Weekly Forex Forecast (15/11/21) EurUsd / XauUsd + FULL PROCESS! [HD]
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hey traders it's john fortune here this week's weekly forex forecast i hope you're having a fantastic weekend we're going to start off by having a quick review of the economic calendar for last week and also for the coming weeks because there's important data not only last week but in a couple of weeks time which we need to pay attention to now we're then going to look at the scorecards for the strengths and weakness of the currencies going into this week and last week those scorecards were pointing us towards pound weakness and pound weakness was a very good theme last week paid off very nicely we're then going to move on to the individual currency analysis we're going to look at the currencies on their own in the futures markets and once we've done that work we're going to look at the currency pairs themselves and identify the best looking pairs in the markets next week and as always once we've finished with the forex markets we're going to go and have a look at the stock market we're going to look at gold silver which had big breakouts last week in which we identified as key markets to watch in last week's video i'm going to finish as we always do with bitcoin so let's first of all start off by looking at the data which came out last week because it was an important piece of data which impacted the markets last week and that was the core cpi and the cpi data out of america it came out much higher than forecast was forecast to be 0.6 came out at 0.9 and the core cpi was forecast to increase by 0.2 to 0.4 and it came out in 0.6 so what does this mean well it means inflation is running higher than forecast and as a result we saw a strengthening of the dollar last week as traders and speculators bought the dollar in anticipation of the fed having to perhaps taper at a faster pace or act in a way that is more urgent than previously stated why because inflation has come out greater than forecast so whether that's the case and whether the fed do that remains to be seen however the main point of this is that we did see a very strong rally in the dollar index and this has implications going into this week it's something we're going to be paying attention to in the markets for opportunities this week the second thing to note from last week was the australian employment data came out very very bad and again we saw conversely a sell-off in the australian dollar as trades and investors are anticipating the opposite of what we just discussed for the dxy that the australian central bank the rba is going to have to continue loose monetary policy in order to stimulate growth in the economy so two important data points from last week that we want to take into the plan for this week in terms of the economic data for this week you can see that we do have some retail sales data we do have a couple of speeches but going into this week there is not really too much we need to worry about pay attention to or plan for we do have some cpi data coming out of cad and also out of the uk these can act as catalysts just as we saw last week but they're not something i tend to plan trades around and they are unlikely to reverse trends unless we get some very unexpected data coming out so two pieces of data to pay attention to in this coming week which can move the markets is the cpi data out of the uk and out of canada both of those coming out on wednesday the 17th and the final thing i want to do is to look ahead and this is to the 24th of november so this is in a couple of weeks time and the reason i'm looking ahead to this is because we do have an interest rate decision on the 24th out of new zealand there's nothing else really we need to pay attention to in this week but the reason this is important is because the week or a couple of weeks before an interest rate decision you can often see the markets going nowhere so the market's specifically involved in that currency so in this case of course we're talking about the new zealand dollar so when we're looking to trade and build out a trading plan for this week we need to pay attention to this because it tells us the risk of a correction or the new zealand dollar kind of going nowhere over the next week or so is greater so i would be still prepared to trade new zealand dollar but it will go slightly down the list compared to other currencies that we're going to be looking at in today's video okay so let's look at the scorecards for the individual currencies for the coming week and the us dollar is the strongest currency this week it scores the best in our scoring system and it means my primary focus this week will be on dollar long positions just as last week the primary focus was on pound short positions which paid very nicely dollar long positions this week do look to be the best play and we also have that fundamental data from last week giving us some fundamental back in some wind in our sales for further advances this week in the dxy the second strongest currency is the canadian dollar which is holding up despite a strong dxy and this is because of the oil price still staying quite strong despite the fact we may have a near-term correction in crude oil the swiss franc is down one from last week and we know that from previous videos a rating of one or zero is kind of neutral so the swiss franc really is not a strong or very strong currency