AUDUSD & EURUSD technical analysis with limit orders


The following is weekly AUDUSD and EURUSD technical analysis with limit orders for the week of November 21 to 25. See below for technical outlook and Forex trade opportunities this week.

19 November, AtoZForex – Financial markets remain broadly USD bullish. Most common instruments have approached and even reached new 6-month Dollar highs, fuelled by fundamental developments out of the US.

Our previous week’s USDCAD and Gold technical analysis with limit orders has brought us good results. USDCAD buy limit order from 1.3410 level was triggered and reached our expected target at 1.3520 in one day.

Meanwhile, our second buy limit order for Gold at 1207 was triggered on the last trading day. Scraping dangerously near our set stop loss level, the precious metal rebounded and successfully reached our target at 1213 before the market close.

The third buy limit order at 1201 for gold based on last week’s technical analysis was not triggered. It is still viable this week. However, the risk exposure on it should be lowered.

Based on this week’s G10 technical analysis, we have the best risk/reward Forex trade opportunities for AUDUSD and EURUSD currency pairs.

AUDUSD technical analysis with limit order

Fuelled by fundamental developments, AUDUSD finally broke out to the downside of the 6 months lasted consolidation range. The pair has closed the week on 38.2% Fibonacci retracement level at 0.733 and at this point we could speculate of a bullish rebound.

audusd-technical-analysis-with-limit-orders Weekly AUDUSD technical analysis with limit orders (click to zoom in)

However, bearish trend remains strong even on an hourly timeframe. Although we can look for potential long AUDUSD trade opportunities on the H1 window at the first half on next week, risk/reward favours short orders.

Therefore, we could expect AUDUSD to rebound from a major nearby resistance at 61.8% Fibonacci retracement level at 0.746 and continue to trade lower. This could be used as an entry point with stop loss at 0.7502 and take profit at 0.737.

EURUSD technical analysis with limit orders

Let us turn to our second Forex technical analysis pick of the week – EURUSD. Last week, the pair has fallen to a new year to date low and now remains trading dangerously close to 13-year low at 1.04625.

eurusd-technical-analysis-with-limit-orders Daily EURUSD technical analysis with limit orders (click to zoom in)

Weekly MACD confirms the underlying bearish trend. Therefore we could look for short EURUSD trade opportunities to use the potential of the trend. We could look to short EURUSD from nearby resistance level of Fibonacci 161.8% retracement level at 1.062 back towards 1.053 with a stop loss level at 1.0652.

At this point, bullish rebound is likely and we could take this as an additional EURUSD trade opportunity. With twice lower risk exposure than on a typical trade, we can long EURUSD from 1.052 level to 1.058.

Forex limit orders for AUDUSD and EURUSD

The following are our three limit orders based on this week’s Forex technical analysis:

AUDUSD sell limit order @ 0.7460 with SL at 0.7502 and TP at 0.7370.

EURUSD sell limit order @ 1.0620 with SL at 1.0652 and TP at 1.0530.

EURUSD buy limit order @ 1.0520 with SL at 1.0498 and TP at 1.0580.

What is your weekly Forex outlook? Share your analysis in the comments section below.

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