Weekly Forex Review – 21st to the 25th of November

Welcome to this week’s edition of the Weekly Forex Outlook and Review, this edition for the 21st to the 25th of November Forex Market. Aspects highlighted in the review include highlighting potential opportunity zones, areas to look for evidence and potential moves in the market, management points and targets.

Pairs and Markets Analysed this Week in the Review: EURUSD, GBPUSD, NZDUSD, AUDUSD, USDJPY, GBPJPY, USDCAD, GBPAUD, Gold and Silver.

Strength in the US dollar last week from the previous week’s US election continued to push a lot of US based markets lower, markets such as EURUSD, AUDUSD, NZDUSD, Gold and Silver. This strength also lead the US dollar on Thursday to break above the 100.68 high on the US dollar index, the highest level the US dollar has been since 2003. To view the US dollar Index ( Daily chart view ).

Both high probability trend continuation type zones and counter trend zones highlighted this week in the review.

 
Above Video – Weekly Forex Outlook and Review for the 21st to the 25th of November Forex Market

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eurusd-daily-trading-areas

Above – Highlighting on EURUSD this week two potential areas:

  1. The 1.0550 zone as a potential area to look for bullish evidence area on this market and a potential move to the upside from this area.
  2. The 1.0850 zone as a potential pullback area to look for bearish evidence area on this market and a potential move to the downside from this area.

eurusd weekly view and 2015 low

Above – EURUSD Weekly Chart showing 2015 Low, an area where the market is getting very close to testing. Click chart screenshot for larger view.

*If the market does not hold this important area ( the 1.0550 zone ), then potentially EURUSD may continue all the way down to the 1.0130 zone area, an area on this market where this market has not been since 2002 ( near par level to the US Dollar ).

usdcad daily trading areas

Above – Highlighting on USDCAD this week the 1.3280 zone as a great pullback area on this market to look for bullish evidence and a potential move to the upside from this area.

gbpaud daily trading areas

Above – Highlighting on GBPAUD this week the 1.6760 zone where the market is testing right now as a great area on this market to look for bearish evidence and a potential move to the downside from this area.

silver daily trading areas

Above – Highlighting on Silver this week two potential areas:

  1. The 17.60 zone as a potential area to look for bearish evidence area on this market and a potential move to the downside from this area.
  2. The 15.90 zone as a potential area to look for bullish evidence area on this market and a potential move to the upside from this area.

Midweek Forex Reviews

Come back and check this space for potential upcoming Midweek Reviews in the week ahead. They will be added here.
Have a great trading week everyone and Happy Trading.

About Timon Weller

Timon Weller is the professional Writer and Trader behind the blog Forex Reviews. Timon Weller is also a professional Teacher of Price Action Trading and creator of the popular Training Series teaching people how to trade Price Action effectively called The Engulfing Trader. For other Forex Training available here at Forex Reviews click here.

For more on Timon Weller Click Here. To Learn more about How to Trade the Market and get updates Click Here.

Comments

  1. Hey Everyone. Thanks for watching this week’s edition of the review, any questions or comments on this week’s market, feel free to comment below.

  2. Thank you Timon for your time effort and knowledge.

  3. Ellis Russell says:

    Tim’s reviews seem to be spot on.

  4. Thanks Timon, nice to the point review for the upcoming Forex market week.. 🙂

  5. Thanks Timon For the weekly analysis, you are doing a good job.

  6. Sunil Malhotra says:

    Thanks Timon, great levels for the week ahead. Regards Sunil

  7. Thanks Timon
    Could you analyze Dollar index

    • Hey Shahin,
      Yeah sure, I mentioned the US Index just above the video review for this week with a chart link. The US Dollar index recently broke above the 100.68 high, the highest level the US dollar has been since 2003. I am expecting a pullback on this index soon, the pullback area to watch would be the previous highs on this market, the 100.30 level. This would be a potential bullish continuation zone on this market.

      Above – The US dollar Index showing recent break ( Daily chart view ).

      USD Index

      Above – USD Index and the 100.30 pullback level I mentioned above. Click for larger view.