it's kind of bullish to neutral we have the japanese yen and the new zealand dollar completely flat going into this week these are neutral currencies and this is not very surprising for the new zealand is it because we identified that interest rate decision a couple of weeks time and so the fact that new zealand dollar has gone from a strong currency to a neutral currency in the build-up to that interest rate decision in a couple of weeks time does not surprise me we may see the new zealand just be flat so just bear that in mind don't want to be in currencies which don't go anywhere and on the short side we have the euro as the weakest currency which is down one the australian dollar which is down one from neutral and we also have the pound which is still quite weak but it's actually up one from last week so we've seen a strength in the pound from last week so going into this week i would be interested in euro pound aussie shorts primarily interested in us dollar long positions can also look at CAD long positions and we can also look at frank long positions but on the short side alongside a strong dollar i would really like to focus on the australian dollar which we saw weakening although it's not quite as weak as the pound or the euro yet we did see it weakening and that's a sign we could continue to see it weak and going into this week and also the euro which weakened from a -1 rating to a minus two rating this week so those two are really the key shorts i'll be looking at this week although i will be interested in pound shorts again so to conclude where does that leave us going into this week well i do like australian dollar to the downside is something i'm going to be looking at EURUSD to the downside is a key market i'm going to be looking at this week once again if you're looking at pound dollar to the downside we can also look at australian cad to the downside we can look at pound cad to the downside and eurocad to the downside we can perhaps have a look at australian frank the downside pound frank to the downside EURCHF to the downside but just bear in mind the frank is kind of bullish to neutral it's not strong as the cad in the us dollar so i would prefer dollar and cad long positions before frank long positions but we can certainly look at that and when you have flat positions like the new zealand you can pair them with very weak currencies like the euro for example or with very strong currencies like the dollar but generally speaking what we're looking for here is the best trading opportunities next week and that comes primarily from strong versus weak currencies okay so let's now look at the individual currencies starting with the dxy as we always do you can see we're in the daily charts here when we're looking at the individual currencies and you can see we've broken out of this near-term correction in the dxy took out the target to the upside set from last week and we started to break even higher this was off of the back of that strong or i should say high cpi print and a forward-looking anticipation of an increase in the pace of the tightening of the monetary policy from the fed so going into this week you can see that the dxy is very bullish we've broken out of this correction with momentum as well and going into this week what i would be looking for is a pullback in the dxy start to flag and further advances up towards the 95.74 so dxy long positions once again underlined as one of the best looking opportunities going into next week next is the euro the euro sold off taking out the target set to the downside last week euro shorts were something highlighted as a good play in last week's video very similar to what we just looked at in the dxy we've broken out of this correction now and we're breaking with momentum so i am looking for the declines in the euro the next target is the 1.13870 underscoring that euro weak positions going into next week are setting up to be one of the best opportunities next is the pound now the pound also sold off taking out its target last week and we're making new lows in the pounds so the pound is weak and this is again something i'd be interested in shorting you can see not just from the relative scorecard analysis but also the individual analysis this is not a strong market i would be completely away from pound long positions next week so any pullback in this area should be viewed as an opportunity to look for further declines in the pound next week next is the swiss franc now the swiss franc is interesting it's actually technically structured to the downside and this is where we start to get the relative analysis and the scorecard system coming into play to help us identify when you have multiple markets which are either bearish or bullish to identify which ones are actually the most bearish which ones are the most bullish and you can see here although the swiss franc is technically bearish we're sitting right at the previous breakout point of this inverse head and shoulders i identified this for you previously we have this kind of one up one down scenario major head and shoulders break here's the confirmation we failed we didn't inverse head and shoulders in the opposite direction we come back to retest the breakout point so when you look at this technically yes it is slightly bearish technically but you can see sitting at this breakout point is kind of neutral the swiss rank is kind of neutral so it's not as bearish as say the euro or