Forex Signals Brief for Oct. 23: USD to Keep Charging on ECB/BOC Week - Forex News by FX Leaders

Forex Signals Brief for Oct. 23: USD to Keep Charging on ECB/BOC Week

Posted Monday, October 23, 2017 by
Rowan Crosby • 2 min read

Welcome back Guys,

Wow, what a week. After a quiet period, forex markets came roaring back to life last week in a massive way. The USD was firing on Friday and it might be the start of big things to come.

The FX Leaders Team had a huge week, finding profits every day last week in what was one of the best for the year. It just goes to show you, with patience and a strong trading plan, you can find opportunities in all market conditions.

This week is once again a big one as we are faced with the ECB and BOC interest rate decisions along with US GDP. Strap yourselves in for another interesting week on forex markets.

 

Today’s Forex Signals Watchlist

EUR/USD – Weakness has continued and our long-term sell signal is performing well.

GBP/USD – The USD is really helping add some volatility to the majors and the GBP is in play. We have a current sell signal out at the moment.

USD/JPY – The re-election of Abe will keep this one on the charge. It’s been a great performer for us.

Gold – As the USD rallies, the yellow metal continues to fall away.

NZD/USD – This one was the big mover of last week. Momentum is to the downside and there are plenty of chances to short this one.

 

Today’s Top Trades

 

USD/JPY- Breaking Out

The USD/JPY has been a really great trade recently. We’ve had a few great opportunities to buy and on Friday all that came together beautifully as it charged higher to our Take Profit Target. Over the weekend the election helped add more fuel to the fire, so as of today the Yen is very much in play. If we can find a pullback at resistance turned support around 113.50 then this will be a strong buying opportunity.

 

Yen

USD/JPY -240 min Chart.

 

Key Support and Resistance Levels

Support

Resistance

113.50

114.00

113.25

114.50

113.00

115.00

 
 

EUR/USD – Charging Lower

It’s an important week for the Euro as we once again have the latest ECB meeting to contend with. However, the USD strength is the real story. We have a current long-term sell signal out on the Euro which is performing really well at the moment. However selling pullbacks is a strong strategy at the moment as the momentum is now to the downside. Watch this one closely this week.

 

EUR

EUR/USD -240 min Chart.

 

Key Support and Resistance Levels

Support

Resistance

1.1745

1.1850

1.1700

1.1876

1.1670

1.1900

 

Top Economic Data on Monday

The calendar on Monday is a little thin so I think it will be a slow start to the week on the news front. That said we have the ECB and BOC with their interest rate decisions so they will be in focus towards the end of the week. Friday also brings as US GDP which will be a huge data point that will dictate the direction of the USD as the week ends.

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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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