Greetings, fellow traders!

The top news of Thursday was that EU and Great Britain finally agreed on the text of Brexit agreement. It gave a significant boost to the pound and we saw some momentum moves on GBPUSD. This news also had some collateral effect on pairs with the euro.

At the moment we know that EU acknowledges the right of the UK to independent economic policy. The document is quite long and accepted on political level – the parties should only ratify it. This should happen at the EU summit on November 25, after which Theresa May should ensure the ratification by the British Parliament.

At the end of the week the following news is important:

  • 4 a.m. EST – EU PMI;
  • 8:30 a.m. EST – Inflation Rate and Retail Sales in Canada;
  • 9:45 a.m. EST – US PMI.

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Now let’s get down to Friday market analysis.

Wait for a descending pullback and test of the highs on GBPUSD

After some momentum moves the pound settled down and we can expect a descending pullback to the 1.2763-1.2767 swing zone at the end of the week. A swing pattern and a swing level must form around this zone. We can enter the long trade after the chart trends above it.

However, this scenario may not come to life as the chart covered a long distance during its momentum movement.

Enter a long trade on NZDUSD

This chart has already provided a trading opportunity. Pattern #5 formed, the price swung and touched the broken 0.6809 level.

You can enter the long trade after the retest of the level and place the TP at 0.6832.

Wait for short trade opportunities on AUDCHF

The conditions look bearish on AUDCHF. A swing zone formed at 0.7237-0.7240 on Wednesday and the chart bounced from it. On Friday we will wait for the chart to reach the zone and attempt to break it.

A swing level at the pattern low must form inside the resistance. If it happens and the price retests the broken level, then we can enter a short trade with the target at 0.7192.

AUDCAD is about to swing

AUDCAD is next to a strong support at 0.9558-0.9563. Soon we expect a W-pattern to form, a false break and formation of a resistance inside the swing zone.

We can enter a long trade after the price breaks the swing level and retests it. You long trade take-profit should be at 0.9660.

AUDJPY is unlikely to break the resistance

Thursday signals:

  • NZDUSD – no entry appeared;
  • USDJPY – Thursday ended without entries;
  • GBPNZD – the price reached the TP, we received profit;
  • CELG – the chart swung and pulled back to the broken level. The long trade is still open;
  • TRV – no swing or retest of the broken swing zone occurred, no entry appeared.

The week was full of news. Quite a lot of entries formed, we held an online trading webinar with Forex Academy traders. On Wednesday everyone could study the Horizon X update. I hope you actively participated in it.

Those who completed Horizon X training could get maximum profit. If you want to know more, then you should study the free version of the strategy at least. If you haven’t already, then follow the link below and make your first steps in Horizon trading.

Get free basic Horizon X training course here

I hope you will improve your trading results today. Have a rest at the weekend and get back to trading on Monday. That is all. Goodbye, everyone.