from that Friday candle so next up we have the New Zealand dollar which I wrote about last week and if you saw that blog post guys the market so far has played out pretty perfectly with that bounce from the 0.6 level down here this is support all right you can see back here we've got several touches off of this where it served as a pivot so we've got you know highs and lows through this area and sure enough last week bounced right from that 0.6 level now the resistance level that I talked about last week was this area up here around a 6120 now that's the bottom of this trend line from back here in November okay so we saw this breakdown I'm also the low the swing low from back here and Friday came very close to that about 10 Pips away from that level before reversing okay so you can see that there is a lot of indecision now following this breakdown simply because we do have a bullish engulfing here on Thursday and then a bearish pin bar on Friday now the one thing with a long upper Wick like this especially on a Friday is my guess is we probably see the New Zealand dollar come up here and test the area right around 60 90 maybe 61 okay before we get some type of reversal lower and the reason for that is that is very close to the 50 percent of the wick from Friday this long upper wick on Friday which tend to get filled these tend to get filled and you can also see where this level has been a pivot here over the last week or so so maybe something like this early next week where we get to move up right fill in some of this Wick from Friday and then potentially reversal lower down here toward the lows so really this is just a new range for the New Zealand dollar of course if we get this sustain break below this area around 0.6 then we are looking at lower levels that I discussed last week okay so if we look here those include the area right around like 58.70 potentially like 57.60 if this really starts to drop down but for now like I said this is basically just a new range for the New Zealand dollar so that's how I'm going to trade it for now okay I'm not going to look for a home run trade until we get that break below this area right around 0.6 you know really this is the range you're looking at now for the New Zealand dollar given this breakdown that we saw back here in May and last up we have gold which is xau USD now I mentioned this trend line off of the November low in last weekend's uh forecast video okay so this isn't the strongest trend line that I've seen but you know you can see where the market so far is holding above it and even got a bounce here now the levels that I've mentioned recently are holding up pretty well um you can see this level right around 1957 also 1982 these are both levels that I mentioned last weekend you can see support back here drop below it resistance for a bit close back above and then support once again and resistance up here 1982. now this is not really the kind of Market you want to trade though when the Market's just doing this just moving sideways and really chopping around but I do think that if we were to get a break below this trend line off of that November low okay right around like 1940. I think if we get a sustained break below this right probably a balance from 1920 or so sustain break below this something like this right I think that could offer a selling opportunity where we get to move down here toward 1920 retest up here around 1960 potential selling opportunity from there for a move down here toward some of these lower levels all right and the reason I'm saying this is because we did see quite the aggressive sell-off on Friday now once again Friday moves you know you've got to take them with a grain of salt but this is something that's pretty aggressive um here on Friday with this bearish engulfing candle and you can see that also broke back below that 1957 level all right so we'll see where this goes this week I do think that we will probably see some type of Bounce early next week you know maybe back toward this area and then maybe a failure from there at this trend line and that's and that's what the watch but just keep in mind too that we do have 1920 just below that 1886 below 1920 okay so maybe something like this over the coming days you know we'll see how this plays out of course if we see gold Rally from this level take out 1982 right then we are looking at some higher levels including this little pivot back here okay you can see that this level right around like 2000 just above has been a pivot for gold so if we were to see gold take out this area up around 1982 then we are looking at that area just above 2 000. all right that's it for today's forecast I hope it helped if it did be sure to like the video and also subscribe to the channel and don't forget to sign up to my partner primexbt where you can get up to 100x leverage on your trades and up to a 7 000 bonus on your deposit see the link in the description or if you're on the website click on that free Access Link have a wonderful rest of the weekend trade well there next week talk again soon

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