Weekly Forex Forecast for September 23 – 27, 2019 (EURUSD, GBPUSD, USDJPY, EURGBP, EURJPY)
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Weekly Forex Forecast (September 23 – 27, 2019)
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The EURUSD continues to chop sideways down below the confluence of resistance at 1.1060/70.
That is the intersection of horizontal resistance and the channel top rated that extends from the June swing large.
As prolonged as that location is intact, sellers are in command.
As for aid, the 1.0930 area is continue to on my radar.
However, there is some slight aid just down below the 1.a thousand tackle.
GBPUSD might be ready to change reduced this week.
I to start with wrote about the break previously mentioned channel resistance on September 4.
The two resistance degrees we had our eye on ended up 1.2380 and 1.2570.
In simple fact, I specifically stated that if buyers shut the pair previously mentioned 1.2380, then a retest of 1.2570 resistance was likely.
We got that check final week.
All in all, the pound vs the USD has performed out exceptionally very well.
But nothing lasts permanently, and this market place might be in will need of a pullback, most likely to the 1.2380 (new aid) area.
USDJPY appears to have trapped buyers final week.
The September twelve close previously mentioned channel resistance meant that any retest of the location would likely bring in buyers.
We noticed that happen for a number of times.
However, Friday’s close again within this channel implies it was nothing but a bogus break.
That is supported by the bearish pin bar on the weekly time frame.
We’ll see how matters unfold this week, but I do count on to see sellers defend 107.70 whereas buyers will likely want to defend the 106.80 area.
EURGBP performed out fantastically for us in August and September, at the very least so far.
We ended up equipped to get quick just down below .9180 adhering to the topping sample that I wrote about on the site.
Our goal for that entry was .8915 which was attained on September nine.
The EURGBP might be in for a bounce, however.
Just on the lookout at this quick-expression descending channel, it does appear that the pair might want to close previously mentioned .8840, which would re-expose .8920.
I’m on the lookout for shorts, but not until finally we get a retracement larger.
This EURJPY descending channel continues to be intact, which suggests sellers are continue to in command.
That was my concept final weekend and in the video I posted in the middle of final week.
You can see how EURJPY was never equipped to close previously mentioned that 119.70 area.
For the week in advance, buyers might want to defend the location among 117.80 and 118.thirty.
A close down below 117.80 would open the doorway to the 116.00 tackle.
Alternatively, a close previously mentioned the channel top rated would goal the 121.00 area I pointed out final weekend.
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