XAUUSD H4 I Reacting off Resistance?

The XAU/USD chart currently shows bearish momentum, suggesting potential further decline towards the 1st support at 1947.23, which aligns with an overlap support. The 2nd support at 1931.57 adds to this bearish outlook as a pullback support.

On the resistance side, the 1st resistance at 1984.47 has historically acted as a strong barrier to upward movement, and the 2nd resistance at 2003.60 could provide additional resistance. An intermediate support level at 1963.24 might offer a temporary pause in the bearish trend

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USDCAD H4 I Heading into resistance?

The USD/CAD chart currently displays bullish overall momentum, with the potential scenario of a bullish continuation towards the 1st resistance level.

The 1st resistance level at 1.3848 is identified as a swing-high resistance that aligns with the 127.20% Fibonacci extension level. Higher up, the 2nd resistance level at 1.3919 is marked as a resistance level that aligns with the 161.80% Fibonacci extension level.

To the downside, the 1st support level at 1.3786 is identified as a pullback support. Further below, the 2nd support level at 1.3736 is noted as an overlap support, potentially acting as a strong support zone.

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USDJPY Day I Reacting off resistance level?

USD/JPY displays bearish momentum, potentially heading towards the 1st support at 144.94, which aligns with overlap support. On the resistance front, the 1st resistance at 150.30, marked as a multi-swing high resistance, may hinder further upward movement. A 2nd resistance at 152.72, coinciding with the 100% Fibonacci Projection, adds to its potential as a significant resistance zone.

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Forecast for GBP/USD on November 1, 2023

GBP/USD Yesterday, the British pound tried to move towards the target range of 1.2271/87 but stopped by the balance line on the daily chart, just as it was on October 24th. Afterwards, the price returned below the descending price channel line. The signal line of the Marlin oscillator came close to the border of the bearish territory.

In case the Federal Reserve shows a softer stance, the price may reach some bullish targets (1.2271/87, 1.2400). However, the current situation lowers the chances of growth, which warns the speculative nature of the moment. If the price settles below 1.2070, it will likely fall towards 1.1880.

On the 4-hour chart, the price has settled below the balance and MACD indicator lines after a false bullish breakout. The Marlin oscillator has also returned to the bearish territory. As a result of the FOMC meeting, the pound may weaken.

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USDCHF H4 I Falling to Support level?

The USD/CHF chart shows bearish momentum with potential movement towards the 1st support at 0.9032, a pullback support strengthened by the 61.80% Fibonacci Retracement. The 2nd support at 0.8982, considered an overlap support, adds to its significance as a potential buying area.

On the resistance side, the 1st resistance at 0.9111, an overlap resistance, might attract selling interest. The 2nd resistance at 0.9177, a multi-swing high resistance, could strongly impede upward movement. Traders should closely watch these levels, given the overall bearish chart bias.

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EURUSD H4 I Boucnig off support?

The EUR/USD chart shows bearish momentum, potentially heading towards the 1st support at 1.0678, a pullback support. The 2nd support at 1.0606, coinciding with the 61.80% Fibonacci Retracement, adds to the support zone.

On the resistance side, the 1st resistance at 1.0759, a multi-swing high resistance, could lead to selling pressure. The 2nd resistance at 1.0835 is another potential obstacle for upward movement.

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EURUSD H4 I Continue to resistance?

EUR/USD exhibits bullish momentum with a focus on the 1st resistance. The 1st support at 1.0664 coincides with the 38.20% Fibonacci Retracement, a key buying level. Similarly, the 2nd support at 1.0606 aligns with the 61.80% Fibonacci Retracement, enhancing its significance.

Resistance is expected at the 1st resistance of 1.0758, a multi-swing high resistance likely to trigger selling pressure. The 2nd resistance at 1.0835, a pullback resistance, may further impede upward movement

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Forecast for EUR/USD on November 13, 2023

On Friday, the euro rebounded for the fourth time from the MACD indicator line with the lower shadow of the daily candle. Visually, the price has risen further, this might be real, which means that the Fibonacci ray is just around 1.0764.

A break above this mark makes it possible for the pair to aim for 1.0834. If the price manages to settle below Friday's low (simultaneously below the MACD line), the euro will head towards the lower Fibonacci ray at around 1.0490.

On the 4-hour chart, the price found strong support from the MACD line. The Marlin oscillator is rising, and its signal line is approaching the border of the uptrend territory. Under these conditions, the main scenario is that the price will rise to 1.0764.

