Weekly Forex Forecast for USDCHF, GBPUSD, EURUSD, XAUUSD (31-05 November 2021)
Hey everyone! Welcome to this week's forex forecast for the week ending November 5th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at USDCHF, GBPUSD, EURUSD & XAUUSD.
Price came back up to the top of the descending channel following the break of the rising wedge. We saw some rejection on Friday and we'll most likely get another clear touch of the top before potentially reversing and continuing the downtrend, aiming for a break below previous support at 0.91 and most likely heading Howards the weekly bullish order block at around 0.90.
Price made a nice 100 pip fall on Friday as it has now rejected off the top of this descending channel and is now possibly making its way to the bottom. 1.358 is the next support level where we may see some consolidation, however if we see a successful break, 1.34 will be the determining level whether we see price head towards the bottom and make the next low.
Price took a huge bearish hit on Friday falling over 110 pips, below the short-term key horizontal level 1.16 and now back at the descending channel's bottom. If we see price break below 1.152 which was the most recent low, it's likely we'll see continued bearish movements towards 1.138 to fill in the gap from July last year.
Gold continuing to consolidate around the same area I've mentioned in the previous weeks, but we did see price make a huge drop on Friday dropping over 150 pips outside the short-term ascending channel. 1765 is a long-term key horizontal level to look out for as price is nearing this level now, if we see a break lower then its likely we will see further bearish moves to follow, however if we see price reach this level and strong reject to the upside, bullish moves will follow back up towards 1800, the same way price has been consolidating for the past couple weeks.
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