On this weekly Foreign exchange forecast, I’m going to point out you precisely how I’m buying and selling EURUSD, GBPUSD, USDJPY, XAUUSD, and VETUSD by January 22, 2021.
Watch the video under, and you’ll want to scroll right down to see the charts and key ranges for the week forward.
EURUSD broke under a key degree final week at 1.2150.
I discussed how this was a chance in Tuesday’s commentary.
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Friday’s breakdown opens the door to the confluence of help at 1.2000.
That’s the intersection of former vary resistance and the Might 2020 pattern line.
Any bullish worth motion from the 1.2000 space might ship EURUSD again to 1.2150 and maybe 1.2330.
Alternatively, a each day shut under 1.2000 might recommend an area high is in and even re-expose the 1.1615 area.
GBPUSD has been all over just lately.
I’ve mentioned the bullish state of affairs for the previous few weeks following the weekly shut above 1.3480.
Nevertheless, consumers have (thus far) did not clear the 1.3700 degree.
They should get above that to have any likelihood of forcing a retest of 1.4350.
And if GBPUSD bulls quit 1.3480 on a weekly closing foundation, we might see the pair weaken additional.
I wrote in regards to the USDJPY final week, and never a lot has modified.
The pair continues to look indecisive between 103.00 help and 104.00 resistance.
Up to now, sellers are profitable the battle at 104.00 on the weekly chart.
Nevertheless, the indecision and lack of a transparent promote sign imply I’m nonetheless on the sideline.
USDJPY sellers need to get by the 103.00 help space on a weekly closing foundation to reveal 101.00.
The gold (XAUUSD) consolidation continues.
I assumed gold had damaged out based mostly on a distinct channel, however it seems my earlier evaluation was incorrect.
For now, the $1,780 space stays help.
XAUUSD consumers have to clear channel resistance close to $1,930 to interrupt free from this consolidation.
I nonetheless like gold greater in the long term, however count on extra consolidation given final week’s selloff.
VeChain (VET) is a cryptocurrency I first mentioned on June 26, 2020.
On the time, it was buying and selling under a penny, close to $0.008.
Quick ahead to at present, and VETUSD is up over 200%.
Nevertheless, I feel the crypto is simply getting warmed up.
The $0.028 space marks VET’s earlier all-time excessive that was set in July 2018.
A weekly shut above that space might ship VET greater to $0.04 and $0.05 in a rush.
However even these costs are low relative to the place I feel VET goes based mostly on VeChain’s potential coupled with this year’s cyclical bull market.
— to dailypriceaction.com