We are starting another week on the Forex and Stock Market. Last week was exciting due to the reddit scandal. This week we start with optimism.
We will start the list with NZDCAD which initially gave a signal to sell, but breaking the price above the resistance level gave an impulse for increases. At the moment, the currency pair made a correction to the support zone and we see a rebound, which gives a chance for further gains.
EURUSD is the most unpredictable pair in my opinion. It has one of the largest volumes in the Forex market and is often indecisive. Investors often break beyond support and resistance, and the assumed defense orders should be taken with a margin of several percent. In times of a lower trend and lower volatility, it is easier for this currency pair to trade at lower intervals. There is currently no clear-cut direction. The macro data for Europe for today are also ambiguous, which shows that investors are not directing the price in a specific direction.
The GBPUSD pair we expect further gains. Investors expect a correction of the currency pair. Many on forums even show their short positions. However, in such a strong trend, one should be careful because only a bright signal can give an impulse for deeper correction. Until then, we have an uptrend all the time and this is the form of the currency pair. Due to the fact that the pair is on resistance, the position is long after the breakout and correction.
The USDCAD currency pair, despite hawkish expectations, made a significant correction of the achieved gains. This was to be expected as we cannot assume that the traffic will continue without any specific reasons. The situation for America seems unchanged, which is optimistic, however, in this situation, an impulse from the USD is needed to see a further increase in the currency pair. The scenario we can expect is marked in the picture. Should the price go below the support zone, we will expect a further decline to at least 1.2626.
USDCHF, despite a similar situation with the US Dollar, can be seen that the pair behaves much differently. The Swiss Franc defends a price level that doesn’t allow you to go in any particular direction. Once again we are getting closer to the resistance which this time can be broken, and that’s what I’m counting on. In the event of a breakout, possible intense movement that will prevent entry into a transaction on a correction.
The USDJPY pair does not really need too much comment as last week’s plan is being implemented. Despite the price exiting the resistance level, I expect a downward correction. Then rebound towards increases. The pair breaks the support and resistance levels, so you should take a small correction if you want to trade in strategic places.
GAS basically like the USDJPY pair, doesn’t need a lot of comments due to the levels I gave last week. At the moment, he expects the price to rise above the designated resistance and a stop near 2.90. The next correction to the support from November 19, which is in line with the local trend line drawn on the last price lows.
Last week’s gold and silver were under close scrutiny. Due to information from Reddit, silver is to be inflated to very high prices. If this happens, we can expect gold to grow with silver as well due to the correlation of these two instruments. On Friday, just before the low close, a large volume of trading could be noticed which caused the price to reverse. As we can see effectively because the price of gold is much higher than it was before the close on Friday. We currently expect further increases.
DAX, despite a strong rebound, is still in the phase of declines. The gap that appeared after the weekend indicates possible further declines. The price made a lower low, which gives us a picture of a downward trend in relation to lower and lower highs and lower lows. Breaking outside the resistance level may give a positive impulse to gains. We are waiting for the English session to show the direction.