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.
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.
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.
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.
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.
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9/16/2021 The Euro-Dollar pair is down over 0.5% today after several days in the red. Today's speech by EU president Lagarde mentioned how the economic recovery had come quicker than expected six months ago. This was praised by the prompt vaccine distribution so citizens could get back to work. Across the pond, the US just […]
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9/13/2021 Big money has been moving out of Australia's currency for nearly a month now which has been the biggest drop in long contracts in this amount of time year-to-date. Australia's dollar index (AXY) is up 0.06% at 73.61 on the day after rebounding from the lows around 71.19. Our outlook Australia's economy has surprised […]