On this weekly market forecast, I’m going to point out you precisely how I’m buying and selling EURUSD, GBPUSD, XAUUSD, ETHUSD, and VETUSD by January 29, 2021.
Watch the video beneath, and make sure you scroll all the way down to see the charts and key ranges for the week forward.
EURUSD bulls reclaimed a key degree final week.
The 1.2150 space has served as help and resistance for the pair since early December.
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Final Thursday’s shut again above 1.2150 seems to have flipped it to help as soon as once more.
Nonetheless, the EURUSD is generally sideways.
Since reaching the 1.2330 resistance space, the euro has struggled and continues to look indecisive.
We’ll see how the subsequent few weeks play out, however the EURUSD uptrend is unbroken whereas above the 1.2000 space.
If 1.2150 holds as help, we might see a transfer again to 1.2330 resistance.
Disclosure: I maintain a EURUSD lengthy place.
The GBPUSD is one other foreign money pair that’s largely sideways proper now.
I’ve mentioned how 1.3480 is help on a weekly closing foundation for the previous couple of weeks.
Nonetheless, GBPUSD bulls have been unable to clear the 1.3700 resistance space on the weekly timeframe.
That’s what it’s going to take to ship GBPUSD towards 1.4350.
Till this vary between 1.3480 help and 1.3700 resistance breaks, anticipate extra sideways motion from the pound.
Gold (XAUUSD) continues to consolidate inside a multi-month bull flag sample.
Regardless of the latest stalemate between consumers and sellers, I proceed to favor XAUUSD increased in 2021.
The bull flag that’s developed since final August factors to an eventual transfer increased.
However developments like this take time.
XAUUSD might breakout out this week, or spend one other two months consolidating.
What I do know is that the eventual breakout must be definitely worth the wait.
As I’ve talked about just a few occasions, the measured goal for this sample is $2,380.
I nonetheless anticipate that someday later this yr.
I’ve written about Ethereum (ETH) extensively since June of last year.
Again then, the cryptocurrency was buying and selling simply above $230.
I additionally wrote about it in November when ETHUSD was buying and selling at $461.
Quick ahead to at this time, and the crypto is buying and selling at $1,250, representing an unimaginable 450% achieve because it was first talked about on this web site.
That mentioned, I’ve no intention of promoting anytime quickly.
Actually, I’ll most certainly be staking ETH, wherein case I could not promote any in any respect.
As for the quick time period worth motion, if Ethereum follows Bitcoin’s path at its earlier all-time excessive, ETH ought to clear $1,440 earlier than February 4th.
As soon as that happens, it might solely take just a few weeks to place ETH above the $3,000 mark.
Disclosure: I’ve a vested curiosity in ETH.
VeChain (VET) is one other cryptocurrency that I’ve coated since June of last year.
Again then, the crypto was buying and selling at $0.008.
Right this moment, the worth of VET is hovering simply above $0.03, which represents a 285% return.
However I’m not promoting at these costs.
I’ve mentioned for months that I anticipate massive issues from VeChain, and up to now, they’ve delivered.
Nonetheless, I nonetheless assume the most effective is but to return.
That’s very true when you think about that this crypto bull market has a number of months to go.
Within the quick time period, a weekly shut above $0.032 would clear the 2018 development line proven beneath.
It could additionally ship VET on a path towards $0.05, adopted by $0.10, in my view.
As interesting as these figures look, I believe VET goes even increased this yr.
Disclosure: I’ve a vested curiosity in VET.