the pound so when looking for short positions euro and pound would take precedent going into this week next is the japanese yen the japanese yen is a market highlighted in previous videos and what we're looking for here is a potential fourth wave and then further declines this fourth wave or this correction is still in play and what i would like to see is i'd like to see some strengthening in the japanese yen pairs or weakening the japanese yen further before really looking to commit to the yen trades that we looked at previously and we're going to look at them again today even though the yen is kind of flat we're just going to keep on top of those markets keep an eye on them to see how they're playing out if you remember for those who watched previous videos it looks like we'd do a fifth wave in the yen pairs at some point if we go look at the canadian dollar the canadian dollar is also selling off individually you can see this is quite a weak currency however compared to a lot of the other currencies when we do the analysis it's actually fairly strong so the first thing to take away from this is that you can see as the canadian dollar is selling off the dxy is moving in the opposite direction so when we look at long positions yes the canadian dollar is stronger than a number of the other currencies but it's the dxy which is really outperforming going into next week and that's why i'm looking to prioritize dxy long positions over canadian long positions so even though you can see technically this is quite bearish for the canadian dollar in fact we look to be failing at a previous inverse head and shoulders breakout point if you see here this is the right shoulder there's a mini inverse head and shoulders here but this is in the right shoulder of a bigger inverse head and shoulders so the canadian dollar is actually quite weak individually but relative to the other currencies it's fairly strong and again this is not something that would instantly jump out at you unless you have that relative analysis that we use as well the next market is the australian dollar and the australian dollar is potentially setting up for a bigger move to the downside let's look at this because we looked at this before and this is something we really want to pay attention to going into next week because this could be the start of a bigger trend to the downside why do i say that well first and foremost we have this inverse head and shoulders break which you can see the australian dollar is now failing at we're failing at the breakout point in fact we've already failed and we started to sell off momentum has come in as all the people who bought in this era start cell and we are now looking to start to trend to the downside so we have a failure of this inverse head and shoulders and at the same time you saw that economic data coming out last week the employment data is poor and the rba are going to have to keep loose monetary policy conditions in order to try and stimulate the growth and try and get the employment levels back up and for any of you who have been reading the rate statements out of the central banks you will know this is exactly what the rba have said they've said that interest rates are going to have to remain low they're going to have to keep loose monetary policies for the foreseeable future until growth starts to pick up so this is fundamentally very bearish for the australian dollar at the same time we have a major failure to break out to the upside so continued australian dollar weakness not just next week potentially but also over christmas and into q1 of next year is really something you want to pay attention to and if that's going to be the case it looks like the dollar is going to continue to rise as well so any pullback in the australian dollar next week would be viewed as simply an opportunity to look further declines and it looks like we're going to come down at least to take out the lows here and on top of what we've just discussed if we come down and have a look at iron ore futures which play a role in the australian dollar because of the amount of iron that australia exports you can see the price has really sold off in iron ore futures and what does this mean well it means that as this goes through the balance of payments in australia there's going to be less demand for the australian dollar so we really have quite a lot of fundamental data points showing us that the australian dollar is likely set for further declines so again something i'm really paying attention to guys is further declines in the australian dollar over the next couple of months and finally if we finish with new zealand dollar you can see we have pretty much the same setup we saw out of the australian dollar we have an inverse head and shoulders which has failed and we're starting to sell off we started to reverse at this breakout point again i think we're coming down further declines but don't be surprised to see the new zealand dollar doing nothing next week and potentially the week after because of that interest rate decision so just be a little bit careful with the new zealand dollar over the next couple of weeks what i would really like to see is the interest rate decision coming out first and then starting to look for those moves to the downside in the new zealand dollar so maybe patience required when looking at new zealand dollar positions okay so we're on the EURUSD here and we're going to start to look at