Forex Weekly Forecast - EURUSD, GBPUSD, GBPJPY, AUDCAD - 8 July 2024 - By Vladimir Ribakov

In this weekly forex forecast video, Vladimir Ribakov of the Home Trader Club provides a multi‑timeframe technical analysis of four major currency pairs—EUR/USD, GBP/USD, GBP/JPY, and AUD/CAD—while weaving in recent fundamental cues such as the U.S. Non‑Farm Payroll (NFP) data and UK political developments. He begins with a sponsor acknowledgment for 8K Broker and outlines the benefits available to community members (private mentoring, trading systems, live room access). For EUR/USD, he describes a recent bounce from a volume‑profile demand zone, higher‑highs/higher‑low structure on the 4‑hour chart, and the potential for a range breakout leading to a second weekly leg, while also warning of a strong supply zone that could cause a reversal. In the GBP/USD segment, he links a weakening U.S. job market and UK election news to bullish momentum, highlights a dynamic support zone, bullish moving‑average alignment (15‑ and 200‑period), and a pull‑back buying plan contingent on low‑level holds. The GBP/JPY (pound‑yen) analysis focuses on a historic key zone, Bollinger‑Band duplication, overbought RSI, and several possible reversal triggers (fake highs, trend‑line breaks) that could end the current rally. For AUD/CAD, he showcases a past trade from the Home Trader Club journal, explains a bullish divergence on weekly MACD and RSI, outlines Fibonacci‑based target zones (50% and 61.8% levels), and recommends buying the dips as the pair continues higher. Throughout, he invites viewer interaction, asks for comments on trade ideas, and promotes the Home Trader Club membership and related educational resources. The video concludes with a reminder to like, share, and subscribe, wishing viewers a successful trading week.
Chapters
Hello traders, Vladimir here from Home Trader Club. Welcome to the weekly forex forecast. Before the charts, big thanks to 8K Broker for supporting our community to enjoy all the amazing offers we have for our community. Thanks to 8K Broker, including the access to Home Trader Club up to 1 year. Private mentoring sessions, all the trading systems and the indicators, live trading room access, and more. Take a look in the link below this video in the description. The first pair, let's talk about the euro dollar. The last week or a couple of weeks, one of the plans we were following was— let's go a little bit back here— uh, the bounce, the potential bounce to come off this demand area. So I was personally under the impression that we will get the bounce from this zone. However, after that, the instrument will continue lower. So the first part actually happens. We got a beautiful bounce to the upside. But— and here comes a very important but— the bounce right now starts to develop some bullish structure. The euro dollar is making higher highs, higher lows on the 4-hour chart. By itself, it is a bullish price action. It is a bullish trending structure— higher highs, higher lows. So if we go to the weekly chart, one of the— for those of you who follow the channel, one of the scenarios we were talking about, the euro dollar could complete a range before the continuation. The other alternative scenario was the ABCD and then continuation. Right, but right now with the way it bounces at the bottom of the range brings back the possibility that we will see the breakout eventually and another rally to complete 2 weekly legs. And with this idea in mind, if we go to the daily chart and we can— we draw the, the same line Here, right? Uh, what we will want to see the euro making in order to actually bring this, um, weekly possibility to the upside is continue the rally, making higher highs on the chart and higher highs on the indicator, right? To remove any sort of a doubt that the bears could still bring some rejection to the market, then pull back, and after that probably new high to complete the weekly legs. However, there is also of course still probability that this zone here— it's a powerful zone, okay, the volume profile-based zone and strong, strong supply area We have the supplies on here as well. There is a very strong chance that the euro would have hard time here and again flip. Okay, so for the bullish direction, we want to see— for the long run, we want to see the breakout of the range. For the short run, uh, if we go back to the 4-hour chart, and I want to— you know what, let's do it this way. Um, I want to draw this line again on a daily chart so you can see that Daily chart. And now if we go to the 4-hour chart, and this is the daily, the range we were talking about. And if we go to the 4-hour chart now, you will see that this one has a room to the upside, right? It has more to offer to the upside. And taking into consideration that, um, the euro completed a bullish divergence at the 4-hour chart, made its higher highs bounce and makes the rally. At the moment, there are no signs against, and that is a bullish trending structure— higher highs, higher lows. So on the short term, as long as these lows and the volume profiles on here manage to hold, the euro can offer some short-term buy opportunities, at least to or towards that top of this range. Okay, so that could be shorter and a long-term opportunity. Uh, from, uh, the top of the range, we would have to see if it really managed to break to the upside, uh, get out of the range. That could be the beginning of the second, uh, weekly leg to the upside. If not, we might see the euro doing something like that, completing a bearish divergence here, and