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Forecast for GBP/USD on November 15, 2023

GBP/USD:
After sharply rising on Tuesday, the British pound decided to take a break in the consolidation range of September 7-13 at 1.2447-1.2524. During this pause, the Marlin oscillator's signal line will discharge slightly and then be ready to continue the ascent.

Once the price surpasses 1.2524, the target will be 1.2617. Next is 1.2745, the peak of August 30. If the price falls below the nearest price channel line at 1.2415, it will significantly complicate the correction. The bulls must close above 1.2447.

On the 4-hour chart, the correction is also looming. The Marlin oscillator's signal line sharply turned down, but apparently, this was so that the price would not fall below the critical support after the oscillator. After a consolidation, we expect the price to continue rising.

Analysis are provided by InstaForex.

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Forecast for USD/JPY on November 17, 2023

USD/JPY:
On the daily chart, the yen is coiling around the price channel line within a wide range but has not been able to settle above or below this line. Let's see if the price can do this today. If it consolidates below the price channel line, the price will try to challenge the support levels at 150.00 and the MACD line at 149.65. Overcoming the MACD line not only opens up the nearest target at 148.18 but also paves the way for a decline in the medium-term (140.93).

A day closing with a white candle, followed by Monday's close above the price channel line, provides the opportunity to overcome the target level of 151.95 and the price can rise to 153.25. This scenario does not look weak, as the Marlin oscillator is ready to repeat the bullish reversal from the zero line.

On the 4-hour chart, the price is forming a triangle pattern. If this is a triangle, we can expect at least one more upward movement. If this is not a potential triangle, a bearish breakout may follow. Also, take note that the price is progressing below both indicator lines, and the Marlin oscillator is in the bearish territory. Keep an eye on the price's behavior at the levels of 150.00 and 149.65.

Analysis are provided by InstaForex.

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Forecast for EUR/USD on November 21, 2023

EUR/USD
Yesterday, the euro reached the 2-year descending price channel line and the target level of 1.0946. This morning, the price is trying to break above this level towards the nearest target at 1.0977. Once the price surpasses this mark, the next target will be 1.1033 (January peak).

The Marlin oscillator is not in a hurry to rise along with the price, so the risk of a corrective decline increases with each day. Overall, we expect the signal line of the oscillator to be tested at the upper band of the ascending channel.

On the 4-hour chart, the price is breaking above the resistance of 1.0946 with a desire to consolidate above it. The Marlin oscillator is turning upward, creating a risk of divergence with the price. However, the reversal is not characteristic of a divergence, so the upward movement has the advantage at the moment.

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Forex Analysis & Reviews: Hot forecast for EUR/USD on November 22, 2023

Market trends do not unfold continuously as periodic pullbacks could happen. That is exactly what happened yesterday, despite the extremely weak data on existing home sales in the US, which fell by 4.1%, and has been decreasing for five consecutive months, with a total reduction of 11.9%.

At the beginning of the year, US home sales declined by 6.0%, but in February, it improved slightly, showing a 13.8% increase. Even so, the cumulative decrease is quite significant, naturally not inspiring any optimism. This should have resulted in dollar weakening, but pound fell instead.

The Fed's hawkish stance on monetary policy could not be the reason as the meeting took place before the sharp slowdown in inflation became known. Most likely, the movement is a technical rebound, which means that dollar will show its expected decline soon, especially since today, data on durable goods orders will be published. The figure is expected to fall by 2.8%. The potential 5,000 increase in jobless claims may also spark further dollar weakening.

EUR/USD hit the lower range of the psychological level of 1.0950/1.1000, resulting in a decrease in the volume of long positions. This led to a pullback, which may also be due to the overbought condition of euro.

Looking at the RSI H4, there is an exit from the overbought area due to the pullback.

In the daily period, the indicator is moving near the 70 zone.

As for the Alligator H4 indicator, it ignored the pullback, with the moving MA lines pointing upwards.

Outlook
For further decline, traders need to keep the price below 1.0900, as that will spark a complete correction. Alternatively, there could be a decrease in the volume of short positions around the level of 1.0900, treating it as support. In this scenario, there will be another attempt to break the psychological level of 1.1000.

The complex indicator analysis points to an upward cycle in the short-term, medium-term and intraday periods.

Analysis are provided byInstaForex.

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