the currency pairs now for the coming week we're on the four-hour charts we're looking at currency pairs on the highest intraday chart and you can see last week we came down and we took out the target set in EURUSD finish right at the second target this was a market highlighted to the downside last week going into this week you can see this break this sell-off is a sell-off with momentum there's very strong momentum in this market markets don't move in straight lines what i would like to see is any pullback in this area next week is going to be viewed as an opportunity to start to look for bearish reversals down to the next key of support to the downside the target set at 1.1371 EURUSD next week and further declines in euro dollar next week is one of my key markets i'm going to be looking at is one of my favorite markets going into next week next is GBPUSD now GBPUSD was also highlighted as a good play to the downside last week we pulled back we came down straight into the target and that was pretty much the entire move for the week as we finished the week almost right at the target set very simply put going into this week i am looking for the declines in this market i do like GBPUSD any continued pullback in this market you can see we don't have as much momentum as we do in euro so i actually prefer euro dollar but any pullback this week in GBPUSD will be viewed as another opportunity to look for bearish reversals down to the next kiev supports the downside the target set at the 1.3288 next is AUDUSD now AUDUSD
really is a market that i like going into this week for reasons discussed in the individual setup and also when we look at the economic calendar we did take out the target last week to the downside very simply put going into this week you can see the momentum we have coming into this market here is a really nice break after this bear flag to the downside and it looks like we're just simply setting up for another bear flag to the downside any pullback in this market is going to be viewed next week as an opportunity to look for further declines and bearish reversals in this market down towards the next key of support to the downside of the target set the 7263 or i should say 0.7263 just to be clear next is NZDUSD now i do like NZDUSD to the downside if we look at this technically and again we discussed the failure of the new zealand in and of itself to break higher just as we did with australian dollar and i do like this market further declines next week i am interested in new zealand dollar shorts and what i would really like and something i am going to be thinking about next week is if we can get a pool back in new zealand and there is the opportunity to go short somewhere in this area if the market comes down to target and it continues down and let's say we finish the week right here this would actually put us in a very nice position to hold on to any new zealand dollar short positions so for example new zealand dollar said the downside through the interest rate decision and it would give you some room i mean if you had to stop somewhere up in this area it would give you some room to allow the interest rate to play out and potentially a very strong catalyst to the downside with minimal risk because you will already be positioned into this market before the interest rate decision so again if you wish to trade this market how you wish to trade this market is entirely up to you i'm not telling you to buy or sell this market i'm just telling you that i personally will be looking for potential short opportunities in new zealand this week so i can look to hold any short positions which are in a decent profit through the interest rate decision next week and again new zealand dollar is the market i would like to do that i won't be doing it with all new zealand pairs but new zealand dollar that is an opportunity i'm going to be looking at so dollar strength plays are my preferred plays and my main focus and priority going into next week let's have a look at the canadian dollar pairs and we'll start with crude oil we can see crude oil is technically structured to the downside i did comment before that this looks to be more like a correction this is not a very strong sell-off this is more corrective and although i do have a target to the downsides it currently stands 78.85 crude oil is not super bearish it is as far as i can see a potential short opportunity but it's not super bearish so when looking at the canadian pairs yes crude oil is structured to the downside and this doesn't really help cad strength plays so there's a couple of things to note here when we're looking at catch strength plays the crude oil price is going to weigh slightly on the canadian dollar the canadian dollar is still technically bearish when we look at it individually and that's why the dollar strength plays are going to be by the looks bit better plays than cad plays but even if we have a slightly weak cad if the other currencies are much weaker you're still going to see them depreciate against the canadian dollar so that's really the basis for the canadian pairs we're looking at this week so let's go have a look at eurocad so eurocad has been very corrective and in fact for those of you follow the forecast you'll remember we were short eurocad from summer up in this area for a number of weeks and then we turned profit taking or neutral on the cad as we started to correct because the canadian dollar was a bit