Good day traders,
Another trading week is upon us, mind you, it’s the second week of November, and we have to make it count. This week has some great setups, however, only the PATIENT traders will enjoy the fruits of this week’s setups.
That said, let’s hurry into the forex jungle and mark our targets for the week.
1. XAU/USD (GOLD)
Gold on the weekly time frame is reacting to a minor resistance level at 1241.47, hence its currently bearish. On the same weekly chart, you have price presently resting on a minor support level at 1205.20.
Going over to the 4 hours time frame, there is a beautiful ascending channel and price is currently almost touching the support level (1201.26).
The big question now is:
“Are we patient enough to get confirmations for a reversal or a breakout through this channel” ?
If we get a reversal confirmation, we may most likely see price hit a former resistance level (1241.47) and IF we get a confirmation for a breakout, we should see price hit the support level 1181.09.
2. GBP/USD
GBP/USD commenced it’s bearish journey on Thursday after price was rejected close to a descending resistance level (1.31742). Presently, price is almost resting on a key support area (1.29295).
Our duty as traders is to wait for a REVERSAL confirmation which may take price back to the next possible support area (1.31539) or a BREAKOUT of the current support level, which could also take price to the next possible support level (1.27995).
3. EUR/USD
EUR/USD is another pair that shows great promise. The setup is slightly similar to the GBP/USD we just analysed.
A support level to watch out for is level 1.13028. We will be waiting for the reaction of price upon hitting this support level. A reversal on the current support level may send price back to a key resistance level 1.14392 and a breakout from the present support level could send price on bearish move, to the next support level 1.10909.
NOTE: If I were to add a bonus track or trade to the new week, I would advice us to also look at our Friday setups here , both trades are very much valid
That said, wishing you guys a great week ahead and kindly comment and share our comment if you have found our material useful