then offers sells again. So that's the euro dollar, a bit tricky at the moment, uh, with sort of unclean positionings and contradicting waves, um, on one hand. On the other hand, could be the beginning of the next bullish run. And if it does, if it is the case, that is happening at that very place. Another interesting thing I want to show you here, if you go to the Home Trader Club members area, you will see that the euro dollar here flipped Flipping the the numbers. Take a look what happens. The negative starts to shrink and getting closer to the zero, or it is below half percent. That's significant. Seven days is over one percent bullish. Okay, last twenty four hours were eh so so. But the flip on the numbers here also hints that there is a good chance the euro dollar actually going to. Begin a move. And if that's the case, we have a beautiful plan here. What do you think about this one? Let me know in the comments. The next pair for today, pound-dollar. So on the last couple of weeks, we were following this plan. We wanted to see lows being created here, right? And from this zone, the key zone here, to see bounces to the upside. I personally expected to see these bounce, and one of the scenarios we were talking about is these two legs here. But I also like the euro dollar expected further continuation down from there. What happened now is the nonfarm payroll report shows that the job market actually slowly but steadily shrinks. The chance for rates cut in September increased. Add to that the new vibes and energies from. Uh, the UK elections, new prime minister, uh, parliament, and so on, then you got some bullish energies, uh, on the pound-dollar. So on the pound-dollar, a very interesting thing happening here, and I want to remind you, um, let me just remove that, and I want to remind you here a very interesting, uh, scenario. We were talking on the last— I don't know how long— that after several months now, right? So at the end of this cycle that we have on the monthly chart, we are very likely at the beginning of some long-term buys. So one of the scenarios we were following, uh, with that, with that analysis is that the weekly chart built the zigzag 2 waves up So one of the scenarios is either 2 waves down rally or a range breakout and further rallies, okay, to complete the bigger second leg. Pretty much similar to what we saw on the euro dollar right now. The way it looks that we are finally attempting to break this range. The last time it tried to do so was here, and it was Unsuccessful, as we can see. But the pound dollar didn't do much since. All it did was to go back here to the volume profile zone. Take a look at this volume profile area. This is a powerful balance zone, and at the moment, this balance zone is controlled by the buyers. They use that as a dynamic support. Look at the moving averages combination here: the 15 and 200. Maintaining the bullish slope and bullish momentum as well. The way it looks to me at that moment, the pound dollar is going for the next rally here, potentially for new weekly highs. And with the break and close above this range, we see that right now. With the weekly momentum, with the four-hour chart making again after the lower highs, lower lows here, it flips and now starts to make higher highs, higher lows. And at the moment, there are no signs against here, no ending divergence or anything like that. So I do expect to see some sort of pullbacks, and from there, I do believe pound dollar is going to continue higher. As long as these lows hold, this would invalidate my view at the moment. Uh, so as long as these lows hold here, for me, buy that pullbacks for the pound dollar here is actually the trading plan. What do you think about the pound dollar? How high can that rally from here? Up to where? Or is it just a trap and we are going to see another crash? Let me know in the comment section. The next one, pound yen. On one of the recent weekly forecasts, we discovered this potential to see another rally somewhere closer to 208 or so, maybe even beyond that before it crashes. What we wanted to see is this rally taking place, and once the daily will complete the divergence. Then and only then, uh, start looking for the potential sell. So the divergence at the moment is not there. The rally is there, but keep an eye on this key zone coming on the way. Okay, we are on the monthly chart. This zone, from my point of view, is key area. A lot of sellers were there, uh, in the past. Right when the big crash 2006-7-8 happened, these levels, these highs were never yet retested. Now we are getting right to that zone. If I take a look on the Bollinger Band, this is my custom Bollinger Band indicator, and we take a look on the last place, last candle where the full breakout happened, we are now on a Bollinger Band duplication zone. This is a massive sign by itself. If we go a little bit to the left where the breakout happened here, we will figure out that the sec— right here, the breakout, right? We will see that the second Bollinger Band duplication in that case is right next to this high, which once again makes this a major zone. Pay attention that on the monthly chart, very likely the RSI is going to be overbought in that sort of area. On the weekly chart, we already in the key zone because the weekly chart also potentially— I said potentially because we don't have yet the second high, right? But potentially building up a bearish divergence here with the monthly close to the overbought and supply zone, and we are riding on the Bollinger Bands for more than 20 