overextended so we've been correcting and we've kind of been off this market for a bit but the currency strength scoring system has thrown this market back up to us now and it's suggesting we may finally get a break in eurocad to the downside if we look at this technically what's very interesting is we have a developing head and shoulders which is a bearish reversal pattern and it looks like we are now setting up further declines pretty much from where we sit because we have the right shoulder and we've started sell-off so any pullback in this market next week will be viewed as an opportunity to look for further declines down to the next key of support at one point four two six next is pound cad pound cad is also selling off to the downside as you can see the pound is relatively weaker than the cad however we can see here look there's a little bit of a lack of momentum price is getting a little bit choppy so again i do like this for a short position going into next week but i prefer the dollar pairs with those momentum moves so any continued pullback in this market is simply viewed as another opportunity to look for bearish setups down towards the next kia supports the downside of the target set the 1.6692 next is aussiecad aussiecad actually has some momentum in it relative to the eurocad and poundcad setups we looked at so aussiecat to the downside does look pretty decent going into next week we've already started to correct so any continued correction and this is going to be simply treated as a bear flag opportunity any continued correction will be viewed as opportunity to look for bearish reversals and bearish setups in this market down to the next key of support to the downside the target set and 0.9114 so although actually the euro and the pound are slightly weaker than the australian at the moment aussie cad looks quite appealing with this momentum and it feeds into what we discussed earlier with the australian dollar weakening from a neutral state and potentially looking to weaken further so although it's not as weak as the pound or the euro going into this week we could see it actually become the weakest currency in the next couple of weeks and finally we have new zealand cad now i've added new zealand cad into this because we do have a kind of flat new zealand and we have a fairly relatively strong canadian dollar and if you see a blue line like this this is actually a fairly high conviction target so i do think we're going to come down further in new zealand cad we are developing in new zealand cad ahead and shoulders and it looks like any continued pullback here is simply going to be setting up a right shoulder in this market so any continued pullback will be views an opportunity to look for further declines down to the next kia supports the downside the target set and 0.8599 and just remember if new zealand cad goes nowhere next week
you'll know why it's because of that interest rate decision out of new zealand in a couple of weeks so if like new zealand dollar you want to try and position in before that interest rate decision that's entirely up to you but just keep in mind it might go nowhere and the final pairs we're going to look at this week are the frank pairs we will also look at the yen pairs just because as i said earlier in the video going to just keep an eye on these setups but for this week the frank pairs of the final markets that i'm going to be looking at and the euro franc market as the first market you can see is structured to the downside what's very interesting about eurofranc is we have quite a gap between the 0.507 and the 0.411 and if we break the 0.507 we could see very strong moves down to 0.411 so something to think about because if you position into eurofrank and you take out the 05 070 with some momentum we could quite quickly in short order so you move down to the o411 so any pullback in eurofrank is going to be viewed as an opportunity to look for bearish setups down to the 1.0507 and if we break through here we could be coming down fairly quickly to the 1.0411 when i say fairly quickly it probably won't do this in one week but we could see this in of just a few weeks the final thing to note about eurofrank as well is that we do seem to be setting up a descending triangle pattern which is a bearish pattern so something to keep an eye out for next week if we start to test the top of this pattern in this area this is where we could start to head down in eurofrank next is pound frank now pound frank was the market highlighted last week we did have a nice sell-off in this market previously however we just kind of corrected a little bit last week and going into this week i am looking for the target to be taken out so any pullback in this market is simply going to be viewed as an opportunity once again to look for bearish reversals down towards the next qf supports the downside the target set the 1.2227 aussie frank you can see ozzy frank is lacking a little bit of momentum compared to the
