Forex Weekly Outlook- 15 to 19 November, 2021

Weekly Analysis

This week is going to start with some important releases, such as ECB President Lagarde Speaks, as she is the head of the European Central Bank, she has the power to control the interest rate, which will directly affect the currency. RAB Monetary Policy Meeting Minutes, where the in-depth insights of economic conditions will be provided and the decision of interest rates will be taken. There are also the US Retail Sales m/m, UK’s CPI y/y, Canadian CPI m/m, which are the key market movers of the week.
Therefore, the investors may find the market a little volatile this week.

Let’s see what we have got for the coming week
from the EURUSD:

EUR/USD

We’ve seen extreme bearish pressure last week for the EUR/USD, which may continue this week as well. The current price of EUR/USD is trading below the 1.1617 event level and above the 1.1400 key level. Therefore, considering the overall structure we should focus on finding a sell if the market closes below the 1.1558 level.

Capture.PNG eur usd

In the chart above, we can see that the EUR/USD is trading below the dynamic 20 EMA. However, there is a possibility of the price to move towards the 1.1556 level, which may alter the market condition.

GBP/USD

In the last few weeks the bearish pressure was extremely strong GBP/USD. However, this week started with a bullish pressure after a correction. The current price of GBP/USD is trading below the 1.3539 key resistance level. Therefore, considering the overall structure we should focus on finding a sell below the 1.3539 key level. If the price moves higher than the 1.3539 key level, the sell would be invalid.

Capture.PNG gbp usd

In the chart above, we can see that the GBP/USD is trading below the dynamic 20 EMA with a bullish momentum.

Considering the current market structure, we may expect the price to move up towards the 1.3539 key level. However, a break below the 1.3539 key level may alter the market condition

XAU/USD

XAU/USD became very aggressive for the last two weeks and it continues because of the inflation. As a result, the price moved near to the strong supply level. The current price is trading below the supply of 1886.51 key level and above the support of 1749.40 key level. Therefore, considering the overall structure we should focus on finding a buy.

Capture.PNG xau usd

We can see in the above chart that XAU/USD is trading above the dynamic 20 EMA with a bearish momentum.

Considering the current market structure, we may expect the price to move towards the 1886.51 support level.

Overall, there is a possibility of a decent price movement for both bulls and bears.

Technical Analysis You May Follow

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