Forex Trade Signals and Setups Nov. 28th
NZDUSD – Still Got Work to Do
After forming an impressive down trend after a TKx signal back at .7900, the NZDUSD has gotten rather bullish in a hurry just recently off the .7400 area. Price has since slowed after approaching the Kumo and rightfully so. Look how thick the Kumo is. The kiwi will have to work to break through this and show this reversal is for real. Also take a look at the Chikou Span – notice how it has not crossed the Kijun as of yet? Until this does, it will not form a favorable turn of the Chikou. Once it does, then we need to look for price to cross the Kumo for a Kumo Breakout before we call reversal. Until then, it’s still got work to do so traders can look for downside rejections – possibly at the top of the Kumo for a move to the bottom of the Kumo and possible return back to .7400.
XAGUSD – Building But Needs to Clear Key Level
After the CME hiked margins on Gold and Silver, causing a peregrine falcon dive for the shiny metals, they have been taking their time deciding the next medium term direction. But this one continues to provide clues as it has been building a series of price action higher lows consecutively with each bottom. Taking a look at the horizontal price levels drawn on the chart, the metal has formed a short term bottom around $31. The key level for this to take out is $32.84 which also houses the 20ema. Traders should look for price action clues to see if it is a legitimate breakout. Should it break through with force, then look for a breakout-retest setup targeting $35.
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