Weekly Forex Forecast on GBPUSD, EURUSD, GBPJPY, USDJPY, XAUUSD,( July 8 – 12, 2020)

GBPUSD: Last week on my post i talked about GBPUSD for bullish momentum, from last week Monday to Friday buyer’s were in control of the market till closing of the market on Friday .

price manage to close above a key resistance level and back inside the channel showing price could go higher.

This coming week my basis on bullish is still intact, i will be looking for buy opportunity on a pullback . we could see price get to channel top as long as price remain above channel.

EURUSD: Take caution in buying and selling EURUSD This coming week. first reason, price has over extended to the up side and reversal is possible, secondly Key resistance is up their at the shaded zone, especially now that price has broken and close above key resistance .

My bias this week on this pair is that, i still favor bullish if price come to retest breaking of structure or do 50% fib level, then i will be looking for buy opportunity.

The trend of the market is currently uptrend.

GBPJPY: We should know now for the past two weeks pans has gain strength against USD, JPY, due to the weakness in both currency with Brexit news around the corner.

Last week major structure was broken and buyers defend their rally on pushing price higher.

This coming week i will still be looking at buying opportunity as long as buyers can defend sellers and remain above support. The next key resistance is at the shaded zone and channel top.

USDJPY: Major breakout from weeks of consolidation to the bullish side which now show us that price is ready to move higher and buyers are in control.

This coming week i will be looking for buy opportunity on a retest , as long as support level is intact , price could get to the resistance in coming weeks.

XAUUSD: I want to talk about gold this week, i hardly talk about it because of the volatility around it.

After NPF news on Friday we see a massive rally to the down side, also on h4 will have market structure HH, HL, sign of down trend.

This coming week let see how price react to all this market structure (shaded) and look for sell opportunity, as long as price does not close above the trend line i remain bearish on gold.

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