Forex Outlook: 11/15/21 - 11/19/21
Last week, the Forex market once again gave traders plenty of opportunities. Like every day, we have been sharing our own price action perspective in our Discord and Telegram groups, including this great reversal analysis on EUR/USD (+180 pips).
The analysis we had published: “EUR/USD could continue its downtrend movement and retest the bottom of the channel before making a new upward correction move.”
Indeed, the price was contained in a long-term bearish channel and the bottom of this channel had not been clearly rejected since the last bullish impulse. The odds were therefore stacked in favor of a return to the bottom of the channel before any attempt at a reversal, and the price directly rejected resistance at the opening of the market to begin its massive fall.
It was another excellent week in terms of analysis. All these movements had been explained daily on our free Discord and Telegram groups, as well as on Twitter. You haven’t joined us yet? Now is the time!
Looking ahead to next week: What moves should we be watching for?
NZD/USD: Massive correction coming?
NZD/USD could re-enter its medium term bearish channel and make a new upward impulse of over 80 pips towards the top of the channel.
USD/CAD: Retracement coming?
USD/CAD could retrace after this huge and extended bullish impulse, and the price could go for a retest of the top of the bullish channel.
EUR/USD: Reversal in sight?
Price has made a first fakeout of the downtrend line contained within the long-term downtrend channel. The next breakout attempt could be the right one, especially if EUR/USD manages to make a significant rejection of its bearish channel bottom.
NZD/JPY: Continued fall?
Sent in a previous Weekly Outlook, this analysis is still in progress and still valid. The price could continue to fall to its uptrend line after this beautiful bearish rejection created a reversal.
We hope that this article will help you prepare for another week of trading, and that we have helped you to better understand what happened the week before. We put education first and do everything we can to help you progress.
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Have a great trading week everyone, and thank you for your loyalty.
Please note that these analyses are based on price action elements only and are in no way trading or investment advice.