Forex Signals Brief for Nov. 3: US Employment Ready to Rock the Majors - Forex News by FX Leaders

Forex Signals Brief for Nov. 3: US Employment Ready to Rock the Majors

Posted Friday, November 3, 2017 by
Rowan Crosby • 2 min read

Heya Guys,

Friday is here, but there’s no rest just yet as we have another huge day ahead of us. After back-to-back central bank announcements, we move our attention to US non-farm payrolls in what is certain to shake up the USD and of course the majors.

The majors continue to be great trades for our followers and yesterday, we went two from three with the EUR/USD and NZD/USD offering up profitable forex signals. Once again the majors will be the big movers today when we see just how the US economy is travelling with the employment report.

Sometimes markets can go quiet when there are big news events floating around, however, the crypto-currencies have been going nuts. Bitcoin is now trading at 7000, and we have put out four active signals on different cryptocurrencies including LiteCoin, Ethereum and Ripple.

We might have a lot of opportunities to end out the week so keep your eyes firmly focused on our forex signals page for the very latest trades.

 

Today’s Forex Signals Watchlist

EUR/USD – The Euro is still holding around 1.1650 and we keep looking for opportunities to short.

USD/JPY – The Yen has found a nice balance at 114.00 and any pullback is a buying opportunity.

GBP/USD – The pound fell after some dovish talk from the BOE, despite hiking rates. I think we might have a buying chance here.

Gold – We have an active sell signal in gold in what is our top product to trade at the moment.

Cryptos – We have active buy signals out on LiteCoin, Ethereum and Ripple. Now is the time to ride the momentum.
 

Top Trade Ideas

 

EUR/USD – Sell Pops

The EUR/USD has been a great trade for our followers in recent weeks. The downside momentum is strong and I suspect there is more to come in the next month or two. Yesterday the Euro offered up another great short trade and given the jobs report today, we might get some more chances. If we get a weaker than expected print, the Euro might rally against the USD, giving us another great entry. That’s what I’ll be watching for.

 

EUR

EUR/USD – 240 min Chart.

 

Key Support and Resistance Levels

Support

Resistance

1.1617

1.1665

1.1600

1.1686

1.1576

1.1700

 

LiteCoin- Bitcoin the Leader

The big news this week was the the CME is going to introduce a Bitcoin Futures Contract. To me, that’s really one of the first steps in legitimising digital currencies. As a result, Bitcoin has charged to 7000 with no end in sight. It’s tough to buy any instrument when they are at all-time highs. A better trade might be one of the other cryptos that are lagging. We have two buy signals on LiteCoin, both long and short and it looks a good trade for those of you looking to get into the action who feel that they might have missed the boat on the bitcoin charge.

 

LTC

LiteCoin- 240 min Chart.

 

Key Support and Resistance Levels

Support

Resistance

52.61

57.72

50.94

59.00

50.00

61.30

 

Top Economic News Today

The main event of the day is the employment data in the US due out at 12:30 GMT. It’s the big one, but if you’re a CAD trader watch out for Canadian employment data due at the same time.

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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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