other aussie setups we looked at and why this is because the franc is not as strong as the other currencies we paired it with so any pullback in this market is simply viewed as an opportunity to look for bearish setups bearish reversals down to next key of support to the downside and the 0.6 and finally we're going to look at new zealand frank new zealand frank is structured to the downside i do have after doing the work a fairly high conviction level here at 6 402 and so i do think we get further declines any pullback in this market is simply viewed as an opportunity to look for bearish reversals and bearish setups down towards the next kiev supports the downside the target set 0.6402 and just to wrap up the forex section here of the video we're going to look at the empires very quickly us dollar yen was a market highlighted last week to look for long positions and we did rally after this correction towards the target and does now look like we're going to come and take out the target of the 114 730 for anybody who was involved in this from last week so going into this week because the dollar is the strongest currency and the yen is kind of flat if i was going to trade any of the yen pairs it would be us dollar yen once again so any pullback in this market would be viewed as an opportunity to look for bullish setups into the 114.730. when we go and look at cad yen when we look at frankien and when we look at new zealand gen aussie yen you can see as discussed in previous videos it looks like we have these one two the third wave and we're just in a fourth wave so i am looking for other advances in this market as well as frankie looking for that fifth wave to the upside although arguably one two three four maybe in frankie and we already have it but in new zealand yen it does look like we have the one the two the three the four we now come back all the way to the 382 which we talked about as the pullback target in these markets in previous videos and this is why i'm not going into the wave count too much because we've already discussed this a number of times in previous videos but it does look like we're going to get this fifth wave to the upside what i would like to see is the yen weakening first i'd like to see the scoring system showing us that the yen really has weakened and what you will see is you will see these corrections ending and you'll see a rally something like this and that would be the opportunity to come in and start to look for this fifth way to the upside so keeping an eye on these markets for those potential fifth wave moves but the scoring system tells us just to be patient that the markets are still correcting and these markets might not be ready to break out for that fifth wave yet so wrapping up the video with stocks gold silver and bitcoin in the last couple of videos i did highlight the fact that the spx was setting up for a correction and last week we did start correct i did tweet out in fact on november the 9th before the market opened that the top in spx was likely in so feel free to follow me on twitter as i do post some midweek updates as i see new information coming in and you can see when the markets opened on the 9th we actually had this down red candle in the four hours and so that started the correction from the ninth we did start to turn up at the end of last week from what i'm looking at it doesn't look like the correction is yet over so i am overall bullish on stocks the process that i use is not showing a bigger crash in the stock market as some people are suggesting so any pullback in spx will be viewed as an opportunity to look for bullish setups into the next kia resistance the upside at the 4749.90 so overall on stocks i do think we could still be in a continued correction in the stock markets i do think it's a good policy to have your hedges in place your short positions or your puts in place as part of a long short portfolio over the coming weeks in case we get a deeper correction or selloff in stocks i certainly have my protections in place already but ultimately any continued correction in the stock market is simply viewed as another buying opportunity so let's go and have a look at the nasdaq really everything just discussed applies to the nasdaq as well we did start to sell off in the nasdaq and again this is the near-term correction that i've been talking about over the last couple of weeks any continued pullback is simply viewed as an opportunity to start to look for bullish setups and i'm going to be looking up towards the next key of resistance the upside the 16711.74 so again just to clarify
i don't see this as a reason to be liquidating long-term long positions but i do think it's a good policy to have your hedges in place next is the dow jones the dow jones has started to correct as we discussed in previous videos any continued correction is simply viewed as an opportunity to start to look for bullish reversals up towards the next gear resistance outside the target set at the 36 957 next is the russell now we did have a very big breakout in the russell again not going to go in too much details we discussed this in previous videos but this long term contraction correction call it what you will in the russell ended with this rally higher we are starting to pull back but again i just simply view this as a near-term correction an opportunity to buy at a better price in these markets any continued pullback in the russell is simply viewed as an opportunity to look for bullish reversals up towards the next care resistance the upside the target set at the 2491.51 and lastly we have the nifty now i have been in previous videos bearish or neutral on the nifty if you only like straight to the long side and i noted that we'd started to correct and i would prefer to see a reversal in the nifty before i was long on nifty once again and last week we did start to break higher you can see we have now reversed to