Forex Trading Forecast for EURUSD, GBPUSD, AUDUSD, EURGBP, GBPCAD (October 7 – 11, 2019) forex

This week’s Forex trading forecast covers EURUSD, GBPUSD, AUDUSD, EURGBP and GBPCAD. Watch this first before trading these currency pairs! Find out exactly how Justin Bennett with Daily Price Action is trading them.


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(Video) Forex Trading Forecast for October 7 – 11, 2019

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EURUSD Forecast

EURUSD buyers remain capped below the confluence of resistance between 1.0990 and the 1.1015 area.

However, support isn’t far below Friday’s price at 1.0900.

I discussed this area in last Saturday’s Forex trading forecast.

So far, that 1.0900 support region is intact.

However, until EURUSD bulls can get above 1.1015, the single currency is going to struggle in its attempts to carve a meaningful relief rally.

GBPUSD Forecast

It’s make-or-break time for GBPUSD this week.

In last Saturday’s Forex forecast video, I pointed out this ascending channel support near 1.2240.

Notice how the British pound rallied from here last week.

So far, the relief rally is intact, but buyers do need to close the pair above 1.2380 this week to extend the rally.

If they can’t, we could see GBPUSD slip back toward the 1.2170 support level.

AUDUSD Forecast

AUDUSD bounced from a familiar support level last week.

I wrote about this descending channel just before the sell-off in late July.

Last week’s bounce carved a bullish pin bar on the weekly time frame.

That could be enough to extend the AUDUSD higher this week.

However, Australian dollar bulls need to secure a daily close above 0.6800 to expose 0.6880.

EURGBP Forecast

EURGBP is at a crossroads to start the new week.

I’ve discussed this descending channel several times in recent weeks.

Friday’s session appears to have cleared the channel top, but as I wrote on Friday, the EURGBP still needs a daily close above 0.8920 resistance.

Until that happens, I have to question the integrity of last week’s breakout.

A break above 0.8920 would expose 0.9015 and perhaps 0.9090.

Alternatively, a close below the short-term ascending trend line would trigger the next leg lower and expose 0.8760 and perhaps 0.8680.

GBPCAD Forecast

This GBPCAD inverse head and shoulders has been on our radar for some time now, including last Saturday’s Forex trading forecast.

As of now, the bullish reversal pattern is intact.

You can see how GBPCAD respected the 1.6250 support area I discussed last Saturday.

The pair is also respecting the 1.6330 support level as well as resistance at 1.6430/40.

Buyers need a daily close above 1.6430/40 this week to expose 1.6600.

A daily close back below 1.6330 would signal weakness, in my opinion.

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