      Regards,

  8. vincent foo says:

    thanks timon..great review..cheers

  9. hey timon,
    thanks for the review mate. appreciated

  10. Timon, I see you’re looking for bullish and bearish evidence on structure levels to get into a trade. Can you be little more specific and tell me what kind of bullish and bearish evidence you are looking for on structure levels? Is it a candlestick or chart pattern that you mean as bullish and bearish evidence?

    • Hey Tharanga,
      Yeah sure, to give a quick rundown, evidence is aspects such as evaluating aligning bias candlesticks ( engulfing, pin bars, railroads, etc ), structure retests, trend evidence, evaluating potential reward and retracement confluences at an important area in the market. Evidence is an aspect I go over in detail in the Forex Training at the website such as in The Engulfing Trader, The 5 Day Trend Training Series and The Candlestick Training Series. To check out the Forex Training at the website visit here – http://www.forexreviews.info/forex-training/
      Regards,

  11. Henco Botes says:

    Thanks for the review Timon,

    One Question please, when do you consider a trend to be changing? For example NZDUSD was/ is in a nice uptrend since Sept 2015. It now broke the rising support line and also made a lower High (8 Nov vs 7 Sept) and a lower low (18 Nov vs 12 Oct). Further, it also sets up a nice Head and Shoulder pattern. Currently the bias is still to “Buy”, but when does it change to “Sell”? Also, what weighs higher? The horizontal support/ resistance zones, or rising/ falling support or resistance zones?

    • Hey Henco,
      Yeah, good question. I consider that market ( NZDUSD ) in a downtrend now based off trend evidence since it broke below that previous daily low in last weeks price action. This was the previous major low on the daily chart looking left, referring to daily chart trend.
      As this market is in a downtrend now, pullback areas to the upside align with the trend. Pullbacks into the 71 zone ( pullback zone mentioned in the review as well ) being a great area to the upside to look for bearish evidence and a potential continuation to the downside.
      Regards,

  12. Paul Churchill says:

    Cheers Timon….really appreciate these reviews

  13. Ahmad Hafizi Hamdan says:

    Hi Timon, great review! Quick question, in your opinion, in USDCAD chart, is 1.3430 area a strong support?

    • Thanks Ahmad, yes, the 1.34 zone is a valid pullback area on that market as well in the trend, if you look at that zone on the 4 hour it is very clear on that market in the trend.
      Regards,

  14. Judith Boucher says:

    Thank you very much for your reviews.

  15. Thank you for these reviews!

  16. Thanks for the review mate, appreciated.

  17. Tabitha David says:

    Thanks Timon, great reviews as always! I like to draw my levels and check them against yours. I still find that some of the zones I plot are still a little off. More practice!

  18. Roman Geyzer says:

    Great content as usual, if you can add aud/nzd for next week: the pair has a strong resistance around 1.075 and support around 1.033 for the past 4 months, I would love to hear your view on the pair

    • Thanks Roman, yeah sure, I will try to include in the next review. Those zone areas are the same as mine, there is also a zone at the 1.0580 area to the upside as well. Below is my chart view of this market.

      Above – AUDNZD Daily Chart – click for larger view of this market

  19. Thank you Timon for your excellent weekly review. I have had great difficulty finding potential profitable trades for the last couple of weeks so I have been waiting patiently rather than making risky trades which I think will be successful. Cheers mate. JOhnR

  20. Hi Tim, Thanks alot for your effort.Your weekly review is very helpful.My question is. How do I set expiration time for weekly trading?.Take for instance,if I open a trade say monday morning 10.00am. what time will I set for the trade to expire? If I want to do a weekly trade. Does this your review works for daily time frame as well?. That is, if I open atrade say in the morning can I close it that same day may be in the evening, using your review to predict the direction of the market.
    Thanks.

    • You’re welcome Edward, thanks.
      I assume you are referring to how long to have a pending order open for before it opens? This is mostly trader preference. If wanting to put a limit on it, 24 hours can be used for a daily chart order and 3 to 4 candle time periods for below the daily chart order.
      As for your other question, I would not suggest putting a time limit on a trade, instead to suggest to let the market decide and management points set on the trade.
      Regards,

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