Ticker tape by TradingView

October 31, 2020

Weekly Forex Forecast for AUDUSD, GBPJPY, GBPCHF, XAUUSD (01-06 November 2020)

Bart Kurek

Hey everyone! Welcome to this week's forex forecast for the week ending November 6th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at AUDUSD, GBPJPY, GBPCHF & XAUUSD.

AUD/USD

Price has formed a descending triangle pattern, with support at 0.702, which back in June, this same level was seen as resistance. Price is currently at that support level; if we see a break of this support, I will be looking out for a retest of the 0.702 level, followed by price action confirmations of a continued rejection before going short on this pair with a target to lower support levels at 0.68.

GBP/JPY

This pair has been on my watchlist for a while now as price has been moving in this ascending channel forming higher highs and higher lows. Price is back at the channel support and currently showing rejection with price action closing off the week with a hammer candle at the trend line, looking to catch a move above previous highs at 143.000.

GBP/CHF

Bullish flag pattern visible on this pair, I already went long at 1.174 at the channel's support, which reached 170 pips profit before being closed at the modified stop loss. Price is currently near the channel's resistance once again, and I would look to possibly re-enter once price breaks out and shows successive rejections to the channel for a completed pattern move.

XAU/USD

Price currently forming a descending triangle pattern with support at 1860.00. Price is currently nearing the support level, I will be looking out for a clear break and retest of that support level, treating it as new resistance, with price action confirmation of a continued bearish move. With the elections coming up, this setup could easily become invalid and there will definitely be a lot of volatility coming up. If this setup stays valid, I will look for targets at previous monthly horizontal levels at 1760.00.

A1 Edgefinder

FLASH SALE
Take 40% off the Edge finder using code "READER"
GET ACCESS NOW

want to see what we're trading?

Join The VIP Community!
Our entries, exits & analysis
Live Webinar Coaching
Trading Chatrooms
Strategy Library 
Exclusive Trading Guides
Use Code "READER" for 10% OFF!
JOIN NOWJoin FREE Discord
A1 Trading Podcast
How These Factors Will Impact Oil Now

Oil prices have surged this year and have recently pulled back from the highs. However, there are some factors right now that will heavily influence the price of commodities in the long term. And it's important that we go over them so when the time comes, we'll have a better understanding of how to trade […]

Read More
We Like These Pairs For Next Week

As this week comes to a close, we are looking ahead at future setups that could be some of the best opportunities for the next several trading sessions. Here are some pairs for next week that we are looking at. EUR/JPY Recent data has shown a slow down in the German manufacturing sector. With European […]

Read More
More Downside On The SPX500 After This?

When it comes to testimonies, it's all in how you say it. Jerome Powell has to be very particular in the way he makes his statements and answers the ensuing questions. Here is what might be in store for the market in the coming days and weeks, and whether or not there will be more […]

Read More
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
homescreensmartphone linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram