Nov

Weekly Analysis 2020-11-16

15-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 16-NOV-2020 until 20-NOV-2020.

In this review we will cover 3 markets: GBP/JPY, USD/CHF and EUR/AUD.

GBP/JPY:

On the Daily Timeframe we see an overall Uptrend! If we look at the structure, we find nice Higher Highs and Higher Lows. We can see a Resistance Level at around 137.50, which was finaly broken and went down to this Level and can see it acts as a Support Level now. We are looking now for a continuation to the 142.00 Level as a Target. This Setup is only for long term trader, so lets go down in the timeframe.

At the 1 hour Timeframe we can see a Resistance Level at 138.50. As we are on a Uptrend we are looking for a break of this Level and want to see a retest of this Level to act as a Support Level. Then we will target the 140.00 as a profit. Here we could make a nice 1:5 Win Ratio.

USD/CHF:

On the daily timeframe we can see that this currency pair has been cosolidating for a long period of time! We can see that the Resistance Level at 0.9170 - 0.9200 is respected and price is moving down again.

On the 4 hour timeframe there has been a Support Level which previous was also a Resistance Level has been broken and we expect price to move down now to the 0.9020 - 0.9035 Support Level as this is a sideway market structure. We are looking fo a retest of the resistance level at 0.9125 to enter a short position with target of 0.9040. If price doesn't retest and moves down we have a second weaker support level at 0.9085 and here price could break, retest and go towards our target of 0.9040.

EUR/AUD:

At the 4 hour timeframe we can see a nice downtrend forming Lower Lows and Lower Highs. Finally broke the Lower High and formed a new High. We are looking for price to retest the Support Level at 1.6225 and expecting price to move upwards with a target to 1.6470 to give us a nice 1:5 Win Ratio.