MARKET FIX 11/10/2021

EURUSD Pullback Followed by New Low

The downtrend has been well established with prices continuing to make lower lows and lower highs. For this reason, we are expecting another pullback to a new lower high before expecting to see rejection sending the price lower once again. Currently, the 1st area of resistance is the Monthly Pivot @ 1.167 with more resistance between there and the Monthly R1 @ 1.180. New structure lows will be a move to <= 1.152

GBPUSD Correction Followed by New Leg Down

GBPUSD is currently seeing a correction that looks like it might still have a little ways to go. The resistance zone would be between the Daily 50 SMA @ 1.374 and the Monthly R1 @ 1.378. From there I expect the price to head back to support @ 1.341 before setting up for new lows.

EURGBP Expecting A Double Bottom

I am still expecting a possible bottom in EURGPB and at this point, a move to 0.845 could signify the bottom. In terms of the recovery, a move above 0.851 could see resistance getting tested near the Daily 200 SMA @ 0.860

USDCAD Expecting A Bounce Soon

For now, at least the USDCAD does appear to be looking for lower lows with some support @ 1.237. From there, however, a bounce to 1.252 and perhaps even 1.268 are distinct possibilities.

USDCHF Bullish Continuation Expected

This is actually one of our active trade ideas that we put out last week and for now althopugh price is consolidating is still trading above the Daily 21 EMA and a move towards resistance @ 0.936 to 0.940 is still expected. The stop level is below support @ 0.918

USDJPY New Bullish Trend Established

As pointed out in multiple previous setup alerts we have been expecting the USDJPY to breakout higher for quite some time. The new bullish trend has now been established and the next target is @ 113.69 after which a small pullback can be expected before a new impulse wave sees new highs once again.

NASDAQ Yearly R1 Pivot Now Acts As Resistance

Last week saw price finding resistance from the Yearly R1 Pivot @ the psychological level of 15k with the daily 21 EMA also now acting as short term resistance while also pointing down indicative of the current bearish trend. For now, we are seeing price contend with the Daily 100 SMA which could see price correcting deeper towards support @ 14350 if it cannot regain it.

BTCUSD Supply Continues To Be Absorbed

Supply continues to be absorbed sending the price of bitcoin ever higher towards its previous ATH. As things stand currently there is resistance @ 58.8k followed by major resistance from the Yearly R3 Pivot @ 63.2k (just below the previous ATH). It is strongly recommended that extreme caution be taken as we approach this level.