In this weekly market forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, AUDUSD, XAGUSD, and ETHUSD through February 5, 2021.
Watch the video below, and be sure to scroll down to see the charts and key levels for the week ahead.
The EURUSD still looks indecisive after testing 1.2330 resistance.
However, the uptrend that began last May is intact, which means buyers are in control for now.
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That’s the case as long as EURUSD is above 1.2000.
Bullish price action from there could re-target 1.2330, and perhaps 1.2500.
Alternatively, a close below 1.2000 would suggest weakness.
Disclosure: The author of this article has a EURUSD long position.
GBPUSD continues to move sideways between 1.3480 support and 1.3700 resistance.
It’s been a pretty uneventful pairing of late.
The pound has also been choppy against the USD.
I haven’t traded it for that reason alone.
Buyers need to secure a weekly close above the 1.3700 area to expose higher levels, including 1.4350.
Alternatively, a close below 1.3480 would suggest weakness.
The AUDUSD has been choppy between 0.7630 and 0.7815.
However, like the EURUSD, the uptrend is intact.
Additionally, the recent consolidation may be carving a bull flag pattern.
It’s too soon to tell, but if this is a bullish continuation pattern, I’d expect AUDUSD buyers to defend the 0.7580 area.
Key resistance comes in at 0.7740 and 0.7815.
A daily close above both of those would expose 0.7925.
I wrote about silver (XAGUSD) on Friday.
As I mentioned then, silver looks ready to break higher, but only if buyers can clear the $27.60 area.
Key resistance above that comes in at $30, followed by $35.
Support for the week ahead is $26, followed by $24.50.
Ethereum (ETH) is a cryptocurrency I’ve been discussing and buying since last June when it was $243.
Fast forward to today, and ETH is trading just below its all-time high of $1,440.
Needless to say, ETH has performed incredibly well.
And I don’t think it’s anywhere close to done.
Once ETHUSD closes above $1,440, the crypto is in price discovery.
That’s when we could see $2,000, $3,000, and perhaps even higher in a matter of weeks.
But first, ETH bulls need to secure a daily close (at minimum) above $1,440.
Disclosure: The author of this article owns Ethereum (ETH).