Weekly Forex techincal forecast November 16-20

EUR / USD
The euro against the dollar continues to trade in different directions: the upward movement is changing the downward movement. The past week is, first of all, interesting from the point of view of the fact that all indicators were close to neutral values ​​and zero indicators. At the same time, we are talking about maintaining the uptrend. This trend can be clearly seen in the last 3 points, which allow to draw an upward line. It should be considered in conjunction with the important horizontal level of 1.1863. In fact, we are now talking about a triangle, to the top of which the price is approaching. You cannot trade here and now. One can only expect in which direction the market will break through this figure. We trade in the direction of this movement.

analytics EUR / USD for November 16-20
parsing EUR / USD by moving averages, RSI and MACD



GBP / USD
Last week, the British pound against the US dollar managed to make a strong upward trend movement and a downward correction movement. All this can be clearly seen along the ascending trend line. The indicators are generally close to the upward trend, which confirms the direction of the main trend. The current market stage is characterized by an attempt to exit the price above 1.3145. If this movement is crowned with success, then it will be possible to trade up, since the upside potential of the currency pair remains. If the downward movement turns out to be stronger and the market closes below the trend lines, then in this case, you can open a downward contract.

analytics GBP / USD for November 16-20
analysis of GBP / USD by moving averages, RSI and MACD



USD / JPY
This currency pair is the first in the current weekly review, according to which we state the fact of the impulse growth of the US dollar. As a result of this growth, the price rose above the level of the moving averages and above the descending channel. In fact, we are now talking about the strength of the 105.170 level, which the market is testing in real time. The indicators are at their local maximum values, however, the oscillator has already gone down and is showing a tendency to correction. Nevertheless, we can state the fact that there is an attempt to change the trend and consolidate above the level of moving averages. Therefore, you can try to trade up.

USD / JPY analytics for November 16-20
parsing USD / JPY by moving averages, RSI and MACD



AUD / USD
The market is trying to complete the uptrend and has already found itself on the right side of this movement, in fact, passing into a correction stage. The indicators look down after they have reached their local maximum values. This applies to both trend indicators and oscillators. As a result, we say that here and now the market is in the stage of correction, but it is local. Globally, the upward trend continues to dominate, so only options for upward trading can be considered. The optimal entry point for opening an upward contract will be close to the level of 0.7189.

analytics AUD / USD for November 16-20
parsing AUD / USD by moving averages, RSI and MACD


USD / CAD
The past week for the US dollar against the Canadian one turned out to be multidirectional. The beginning of the week turned out to be negative, during which the price dropped to its local minimum values. This was followed by an increase, which raised the price to the level of the moving averages. Characteristically, this level practically coincides with the 1.3142 mark. This level and moving averages are tested in real time. The indicators are looking up, but it is much more important that strong levels have already been reached, which means that a downward correction can be expected.

USD / CAD analytics for November 16-20
analysis of USD / CAD by moving averages, RSI and MACD



USD / CHF
The key characteristic of this currency pair is increased volatility. The range of prices really turned out to be very significant. As a result of these movements, it is very important to note that the indicators are looking down, but at the same time the market has already twice entrenched above the downtrend line, which actually indicates the prerequisites for a trend change. At the same time, another important point is that the price is also fixed twice above the moving average level. It can be expected that the current upward movement will continue to develop, which means that you can trade upward with a target at 0.9218.

analytics USD / CHF for November 16-20
analysis of USD / CHF by moving averages, RSI and MACD



USD / RUB
The US dollar has reduced its volatility against the Russian ruble, but it is very important that both the price and all price indicators are approaching neutral values. The indicators are close to zero and also close to the level of moving averages. You can expect the price to rise, but you can trade in this direction only if the market consolidates above the moving averages. If this does not happen, it is better to refrain from trading.

USD / RUB analytics for November 16-20
parsing USD / RUB by moving averages, RSI and MACD


Gold
The most important characteristic of the past week is that after the formation of a divergence between the price and the oscillator, there was literally a failure, when the price of gold in just a few hours fell from the level of 1960.00 to the level of 1856.00. Usually, after such a strong movement, the market enters a correction stage, when volatility decreases and there is a slight rollback in the opposite direction from the main movement. This is happening at the moment, and the main thing that needs to be done now is to let the market calm down. Therefore, it is better to refrain from trading for the coming week until the situation normalizes.

Gold analytics for November 16-20
analysis of Gold by moving averages, RSI and MACD



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