Forex Signals Brief for Nov. 9: Can the USD Breakout?
Morning Fellas,Another good day on the signals front as we collected on two out of two trades. We found a nice winner with our short EUR/US
Morning Fellas,
Another good day on the signals front as we collected on two out of two trades. We found a nice winner with our short EUR/USD which we spoke about in yesterday's brief. And we had our second winner this week in the crypto’s, as Skerdian found a great spot in Ethereum.
As it stands we are still riding shorts in both the AUD/USD and Gold as well as have a couple more crypto positions that are travelling along nicely.
Forex traders are firmly focused on the direction of the USD at the moment. The Greenback has been a been a bit choppy this week as the economic calendar has been thin, to say the least. However, we are getting closer and closer to an upside breakout which has the potential to put some pressure on the majors. So be sure to position yourself accordingly.
Today’s Forex Signals Watchlist
EUR/USD – The Euro was good to us on Wednesday as we found a nice short. Look out for more to come as the trend is still down.
USD/JPY – The Yen is making another charge at resistance, but I suspect it might fail again. A pullback will be a nice chance to buy.
NZD/USD – The RBNZ has left rates unchanged, but we are drifting higher. This one might be in-play later.
AUD/USD – We are still riding our short signal in the Aussie, in what is a long-term downtrend.
Gold – We’ve got a nice short entry on a spike higher and gold is moving towards our take profit.
Top Trades
USD/JPY – Another Go at Resistance
The USD/JPY has been trying and failing at 114.50 which is the big resistance level at the moment. Our plan has been to buy dips as the Yen tries to move higher. This has been working well for us so far and we have had a few nice winners in this pair. If we get a bit of USD weakness a long entry will be on offer again.
USD/JPY – 240 min Chart.
Key Support and Resistance Levels
Support | Resistance |
113.50 | 114.00 |
113.00 | 114.50 |
112.52 | 115.00 |
Gold – Sell the Spike
Gold has been an absolute cracker of a trade for our followers in recent weeks. In fact, I actually can’t remember the last time we had a losing gold trade. We currently have a short signal out on gold with a take profit target of 1274. Any USD strength will help our cause here, and the trend is certainly to the downside.
Gold – 240 min Chart.
Key Support and Resistance Levels
Support | Resistance |
1274 | 1287 |
1268 | 1290 |
1265 | 1300 |
Top Economic News Today
Top-tier data remains very thin as the only major news of note will be UK manufacturing on Friday.
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