Weekly Forex Forecast – EURUSD, GOLD – 13-18 November 2022

In this article, I’ll share with you my analysis on EURUSD and Gold.

GOLD has been moving in a clean downtrend for a long time, and recently, after completing triple bottom with bullish divergence on the daily time frame, the bullish momentum takes place, and buyers are in full control at the moment. I believe Gold has more room for a bullish move, and buy pullback is my plan for the week.

EURUSD breaks above the daily bearish channel it was trading in for a long time. I believe the bullish momentum is here to stay, and I expect the EURUSD to reach 1.06-1.07 levels at least.

You can watch the video explanation of this forecast here:

 

 

 

Gold

Daily time frame – The pair was moving inside a clean bearish channel until it was blocked by a triple bottom and bullish divergence (based on the moving averages of the MACD indicator). The price bounced off and moved higher and broke above the bearish channel.

 

 

 

Duplication zone of the bearish channel to the upside will offer first target zone and if we duplicate it again, we get a potential second target zone as shown in the image below.

 

 

Another technical condition happened with validation of triple bottom pattern breakout. If we duplicate the triple bottom range, we get a legit target zone as shown in the image below. This target zone fits with the previous swing highs and resistance zone and the next key zone is slightly above it. In my point of view, there is a good chance that the price will move higher towards these zones.

 

 

 

4H time frame – Here we can see clear waves of higher highs, higher lows structure to the upside, indicating clean bullish momentum. So, I will be looking to buy pullbacks here towards the daily key levels until the price will be blocked by a bearish divergence.

 

 

 

EURUSD

Weekly timeframe – On the weekly chart, the price bounces higher after creating the bottom and a bullish divergence on MACD histogram. Based on the current scenario, I believe the pair is under a corrective phase and I believe that EURUSD has the room to move higher towards the key resistance zone around the 1.06 – 1.07 levels. Breaking above this zone might open doors for further rallies towards the massive weekly volume zone around 1.10 – 1.11 levels.

 

 

Once the price reaches these zones the weekly chart might create a bearish hidden divergence until then I expect the bullish momentum to continue further.

 

 

 

Daily timeframe – The price broke above the top of the bearish channel and has currently reached the duplication level of this channel. The next duplication level is slightly higher as shown in the image below.

 

 

A clean price structure of higher highs, higher lows indicates that the buyers are in control at the moment and I expect the price to continue its bullish momentum.

 

4H time frame – Here, we had a first leg to the upside followed by a pullback and then the price moved higher and currently it looks like the price completes a second leg. I expect pullbacks and further continuation higher until price creates a bearish divergence.