MARKET FIX 29/11/2021

EURGBP Recovery Underway

Last week we mentioned that we are expecting a recovery with the bottom likely being in place on the diagonal support level. For now, price is finding some resistance from the Monthly Pivot and Daily 50 SMA but should be able to quickly reach the bullish target @ 0.857 once this level is overcome. Support will be @ 0.841

USDJPY Testing Major Support

Friday saw a massive bearish engulfing candle sending price all the way to major support from the Monthly Pivot and Daily 50 SMA. If support can hold there remains a good risk to reward opportunity for a recovery that could cumulate in price reaching the bullish target @ 117. Failure will likely see a test of the Daily 100 SMA @ 111.8

GBPNZD Looking For Price Reversal

Considering the bigger picture the GBPNZD is still in a bearish trend (market phase 3) and with price currently trading up against major resistance from the Monthly R1 pivot as well as the convergence of the Daily 100 and 200 SMA’s I would say there is a high probability we will see a price reversal back into the direction of the primary trend. The initial bearish target would be close to the previous swing lows @ 1.897. If however, price manages to take out last week’s high @ 1.962 there is a good chance of further upside to the Yearly Pivot @ 1.980

NASDAQ Possible Right Shoulder?

The NASDAQ is starting to look more and more like a topping pattern with Friday’s sell-off creating what could very well turn out to be the completion of a Head and Shoulder’s top with the neckline now defined pending the creation of a right shoulder. If we see a right shoulder forming this week I expect the Monthly R1 pivot @ 16350 to act as resistance. If we close above ~16600 the bearish move will be invalidated but if we break below the neckline a move towards the Daily 100 SMA @ 15400 could ensue.

Brent Crude Oil Testing Major Support

Last week we mentioned that there exists the possibility of a deeper correction towards the daily 200 SMA @ 73.50 (this has now happened). I am now looking for a reversal back to the highs of last week @ 82.95

XAUUSD Also on Major Support

We saw a deep correction last week with gold heading right to the major MA confluence level @ 1790. This presents a good risk to reward opportunity for a move higher (especially considering the current global risk-off sentiment).” alt=”” width=”1200″ height=”auto” />

BTCUSD Follow the Daily 21 EMA

I continue to stand by my view of using the Daily 21 EMA (solid green line on chart) as a good indicator of the current BTC trend. With the 21 Daily EMA pointing down and price also trading below it I maintain a bearish outlook. The Daily 100 SMA @ 54k will act as important support while the Daily 50 SMA @ 60k will act as resistance.

XRPUSD Look for Re-Test of Breakout Level

After breaking below the yearly R2 Pivot along with diagonal support XRP has found some support from the Weekly S1 pivot and could look to retest the breakout level @ 1.03. From there we could look to expect either another move lower or a stronger recovery to resistance @ 1.10