EURUSD, GBPUSD, NZDUSD Forecast for Nov 1, 2021
Friday was disastrous for the EURUSD pair; after reaching an October higher high at 1.16900, the pair made a sharp turn, and the value dropped to 1.15320. Today EURUSD found support at 1.15000, and the current gain climbed us to 1.15730.
- EURUSD should break above the MA20 and MA50 moving averages.
- We need to go back to the previous resistance zone around 1.16500-1.16700.
- Our next resistance is the upper trend line at 1.17000, then the MA200 moving average at 1.17200.
- A breakthrough above boosts bullish optimism.
- We need negative consolidation and new testing of the previous lower low at 1.15220.
- Our next lower support is 1.15000, then at 1.145000.
- There is still a lot of bearish pressure on the pair since May.
GBPUSD chart analysis
The GBPUSD pair is still under a lot of pressure. Friday’s decline continues from 1.38000 to the current 1.36760. The pressure is increased with moving averages from the upper side.
- GBPUSD needs to find support at the current level, and we need a new positive consolidation.
- Further growth leads us again to the zone of moving averages around 1.38000.
- Our next resistance is the upper trend line from July.
- Pair should continue the negative consolidation, and our next first support is at 1.36000.
- Then next at 1.35500, then 1.34100 October lower low.
- The broader picture tells us that we are still in the bearish trend and expect a further continuation to the lower levels on the chart.
NZDUSD chart analysis
The pair has been consolidating between 0.71300-0.72200 for the past two weeks. During last night’s Asian session, the NZD strengthened and climbed to the current 0.71950, testing 0.72000 level. For a more concrete continuation to the bullish side, we need a break above 0.72500.
- Pair must stay above zone 0.71500 and, with positive consolidation, should make a breakthrough above 0.72500.
- As additional support, we have moving averages from below.
- Our first possible upper resistance is the trend line in the zone around 0.72500, and the bullish target is 0.73000 zones of movement in June.
- We need a break below the 0.71500 support zone.
- Our first potential next support is at 0.71000 with the MA50 moving average, then 0.70500 with the MA200 moving average, and 0.70000 at the bottom trend line.
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