candles. Last time it happened was here— sorry, last 2 times it happened was here and here. In both times we saw little pullback to the opposite Bollinger Band. Now is the 3rd time without changing the trend, which once again brings the pressure for the reversal signs to start and build up. So there are no reversal signs yet, and the rally we were talking about on the last, uh, on one of the last sessions is happening. So what I want to see from here is one of the following scenarios: daily divergence to actually go and complete, right? And on the lower time frame, we want to see some reversal signs. For example, fake highs, okay? Then the price breaking the low and reverses by making from higher highs, higher lows, starts to make lower highs, lower lows. That could be a fantastic sign, and that could be happening on the 4-hour chart, for example. We might start to see that right here. 1, 2, okay, like that. Then also we have, of course, the rising trend lines. We have the big trend line and the smaller trend lines. Once and if that managed to break, that opens the door for further Reversal signs. Again, it's not there yet, and the rally is yet taking place, but it is approaching to absolutely strong key zone supplies on proven area and overbought conditions. A reversal is very likely. No one guaranteed will happen, but is very likely to happen around these levels. Watch out. For these very signs we just spoke about, they could be the ones that will trigger that trend change. And also take a look on the numbers on the pound yen. So the month's over four percent, seven days over one point five percent. Huge numbers, huge bullish momentum. However, the bigger it opens the gap from normal, and normal is anywhere between one to two percent on each of the time frames before. Any, uh, potential change starts to happen. Now the 24-hour starts to slow down. That is again a sign that the buyers are here, but it starts to open a gap, deviation out of normalized levels. So the numbers together with that, all the technical signs we just saw, could start building up great opportunities on the coming weeks. What do you think about, uh, this pair? Let me know in the comment section below this video. And the final one to close this weekly video is AUD/CAD. So I want to show you actually AUD/CAD, very interesting scenario. Um, just find that a trade we had. This is our trading journal at Home Trader Club. So I want to show you one trade we got involved with Some time ago, where is my Aussie card? Here, Aussie card. Okay, this was our trigger on the Aussie card. It was a little bit while back at the beginning of May. Okay, patience pays off in many cases. And take a look, where do we stand at the moment? This is our trade. This is our trigger right here. This is our trigger zone. And right now we are about to enter The target zone. Why do I show you that? Because despite reaching the target zone, I believe this one has more to offer. Okay, and despite in this video maybe you missed the first train, but I'm not sure the train is at its last station. I believe there is more to enjoy from this pair. So first of all, why am I bullish here? Because according to the weekly chart We had the cycle which ended with a bullish divergence on the moving average of the MACD as well as the RSI. Classical. That means we are expecting to see corrective structure. In majority of cases, this could lead for a rally towards the previous created high. And the most important high on the way here after these highs were cleaned is this zone. Okay, so with that idea in mind and with the idea that the daily chart as for now maintain its higher highs, higher low structure, there is a potential divergence developing on the weekly— on a daily chart, but the weekly has nothing against. And if we go to the lower time frame like the 4-hour chart, we would see that the 4-hour chart after breaking this very range, okay, regain the bullish momentum. It is making the higher highs, higher lows without any signs against. Higher highs in the chart, higher highs on the indicator, absolute synchronization. The way I see that, AUD/CAD has more to offer to the upside, okay? Uh, and we saw the targets I explained before. But on the longer run, there is a great chance we are heading all the way to here, okay, until the weekly highs would be retested. If we plot Fibonacci on this level, you would see that the 50— this is where the first target I just showed we had— but the 61 Fibonacci is right there on this very supply zone, and that could be where we are heading. In the members area in Hot Under Club You would also see Aussie CAD, Aussie CAD, Aussie CAD here. Okay, the numbers, the numbers at the moment are in full bullish control. And unlike the pound yen we saw, this is within a normal range. There is no strong deviation there. So pullbacks and further continuation here make absolute sense. Buy the dips is my plan for Aussie CAD. What do you think about this one? Let me know. In the comment section. That's it for this video. I hope you found value in this one. Please don't forget to hit the like button if you did. Feel free to spread the word and share this video. And I want to invite you to our trading family, the Home Trader Club, where you will enjoy our full trading courses, real-time education, and real-time trading opportunities, so much more. Join our family with the link below this video in the description. I'll see you soon with more. I wish you a wonderful week ahead. We'll Happy trading. Bye for now.
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