MARKET FIX 22/11/2021

GBPUSD More Downside Expected

Price is showing signs of rejection from the monthly S1 pivot and also a possible bear flag with a break below the diagonal support targeting 1.326, while any move above the Daily 21 EMA would be bullish in the short term.

EURGBP On Major Support

I am still expecting a possible bottom and while we have price trading above the Monthly S1 pivot @ 0.835 the higher probability remains in favor of a correction higher towards the Monthly pivot @ 0.848 and perhaps even the Daily 200 SMA @ 0.857

AUDUSD Looking For a Correction

The AUDUSD has been in a bearish trend for quite some time and considering we are now in the exhaustion phase according to our 5-phase trend evaluation method, I am expecting major support to more than likely hold and a correction to follow. Bullish targets are 0.742 (Monthly Pivot) and 0.751 (Daily 200SMA)

USDJPY Breakout and Re-test

USDJPY has broken out of the bull flag consolidation last week and is currently re-testing the breakout level near the 21 Daily EMA. The bullish price target would be ~117 if price can manage to take out the high from last week.

GBPNZD Reversal

NASDAQ continues to grind higher and is approaching extreme levels of resistance between 16670 and 16890. From here a correction would be considered normal and healthy but could also lead to panic selling so please remain cautious. Support is @ 16400 followed by 15400

NASDAQ Taking a Break

Last week we mentioned that we were expecting a correction after the doji candle on the 12th and as it turned out we did indeed see a small correction last week. Buyers have since stepped back in to drive price higher. However, while price remains below last weeks highs there is definitely still a high likelihood of a deeper correction. But, if price do take out last week’s high, the target would be between 16670 and 16890

Brent Crude Oil Nearing Support

Brent crude oil is now nearing major support from the Daily 100 SMA @ 76.80 which is also very close to the 50% retracement level from the last bullish move. The question is whether we will see the bullish trend resume from this level or whether the correction heads deeper towards the daily 200 SMA ~ 73.50

XAUUSD Correction Still In Progress

The correction in Gold is still ongoing and looks likely to head towards support @ 1832 or even 1816. Once on support, I will be looking for signs of bullish price action taking us higher once again.

BTCUSD Follow the Daily 21 EMA

I stand by my previous statement that the Daily 21 EMA (solid green line on chart) is a good indicator of the current BTC trend. Last week we mentioned that if price can remain above the 21 EMA we will look for new highs around 71.2k while price action below it would see a test of support @ 57k (now realized). Currently, it seems a deeper correction towards support @ ~50k is a very likely scenario.