Forex Signals Brief for Oct. 16: If you Missed the Bitcoin Rally, Here’s a Trade in LiteCoin - Forex News by FX Leaders

Forex Signals Brief for Oct. 16: If you Missed the Bitcoin Rally, Here’s a Trade in LiteCoin

Posted Monday, October 16, 2017 by
Rowan Crosby • 2 min read

Welcome Back Traders,

Last week was a slow grind that picked up some steam on Friday when a bit of big economic data finally came out. For the most part, there weren’t too many signals over the course of the week as markets were on the quiet side.

In late Friday trade, the FX Leaders Team identified a couple of nice spots in USD/CAD and the EUR/CHF. Over the weekend Skerdian came out and opened some great new trading signals in Litecoin which is another crypto-currency. All the talk has been around Bitcoin but there are some great opportunities around if you look a little deeper.

Here’s hoping for an exciting week on the markets. Good luck guys.

 

Today’s Forex Signals Watchlist

Crude Oil – We have really rallied and $50.00 has held up well. Look out for another opportunity here today.

USD/JPY – We have finally right back from 113.00 and this pair is starting to look like a good long-term buying opportunity.

Litecoin – While Bitcoin had rallied it’s some of the other digital currencies that are presenting a great opportunity. Litecoin is one to watch.

 

Top Trade Ideas

Litecoin – Time to Buy

Skerdian has been all over the crypto space and has been looking for high-quality signals for our followers. Over the weekend he spotted an opportunity in Litecoin. While much attention is on Bitcoin, there is often a chance to buy some of the others as they can be a little forgotten. This signal is active right now.

 

LTC

LTC/USD – 240 min Chart.

 

Key Support and Resistance Levels

Support

Resistance

62.20

69.32

55.71

72.00

49.71

73.81

 

Crude Oil – On the Move

Last week Crude Oil rammed its way through $50.00 and traders began the calls that it might be bearish. It didn’t take long for this one to turn around and we are now upward of $51.50. There will be chances here to buy pullbacks, however, if we take out the current short-term highs above $52.50 then there’s a chance to play the short side too. Watch this one closely in Monday trade. Arslan will be across it and there might be a signal out early on.

 

Crude

Crude Oil – 240 min Chart.

 

Key Support and Resistance Levels

Support

Resistance

50.22

52.00

50.00

52.75

49.12

53.74

 

 

Top Economic Data this Week

As mentioned in the Weekly Preview, there isn’t much top-tier data to start the week, however as we roll on there are some important numbers out.

 

Tuesday

NZD – CPI

AUD – RBA Minutes

GBP – CPI

EUR – German ZEW & CPI

 

Wednesday

GBP – Average Earnings

USD – Building Permits

 

Thursday

AUD – Employment

CHY – GDP

USD – Philly Fed

 

Friday

CAD – CPI & Retails Sales

USD – Existing Home Sales

 

I feel this week will be more about the technicals as the news flow is lighter than usual. I’m interested to watch the crypto-currencies this week after the huge run-up last week so keep a watch for any new trade opportunities over the course of the week.

Have a great week guys!

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About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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