Forex Weekly Outlook- 29 November to 3 December
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 and Bitcoin.
There are some important releases this week, among them, BOC Gov Macklem Speaks, as head of the central bank, he has more influence over the nation’s currency value. Canadian GDP m/m, the broadest measure of economic activity and the primary gauge of the economy’s health. Australian GDP q/q, BOE Gov Bailey Speaks, USA ADP Non-Farm Employment Change, USA ISM Services PMI and the USA Non-Farm Employment Change are the key market movers of the week. The market might be volatile this week, the investors should stay alert.
Let’s see what we have got for the coming week from the EURUSD:
The bullish pressure wasn’t that strong last week, this week started with a fight between the bulls and bear. The current price of EUR USD is trading below the 1.1400 keyt level and above the 1.1187 support level.Therefore, considering the overall structure we should focus on finding a sell if the market closes below the 1.1400 level.
In the chart above, we can see that the EURUSD is trading below the dynamic 20 EMA. However, there is a possibility of the price to move towards the 1.1400 level, which may alter the market condition.
The bearish pressure is continuing for the last few weeks and still going on for GBP/USD. The current price of GBP/USD is trading below the 1.3412 resistance level and above the 1.3300 support level. Therefore, considering the overall structure we should focus on finding a sell below the 1.3412 level. If the price moves higher than the 1.3412 with daily closed candles, the sell would be invalid.
In the chart above, we can see that the GBP/USD is trading below the dynamic 20 EMA with a bullish momentum. However, if the price moves above the 1.3412 level it may alter the market condition.
The bearish pressure is still on for BTC/USD for the last few weeks. The current price of BTC/USD is trading below the 59500.00 level with a bearish momentum. Therefore, considering the overall structure we should focus on finding a sell below the 59500.00 with bearis closed candles.
In the chart above, BTC/USD is below the dynamic 20 EMA with bearish momentum, which indicates the possibility of sell.
Overall, there is a possibility of a decent price movement for both bulls and bears.