Weekly Forex Forecast for GBPUSD, USDJPY, GBPJPY, XAUUSD (13-18 December 2020)

Weekly Forex Forecast for GBPUSD, USDJPY, GBPJPY, XAUUSD (13-18 December 2020)

Hey everyone! Welcome to this week's forex forecast for the week ending December 18th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at GBPUSD, USDJPY, GBPJPY & XAUUSD.

GBPUSD

Price has been travelling in this ascending channel since March forming higher highs and higher lows. Over the past couple weeks, I've been saying we are now forming the next swing in the market, making our way to the channel's top. However, we saw price form the rising wedge, which price has now broken out off and made a move to the downside, touching the channel's bottom. Buyers in this market would look to go long at around 1.31 as long as there isn't a daily candle close below the channel and target the channel's top at around 1.40. Sellers in this market would look to go short at around 1.327 as long as price can hold and reject this intraday level once more. They could look for targets outside of the channel if price confirms a new trend at around 1.29 and possibly 1.20. Click here for my fundamental outlook on this pair.

USDJPY

Price has been moving in a strong bearish trend, staying below the descending trend line, we can see many touch, rejection and bounce off this trend line. Currently, we're seeing price consolidate between 104.7 and 103.7, and the direction market could be heading next is unknown, until we see a clear breakout of these levels. If we see the overall trend continue, and price breaks below the range, then sellers could look to enter on the retest of the previous support level and target 103.00 and a previous low at 101.50. If we see price break above this range, then buyers could look to enter on the retest of the previous resistance level and target the 105.40 level and previous highs at 107.00.

GBPJPY

Similarly to GU, price is also travelling in an ascending channel forming successive higher highs and higher lows. We can see the ascending triangle pattern, which was formed with resistance at 137.70, price broke out, formed a new resistance at 140.00 and now treats the previous resistance as new support. Price dropped back down to the channel's bottom, near enough at the same support level. Buyers in this market would look to go long at around 137.00, and look for targets at around 140.00 and then 147.00. Sellers in this market would look to go short at around 137.70 as long as price can hold and reject the previous resistance and continue treating it as resistance, targetting 133.00 and 126.00. We may also see a completely new trend form if we see the Daily candle close below the channel's bottom.

XAUUSD

I've been pointing out this bullish flag pattern which price has formed on this pair. We saw price touch, reject and bounce off the channel's bottom and price is now stuck consolidating at the previous support level of the second descending triangle pattern in the channel. Buyers would go long at around 1850, or 1885 once there are clear price action confirmations of a continued bullish move, and look for targets at around 1924 and 2050. Sellers would go short at around 1850, or 1820 or there are clear price action confirmations of a continued bearish move, and look for targets at around 1785 and 1730.

WANT TO SEE OUR ANALYSTS LIVE TRADES?

JOIN OUR PREMIUM GROUP TO ACCESS:

  • Trade alerts from our analysts
  • The VIP chatroom with traders worldwide
  • Training material exclusive to members

DISCLAIMER

COMMENTS BY TRADERBART ARE FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY. I AM NOT A FINANCIAL ADVISOR AND ALL COMMENTS SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE REGARDING THE PURCHASE OR SALE OF ANY FINANCIAL INSTRUMENT OF ANY KIND. PLEASE CONSULT WITH YOUR FINANCIAL ADVISOR BEFORE MAKING AN INVESTMENT DECISION REGARDING ANY FINANCIAL INSTRUMENTS MENTIONED BY TRADERBART. BY COMMITTING TO ANY IDEAS SHOWN BY TRADERBART, YOU ASSUME FULL RESPONSIBILITY FOR YOUR TRADING AND INVESTMENT RESULTS. TRADING OF ANY TYPE INVOLVES VERY HIGH RISK AND MAY NOT BE SUITABLE FOR ALL INVESTORS.

Looking for a Broker?

Check out our favorite brokers & reviews! Find brokers available in your country, or our top rated brokers to consider.
Find a Broker
More Articles
February 21, 2021
Weekly Forex Forecast for GBPUSD, GBPCAD, EURJPY, XAUUSD (22-26 February 2021)

Weekly Forex Forecast for GBPUSD, GBPCAD, EURJPY, XAUUSD (22-26 February 2021) Hey everyone! Welcome to this week's forex forecast for the week ending January 29th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at GBPUSD, GBPCAD, EURJPY & XAUUSD. Psst! It is my birthday tomorrow on the 22nd, so I have […]

Read More
February 17, 2021
Should You Do The FTMO Challenge?

Should You Do The FTMO Challenge? There are many traders out there that believe they have what it takes and the skill to be a successful trader, except for the fact that they do not have enough capital to trade big time. There are companies out there that offer to fund traders and take percentages […]

Read More
February 14, 2021
Weekly Forex Forecast for USDJPY, GBPNZD, EURJPY, XAUUSD (15-19 February 2021)

Weekly Forex Forecast for USDJPY, GBPNZD, EURJPY, XAUUSD (15-19 February 2021) Hey everyone! Welcome to this week's forex forecast for the week ending January 29th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at USDJPY, GBPNZD, EURJPY & XAUUSD. USDJPY Price has recently broken out of this long-term descending channel and […]

Read More

Related Articles

August 28, 2020
Economic stimulus and the Role of Central Banks

Politics preventing new financial stimulus The economic recovery in the major global economic powers depends on several important factors. One of the most vital part, the spread of the virus and the government's answers to it. With a decrease in daily cases of COVID-19 to 50,000 in the U.S.A. Yet U.S. A remains the most […]

Read More
August 26, 2020
How to Spot a Scammer

Our team has unfortunately received many reports of scammers using our content and pretending to be us. While we will continue to report these accounts to the authorities as we receive reports, we may not always catch them in time. Below our a list of things to look out for before making a purchase to any […]

Read More
August 22, 2020
Legends of Investing - The Story of Warren Buffet

Warren Buffett is one of the most idolised, investors in the world. At the time of writing , his company, Berkshire Hathaway, has a market cap of $495 billion and Buffett himself has a net worth of $79 billion. His approach to value investing, combined with his influence over the companies he invests in , […]

Read More

A1 Trading Company

A1 Trading Company is a financial services and media business founded in Atlanta, USA.
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram