Hey everyone! Welcome to this week's forex forecast for the week ending December 3rd, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at EURUSD, GBPUSD, GBPNZD & EURAUD.
Price has fallen below the key horizontal level 1.14 which was seen as clear resistance many times in the past, and it looks like price may be going to retest this same level to either confirm as clear resistance or potentially make its way above this level again. Look out for price action confirmations as to how price reacts to this level before potentially going short.
Price has made the next touch of the channel's bottom in this descending channel, and we could potentially see the trend continue and price head towards the channel's top. Look out for how price reacts to the key horizontal 1.342 level, as a break above suggests this whereas if price fails to break above, it's like we could see further downside movement to continue.
I've been pointing out that price did hit the bullish OB a couple of weeks ago, and it looks like price is now approaching the first TP just above 1.96 as it's potentially going to go inside this bullish breaker block. If price enters this zone and we see rejections, it's likely price will continue consolidating whereas a clear break outside of this zone higher suggests further bullish moves to continue.
Price broke out of this ascending triangle pattern pretty early and has already gone to the short-term key horizontal level 1.59 where it was seen as clear support previously. If price begins to reject this level, it's likely we will see price head back inside the pattern, but a break above suggests further bullish moves to follow, potentially towards 1.62 the next resistance.
As of 9:10 am EST, the 10-Year bond rate is up ~3.50% while the dollar index remains flat. Some big news coming up in the next 24 hours for the USD, EUR and AUD. US consumer confidence is expected to fall from the last reading. We received a strange signal from the EdgeFinder that could […]
This week, we have seen a lot of market swings in sentiment along with uncertainty around economic stability. Because of this mixed mindset, investors have been shifting their interest towards gold. This article will cover why gold could continue to move higher. Medium to high impact news is coming up for all currencies such as […]
There are some major news ahead for the EUR, CAD, AUD and USD pairs this week. Wednesday will be another Fed rate decision forecasted to be another 25 bp. Here are some events set to come out tomorrow: EdgeFinder Analysis UC is still the EdgeFinder's favorite buy score along with USDZAR at +7. Retail is […]
