Nov

Weekly Analysis 2020-11-02

01-Nov-2020 Brian Weekly Analysis 0 Comments

Weekly Analysis and Outlook:

Welcome to this weekly analysis and the outlook of potential setups and opportunities for the coming week from 02-NOV-2020 until 06-NOV-2020.

In this review we will cover 5 markets: EUR/USD, EUR/JPY, EUR/AUD , AUD/USD and AUD/JPY.

EUR/USD:

On the weekly timeframe we see that after a bullish trend there was in the last week a strong bearish week that results in a strong bearish Engulfing Candle. On the daily timeframe we see all last 5 candles closed bearish and waiting to break the support level.

EUR/JPY:

On the weekly timeframe of the EUR/JPY we see a similar bearish Engulfing Candle. On the daily timeframe we see all last 5 candles closed bearish and it broke the previous low, could result in a pull back to this level of 122.70 and continue to go down. But have to wait and see as anything can happen.

On the 4h timeframe we can see a support at 121.80 and price might pull back to 122.80. If price will create a new high we can see a buy opportunity. Also we can see a Buy opportunity if price will be rejected at 121.00 we can plan to enter a buy possition with a 1:5 Risk Reward Ratio target to 123.00 Resistance level.

EUR/AUD:

On the weekly timeframe we see a strong indecision candle. It went down on the daily timeframe but had a strong and nice push up giving a buy signal but failed to continue its momentum. On the 4h timeframe price reacts strongly on the 1.64700 to 1.64900 Resistance Level and is Ranging at the moment between this Resistance Level and the support level of 1.66700 to 1.66900.

We can look for a structue on a lower timeframe like on the 15 minutes timeframe. There we can see a downtrend channel and can find some entery points or wait for price to break a support or resistance level.

AUD/USD:

On the weekly timeframe we see a nice and strong Engulfing Candle. At the daily timeframe we see for 2 days a consolidation and the last 3 days with a strong bearish push. Going down to the 4 hour timeframe, we can see price didn't create a new lower high but went equal to the previous high. If we want to look for a structure, we can see a inverted Head & Shoulder Pattern if price moved up to resistance level of 0.70700.

AUD/JPY:

On the weekly timeframe at AUD/JPY we can see a nice bearish candle as well. It looks much better on the daily timeframe. Breaks the previous support level at 75.000 to 74.750 and retesting this level after price continues down.

On the 4 hour timeframe we can see that price is consolidating on the Resistance Level of 73.850 to 73.750 and the support level at 73.300 to 73.200. So we have to wait for the market to break on of these levels.