the upside in the nifty so any pullback in this market is simply viewed as an opportunity to look for bullish setups into the next kiev resistance at the 18444.50 so i have turned bullish on the nifty once again so let's go and have a look at XAUUSD now the interesting thing about gold is this was a market highlighted in last week's video and i highlighted the fact that it looked like we were set for a major breakout above this high over here and for anybody following the forecast you will know that this major breakout did come this was or i had previously suggested this could be a third wave to come if we broke this high and we did break with momentum now what's interesting about this is we also broke the 1834 which after the break of this high was the second key resistance which initiates a potential trend change and this is what happens when you get major breakouts you have this kind of cascade effect one breaks then the second breaks then the third and we continue to rally through this with momentum so all the signs we're seeing here of this breakout suggests this really is a real breakout and we're going to move higher in XAUUSD and this is a trend change to the upside what's interesting and slightly disconcerting although not majorly disconcerting is the fact that the dollar is also breaking to the upside looks like we're going to get continued dollar strength and usually these markets do not move in the same direction so why are we seeing XAUUSD appreciate at the same time we're seeing the dxy appreciate well if we go all the way back up here and we look at the 10-year yield we're also seeing 10-year yield structured to the downside although we had a bit of a spike last week so really what this is showing us is we're seeing a bit of a flight to safety because we're seeing traders and investors buying XAUUSD they're buying the dollar and at the same time as bond yields come down although we had a spike last week they're also buying treasuries so really what we're seeing here is a risk-off mentality and this is why we're seeing the dollar and XAUUSD rising at the same time as it currently stands if we go back to XAUUSD whether the dollar is going to start to roll over or whether XAUUSD starts to roll over really remains to be seen the way i would prefer to play this instead of trying to predict which one will fail if one is going to fail would be to be both along the dollar and long gold and also silver and that way if one of them starts to fail in reverse you're going to have your other positions it's a bit like a hedge really by playing both of those markets to the upside so very simply put a really nice breakout to the upside in gold last week any continued pullback in this market as it currently stands is simply viewed and we're very close to the next target any pullback is simply viewed as another opportunity to start to look for bullish setups in XAUUSD i'm going to be looking up towards the target 2 from last week at 1869.95 but if we take this out first and then pull back i'm going to be looking up towards the second key of resistance the upside at 18 90.1 so i am bullish on XAUUSD i'm aware the dollar is also rising and instead of trying to predict which one of these will falter if one is going to falter and start to reverse lower i'd rather be long both gold silver and also the dollar at the same time to hedge out those positions and that risk of a reversal in one of them next is XAGUSD now XAGUSD also had a really nice break to the upside and again when we look at this even though the dollar's rising the momentum we had on these breakouts and the price action afterwards is really suggesting this inverse head and shoulders is a trend change and a move higher so i do still like XAGUSD long positions despite the fact the dollar is also rising they're both rising at the same time as i said with gold we did take out the targets almost to the point last week any continued pullback in XAGUSD for the time being is simply viewed as another opportunity to look for bullish setups into the next kia resistance to the upside the 25.60 and last but not least we have bitcoin now i have been highlighting a near-term reversal to the upside in bitcoin this inverse head and shoulders and i noted that bitcoin was structured to the upside and that this inverse head and shoulders break had not failed and we should be looking for a rally into the six seven five one six we did rally we took out this target and we started to sell off in bitcoin so if i refresh the charts here on bitcoin you can see it looks like we're setting up for a ball flag so any continued pullback and i am still bullish on bitcoin any continued pullback is viewed as an opportunity to look for bullish setups into the next care resistance the upside the target set at the 73 986 if you want to be conservative in your target you can choose previous highs as a profit taking opportunity but it does look like we could be coming up to the 73 986 in the near future so that is it for me for this week guys as always i hope you enjoyed this video and if you did please let me know by liking sharing and subscribing a big thank to everybody who does that on a regular basis and a big thank you to everybody who has subscribed to the channel so far i want to wish you all a fantastic weekend and i want to wish you all the best in your trading next week the only thing left to say is take care and don't forget to trade safely you
2021-11-14 21:09