Forex Weekly Outlook- 22 to 26 November, 2021

Forex Weekly Outlook- 22 to 26 November, 2021

Contents

Forex Weekly outlook

In the forex weekly outlook, we will see the possible market movement in most of the major currency pairs, including the EUR/USD, GBP/USD, Gold, and Bitcoin.

This week is going to start with some important releases. USD Prelim GDP q/q, German Flash Manufacturing PMI, RBNZ Monetary Policy Statement, FOMC Meeting Minutes, BOE Gov Bailey Speaks are the key market movers of the week. The retail sales of the US has moved higher up to 1.7% because of e-commerce increasing and holiday sales. The US economy is holding the strongest inflation at the moment, Which may cause the volatility in the currency market. The investors should stay alert.

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

EUR/USD

The EUR/USD has been very impulsive with a bearish momentum. This week started with a bearish momentum as well. However, an extended gap between the price and the dynamic 20 EMA indicates reversion, which means the price may go up.

EUR USD

In the chart above, the current price of EUR USD is trading above the 1.1187 support level and below the dynamic 20 EMA. It is expected that the price would go higher above the 1.1300 level with daily closed candles. Therefore, the investors should focus on looking for a buy. However, if the bears can not break the 1.1400 psychological level the market condition may be altered.

GBP/USD

After last week’s correction, the GBP/USD started this week with bearish momentum. The current price of GBP/USD is trading below the 1.3600 key level. The recent bearish pressure couldn’t break below the 1.3300 level and is currently trading between the 1.3600 and 1.3300 area.

In the chart above, we can see that the GBP/USD is trading below the dynamic 20 EMA with a bearish momentum. Considering the overall market structure, we can say that there is a possibility for both bulls and bears to win, Which indicates no trade at the moment. However, there might be a sell opportunity for the investors if not a buy.

XAU/USD

The last week was quite volatile for XAU/USD. The recent correction couldn’t take the price above the 1870.00 level, which may push the price towards the 1832.00 support level in the forthcoming days. The current price of XAU/USD is trading below the 1903.00 resistance level and above the 1832.00 support level.

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 overall market structure, the investors should focus on finding a sell till the 1890.00 level.

BTC/USD

After making a record high, BTC/USD moved lower. The current price of BTC/USD is trading below the 59500.00 level. Moreover, there is a possibility to take the price lower in the forthcoming days.

BTC USD

In the picture above, we can see that the price is trading below the dynamic 20 EMA with a bearish momentum. Considering the overall market structure, we may say that the investors should focus on finding a buy. However, if the market goes below the 55000.00 level with daily closed candles the buy would be invalid.

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

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