Weekly Forex Forecast for EURUSD, AUDUSD, AUDCHF, XAUUSD (22-27 November 2020)

Weekly Forex Forecast for EURUSD, AUDUSD, AUDCHF, XAUUSD (22-27 November 2020)

Hey everyone! Welcome to this week's forex forecast for the week ending November 27th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at EURUSD, AUDUSD, AUDCHF & XAUUSD.

EUR/USD

Looking at the chart above, we can see this pair is forming an ascending triangle pattern with resistance at 1.1900. Price is travelling along the ascending trendline nicely, all presenting bullish opportunities. If we do see a break of this resistance, this could open up targets such as 1.21. Additionally, reputable sources such as Credit Suisse, Goldman Sachs & Credit Agricole are all expecting EURUSD to pick up bullish momentum and are all looking for targets around 1.20, 1.22, and 1.25. However, looking at a seller's perspective, price has now reached a weekly descending channel's resistance, and with all the recent Coronavirus vaccine news, the Eurozone is expected to recover first before the US, leading to big money fleeing the dollar and building positions in EUR. This could potentially cause considerable drops in this pair, opening up targets at 1.18 or lower.

AUD/USD

Looking at this pair, price formed an ascending triangle pattern and broke out in the reverse direction, to the upside. Continuing from last week's analysis on this pair, price is consolidating between these two levels, holding support at 0.722 and resistance at 0.733. I am looking for a continued bullish move, expecting price to break through the resistance and completing this pattern. As we know, Credit Suisse is long on AUD/USD currently with entries around 0.72, and looking for targets around 0.75; if we see a break of that resistance, we could easily hop on this train and potentially catch many pips. Additionally, as we know, there is a lot of positive vaccine news rolling out, causing enormous strength in the USD. Knowing this, more should be coming up, like EUA approvals, funding approvals, and much more; we could see this pair shoot up easily!

AUD/CHF

This pair is now forming a descending channel after a sharp bullish impulse. Last week price has closed at the resistance of this channel; we're still yet to see a second or third clear touch of the support. This suggests possible short-term bearish positions we could place and wait until price does form precise touches, then we could hold long positions until we see price complete this pattern, of course after continued successive price action confirmations of this. If, however, we see a breakout on this pair without any further downside moves, we could look to go long once we see a clear retest and rejection of this resistance trend line. Additionally, if we see price break this resistance, zooming out on the Daily chart, we can see a long-term level acting as resistance for a while; if we do see price break this level, this could open up levels as 0.683 and 0.70.

XAU/USD

We have a clear descending triangle pattern visible on this pair and price currently holding at the 1860 support. As expected last week, more positive vaccine news came out with the pharmaceutical company Moderna at 94.5% effectiveness, and the next day Pfizer and BioNTech coming out with a 95% effective vaccine. This is unquestionably huge for the currency; we could finally see life go back to normal and an "escape" out of this pandemic. Private sources shared that Pfizer is in regular communications with Biden's Covid team. I expect this pair to certainly shoot down and, at the same time, complete this pattern. Once we see price break this support, this opens up targets at previous monthly levels such as 1750, 1560, and 1440.

WANT TO SEE OUR ANALYSTS LIVE TRADES?

JOIN OUR PREMIUM GROUP TO ACCESS:

  • Trade alerts from our analysts
  • The VIP chatroom with traders worldwide
  • Training material exclusive to members

DISCLAIMER

COMMENTS BY TRADERBART ARE FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY. I AM NOT A FINANCIAL ADVISOR AND ALL COMMENTS SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE REGARDING THE PURCHASE OR SALE OF ANY FINANCIAL INSTRUMENT OF ANY KIND. PLEASE CONSULT WITH YOUR FINANCIAL ADVISOR BEFORE MAKING AN INVESTMENT DECISION REGARDING ANY FINANCIAL INSTRUMENTS MENTIONED BY TRADERBART. BY COMMITTING TO ANY IDEAS SHOWN BY TRADERBART, YOU ASSUME FULL RESPONSIBILITY FOR YOUR TRADING AND INVESTMENT RESULTS. TRADING OF ANY TYPE INVOLVES VERY HIGH RISK AND MAY NOT BE SUITABLE FOR ALL INVESTORS.

Looking for a Broker?

Check out our favorite brokers & reviews! Find brokers available in your country, or our top rated brokers to consider.
Find a Broker
More Articles
November 29, 2020
Weekly Forex Forecast for GBPUSD, AUDUSD, EURCAD, XAUUSD (29-04 December 2020)

Weekly Forex Forecast for GBPUSD, AUDUSD, EURCAD, XAUUSD (29-04 December 2020) Hey everyone! Welcome to this week's forex forecast for the week ending December 4th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at GBPUSD, AUDUSD, EURCAD & XAUUSD. GBP/USD Looking at the overall market, we've got a clear ascending channel […]

Read More
November 22, 2020
Weekly Forex Forecast for EURUSD, AUDUSD, AUDCHF, XAUUSD (22-27 November 2020)

Weekly Forex Forecast for EURUSD, AUDUSD, AUDCHF, XAUUSD (22-27 November 2020) Hey everyone! Welcome to this week's forex forecast for the week ending November 27th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at EURUSD, AUDUSD, AUDCHF & XAUUSD. EUR/USD Looking at the chart above, we can see this pair is […]

Read More
November 15, 2020
Weekly Forex Forecast for GBPJPY, AUDUSD, EURCAD, XAUUSD (15-20 November 2020)

Weekly Forex Forecast for GBPJPY, AUDUSD, EURCAD, XAUUSD (15-20 November 2020) Hey everyone! Welcome to this week's forex forecast for the week ending November 20th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at GBPJPY, AUDUSD, EURCAD & XAUUSD. GBP/JPY Looking at the overall trend in this market, price is currently […]

Read More

Related Articles

August 28, 2020
Economic stimulus and the Role of Central Banks

Politics preventing new financial stimulus The economic recovery in the major global economic powers depends on several important factors. One of the most vital part, the spread of the virus and the government's answers to it. With a decrease in daily cases of COVID-19 to 50,000 in the U.S.A. Yet U.S. A remains the most […]

Read More
August 26, 2020
How to Spot a Scammer

Our team has unfortunately received many reports of scammers using our content and pretending to be us.¬†While we will continue to report these accounts to the authorities as we receive reports, we may not always catch them in time. Below our a list of things to look out for before making a purchase to any […]

Read More
August 22, 2020
Legends of Investing - The Story of Warren Buffet

Warren Buffett is one of the most idolised, investors in the world. At the time of writing , his company, Berkshire Hathaway, has a market cap of $495 billion and Buffett himself has a net worth of $79 billion. His approach to value investing, combined with his influence over the companies he invests in , […]

Read More

A1 Trading Company

A1 Trading Company is a financial services and media business founded in Atlanta, USA.
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram