Weekly Forex Forecast for GBPUSD, GBPAUD, EURAUD, XAUUSD (21-26 November 2021)
Hey everyone! Welcome to this week's forex forecast for the week ending November 26th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at GBPUSD, GBPAUD, EURAUD & XAUUSD.
Waiting for price to make the next lower low in this medium-term descending channel. Currently, price is struggling to successfully break lower below 1.342. However, we are seeing a short-term bearish flag pattern and price is at the bottom of this ascending channel, expecting a pattern completion and a break lower soon. Looking for targets around 1.33 to make the next lower low.
Price has made a successful bullish move following the touch of the bullish breaker block, and currently sitting below a short-term key horizontal level 1.858. If we see price break above this level, look for a retest followed by successive rejections for a continued bullish move. If we see price struggle to break higher, and instead reject this level and head lower, it's likely we could see further bearish moves, and potentially a move back below the breaker block marking this zone no longer valid.
Price has fallen underneath the resistance of the ascending triangle pattern back in May, and in the past two weeks, we have seen this same level continuing to act as resistance. Currently, price is once again making its way back to this level again. A break above this level suggests further bullish moves to follow, but further rejections could suggest a move back to new recent lows.
Gold nearish the bottom of this recent ascending channel, so I'm expecting a bounce off this line and a potential move up higher. We have been seeing price break recent highs such as 1800 and 1835, we did reach as far as 1880 the LV I've been mentioning in the past weeks. Looking for price to continue this move higher.
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