Hi Traders! Weekly summary and review November 26th, 2021 is here. It is now time to recap and summarize the trade setups that we had during this week. Below you will find the short explanation of all the trade setups we had this week and how it has currently developed now.
GBPAUD – My idea here was “On the H1 chart, we could see that the price which is moving higher has created a bullish trend pattern in the form of three higher highs, higher lows which we may consider as evidence of bullish pressure. Currently, it looks like a flat correction is happening and while measuring the last wave using the Fibonacci expansion tool we have two key support zones that has formed. The first zone is formed by the 61.8%(1.84810), 100%(1.84339) Fibonacci expansion levels, bottom of the range and the 38.2%(1.84500) Fibonacci retracement level of the bullish trend pattern. The second key support zone is formed by the 161.8%(1.83562) Fibonacci expansion level of the wave and the 50%(1.84041) – 61.8%(1.83578) Fibonacci retracement levels. The price is currently nearing the first key support zone and also, based on the Stochastic Oscillator we could see that the price has reached its extreme which we may consider as evidence of bullish pressure. Until both the key support zones hold my short term view remains bullish here and I expect the price to move higher further”.
Bitcoin – My idea here was “Looking at the H4 chart, we could see that the price which was moving lower has created a bearish trend pattern in the form of three lower highs, lower lows which we may consider as evidence of bearish pressure. Generally, after a bearish trend pattern, we may expect corrections and then further continuation lower. Also, while measuring the first two waves of this bearish trend pattern using the Fibonacci expansion tool we have a key support zone that has formed based on the 161.8%(55138.36) Fibonacci expansion level of the first wave and the 61.8%(53392.19) Fibonacci expansion level of the second wave. Price has currently reached this key support zone and in addition to this, we have a bullish divergence that has formed between the first low that has formed at 55609.76 and the second low that has formed at 55392.00 based on the MACD and RSI indicator which we may consider as evidence of bullish pressure. So based on all this, my short expectation is bullish and my mid term expectation is bearish here”.
AUDNZD – My idea here was “Looking at the H1 chart, we could see that the price which is moving higher has created a bearish divergence between the first high that has formed at 1.04834 and the second high that has formed at 1.05019 based on the MACD indicator, which we may consider as evidence of bearish pressure. Also, based on the Stochastic Oscillator we could see that the price has reached it’s extreme, which we may consider as yet another evidence of bearish pressure. Until the strong resistance zone shown in the image below (marked in red) holds my short term view remains bearish here”.
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To your success,
Vladimir Ribakov
Certified Financial Technician
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