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Forex Trade Signals and Setups Nov. 7th
EURUSD – Looking Weak
After the end of October sell-off from 1.4200 – 1.3600, the EURUSD has spent all of November stuck between 1.3600 and 1.3850. This lackluster and uninspiring price action has corrective move written all over it and consequently, leaving us to believe the pairs next impulsive move will be to the downside as it waits for the Sword of Damocles to fall.
We expect 1.3850-1.3950 to hold up any upside pushes while a continuation of the downside attack to resume shortly and likely this week. Look at the 38.2% or 50% fibs around those levels, along with any price action rejections to initiate shorts for another attempt on taking out 1.3600.
Gold – Pullbacks As Opportunities to Buy?
As we have said before, bottoms take longer than tops to form, and this has certainly been the case for Gold and Silver lately. Between the two, the yellow metal has been more inspiring as of late, and appears to be picking up steam in its last few legs up.
Looking at some quantitative price action figures, over the last 15 days, Gold has spent less than two below the 4hr 20ema. This is very communicative of how consistently it has been bought up and finding new players along the way. Also the angle of the price action has been sharpening which is also supportive of this theory. Expect the dynamic or evolving support to be building as the 20ema continues to shadow the price action accelerations.
The last pullback to 1690 caused a sharp spike and $100 run up in the last 5 days and we feel this buy on dips strategy is the way to go for now. Look for $1750 and $1690 to hold pullbacks for an eventual test of $1850 and $1900.
AUDUSD – Below the Kumo
After spending the last 21 days of October above the 4hr Kumo, the Aussie has started November breaking below the Kumo. Since then, it has retested the Kumo top in perfect fashion finding the Kijun as resistance. The pair is struggling to find any direction but has more bearish pressure than bullish. As long as the price remains below 1.0500 and the Kumo flat top, we expects gains to be slow and hard fought. However it is more possible for another downside leg via a TKx signal so watch for this.
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Also make sure to check out this really good article on Preparation in Trading.
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