The FOMC is hinting at revisiting the 2% inflation target they have set so next weeks FOMC meeting minutes are going to be a key event to pay attention to on Wednesday, November 24, 2021. We are also given hints that Q4 is going to be “extremely robust”.
Yesterday, we were looking at the reaccumulating range of 96.242 – 95.533. We were anticipating price to retrace a bit lower, into the 50% gib imbalance zone, however price didn’t have to and is holding in the reaccumulating range. We remain bullish for the DXY.
EURUSD is capping the low of the week, but going into next week we are looking for a continuation to the downside. If you have any shorts on don’t be afraid to hold them.
GBPUSD is currently in a pullback, and should continue going lower.
NZDUSD is also on a pullback targeting 0.69840 low.
NZDJPY hit TP and for all JPY pairs next week we expect continuation to the downside.
XAUUSD is holding very tight in its consolidation week. We are considering this can be re-accumulation to go higher on the Daily chart. Or the opposite could be a consolidation , run up and will pull back down. The direction is unclear at this time, but will be keeping a close eye.
BTC did exactly what we talked about in yesterday’s blog, as we saw BTC swept the $57,000 area, wicking all the way down to $56,000 level and putting in a temporary bottom. With the assumption that the bottom is in, the next levels to watch for in BTC is $59,000 and then $62,000 and would make good level to level trades. Other crypto assets to continue to keep an eye on is AVAX and SOL which we already have a spot positions in. It is also worth mentioning that US Thanksgiving is coming up and usually there is some selling pressure right before Thanksgiving holiday. These might be good times to put on a hedge or take profits off the table – something to keep an eye out for.
Please watch the live session for more analysis and predictions for next week.
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