Forex Signals Brief for OCT 30: FOMC and Employment to Shape the Majors - Forex News by FX Leaders

Forex Signals Brief for OCT 30: FOMC and Employment to Shape the Majors

Posted Monday, October 30, 2017 by
Rowan Crosby • 2 min read

Hey Fellas,

Welcome back to another huge week on forex markets.

Last week was fantastic for our followers as we found profitable trades every single day in what was one of our best weeks for the year. On Friday the team closed out two more profitable signals, with one being the long term EUR/USD short, which resulted in a massive profit.

This week is shaping up to be just as big. We have the USD front and center as the FOMC interest rate decision and non-farm payrolls are going to have a huge impact on the greenback.

The USD has been charging higher and if there is anything remotely hawkish in the FOMC statement, then I expect the majors to keep on selling off.

 

Today’s Forex Signals Watchlist

EUR/USD – The Euro has sold off hard, and we’ve had a number of profitable signal including our long-term short. There looks to be more downside here so watch out for more opportunity.

USD/JPY – We can’t break above 114.00, however, the FOMC might be the fundamental news we need, along with the BOJ monetary statement.

GBP/USD – The USD is strong however we have the BOE interest rate decision, putting the pound in focus this week.

NZD/USD – Since the new Government has been formed, the Kiwi has fallen away dramatically. We currently have a short-term sell signal and there looks like there is plenty more downside to come.

Nikkei – The Japanese Stock Index is really strong and there is plenty of opportunities to ride this index higher.

 

Top Trade Ideas

 

EUR/USD – FOMC to Power the USD

Mario Draghi helped crush the EUR last week and that went hand in hand with the strong USD. We are predicting more pain ahead for the Euro, so that will present us more opportunities to trade this one to the downside. If we can get a bit of a pullback above 1.1650 we will be ripe for another sell signal.

 

EURUSDEUR/USD – 240 min Chart.

 

Key Support and Resistance Levels

Support

Resistance

1.1580

1.1700

1.1500

1.1775

1.1453

1.1800

 

Gold – Head & Shoulders Setting Up

Gold has been really weak over the last few weeks and we have been trading this one profitably to the downside. Looking at the 4-hr chart we can see that there is a clear head and shoulders pattern that has setup. This is telling me that there is more downside here and the little bounce that we got from the support level on Friday might just be a great opportunity to short for another leg lower. A stronger USD will help this trade even more.

 

Gold

Gold- 240 min Chart.

 

Key Support and Resistance Levels

Support

Resistance

1263

1280

1260

1283

1255

1290

 

Top Economic News This Week

We have a full calendar of economic events that might be just about as big as we have seen for some time. On Tuesday we get the Monetary policy statement from the BOJ. Wednesday has the all-important FOMC interest rate decision and statement. Thursday the BOE will decide on UK interest rates and we end the week with a bang as employment data is due out from the US.

It’s a huge week on forex markets so keep a close eye on our signals page as the team will be across all the big events with plenty of opportunities.

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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