Forex Signals Brief for Oct. 31: The Majors to Keep Feeling the Pressure
Morning Lads,
It was an interesting start to what is shaping as a massive week for forex traders. The USD weakened a touch ahead of the Fed interest rate decision, in a week that also includes the BOJ and BOE.
We managed to grab another winning forex signal in the EUR/USD to start the week in what has been a great period for Euro traders. Today we’ll be keeping a close eye on the majors for more opportunities as they are the big focus of the week.
Today’s Forex Signals Watchlist
EUR/USD – The Euro has pulled back a touch and it looks to be a great buying opportunity.
USD/JPY – We have pulled back to 113.00 and this looks a great level to be a buyer.
GBP/USD – It seems that it’s a certainty for the BOE to hike rates and the pound is strong and in-play.
Nikkei – The Japanese Stock Index has pulled back and we have entered a long position, in this runaway market.
S&P 500 – The market just won’t go down, so we are long and riding the trend higher.
Top Trade Ideas
EUR/USD – Pullback Means Buying Opportunity
The EUR/USD got an absolute hammering last week thanks, to the ECB and I suspect there is more on the agenda. We have reached a resistance level that I think is going to be a good selling opportunity around 1.1650. There is so much downside to come that the risk/reward is really good here.
EUR/USD – 240 min Chart.
Key Support and Resistance Levels
Support | Resistance |
1.1600 | 1.1650 |
1.1576 | 1.1700 |
1.1500 | 1.1739 |
USD/JPY – Key Support
The USD/JPY has been a really strong performer as we have seen both strength in the USD and weakness in the JPY. I believe that we are going to see more of the same, and at the moment we’ve pulled back to 113.00. That’s an important level and the Yen loves the round numbers. It took us some time to break 113.00 resistance and now it’s strong support.
USD/JPY – 240 min Chart.
Key Support and Resistance Levels
Support | Resistance |
113.00 | 113.70 |
112.50 | 114.00 |
112.33 | 114.50 |
Top Economic Events
Today we have the BOJ releasing its statement on Monetary Policy, which can come out at any time. There will be a big focus today on Eurozone CPI which is due at 10:00 GMT. Canadian GDP is out at 12:30 GMT and finally the other major announcement will be US consumer confidence at 14:00 GMT.
We are easing our way into a massive week. Good trading guys!
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