Weekly Forex Forecast for AUDUSD, EURUSD, GBPNZD, XAUUSD (14-19 November 2021)
Hey everyone! Welcome to this week's forex forecast for the week ending November 19th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at AUDUSD, EURUSD, GBPNZD & XAUUSD.
Following on from my A/U deep dive here, price did infact continue the move downwards towards the channel's bottom following a strong USD from positive tapering and inflation news. Currently, we're seeing a little retracement on the move we've had over the week, but its likely price will continue the trend to create the next higher low at the channel's bottom around 0.725.
Price is breaking all medium-term lows and is now approaching pre-pandemic levels such as the resistance at 1.14. Price is pretty much there already, but look out for how price reacts to this level, a break below followed by successive retests and rejections, opens up price to key horizontal levels lower such as support at 1.12.
Last week we saw price reject off the daily bullish order block at exactly 100% and made a 150+ pip move to the upside already. We are seeing some rejections to the upside, so it's a potential that this zone could be broken and made into a breaker block, a zone to go short from. Look out for price action confirmations to how price reacts in the week ahead to the zone it's in currently, a rejection off higher suggests we'll be revising the previous support level at 1.92.
Gold has created the next higher high in this short-term ascending channel, and just below the liquidity void at 1880-1900. Watch out for price to make its next higher low at the channel's bottom, to look for buying opportunities at a discounted price. If we see price retrace towards the resistance it has recently broken at 1835, look out for rejections to this zone to go long. If price falls back below, it's likely that further bearish moves back lower will follow.
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