Forex Signals Brief for Nov. 6: What’s in Store for the Majors this Week?

Posted Monday, November 6, 2017 by
Rowan Crosby • 2 min read

Hey Fellas,

Last week was big on the news front, with jobs and central banks keeping traders on their toes. It was a busy one for our followers but there were a number of great opportunities especially in the Euro and Gold. On Friday the FX Leaders team had two more winning forex signals to round out the week, with nice trades in the NZD/USD and Gold.

I suspect we might see some consolidation this week in most of the majors, as we absorb the flurry of economic data we’ve had in recent weeks. This can be a good thing for us as we can start putting some more focus on the technicals to help find great trade setups.


Today’s Forex Signals Watchlist

EUR/USD – The Euro is approaching support, and a break will see more downside.

USD/JPY – The Yen can’t crack overhead resistance although the USD is strong.

GBP/USD – The pound fell despite the rate hike, but has found support. This one could go either way.

AUD/USD – We have the RBA this week and there is every chance of more downside to come.

NZD/USD – The RBNZ meet this week, however, we have found some support after what has been a big decline. Neutral for now.

USD/CAD – Despite the USD strength, we are back into range after resistance held up.

USD/CHF – It looks like we are trying to put in a triple top, and resistance will be tough to break.

Gold – We have been actively selling all the way down. We’ve reached support at 1265 and a break is on the cards.


Top Trade Ideas


EUR/USD – Sell a Break of Support

The EUR/USD has been on a steep decline and last weeks FOMC only helped add some more momentum. As it stands we are right at support and if we can hold below the 1.1591 level, then we are looking at another leg lower. The calendar is light so there’s some chance of a bounce off this level without any immediate fundamental drivers.



EUR/USD – 240 min Chart.


Key Support and Resistance Levels











USD/JPY – Can We Breakout?

The USD/JPY has been bullish for a few weeks, however as it stands we have run into some headwinds by way of the 114.50 resistance level. We’ve attempted to break through a number of times, but it appears the momentum is slowing. Long-term I think we can push through, but in the short term, the price action might be indicating some short-term selling opportunities below that level. The BOJs Kuroda has got us moving higher thanks to speech on Monday and as it stands we are testing that level. If we fall below I’ll be looking to short. If it holds up, then we can assess a long entry.



USD/JPY – 240 min Chart.


Key Support and Resistance Levels










Top Economic Data this Week

After a busy schedule last week, the calendar is a little thinner. Most of the attention will be on the RBA and RBNZ and their interest rate decisions. Other top-tier data is a little less prevalent. However, watch out for some central bank speakers including Janet Yellen and Mario Draghi as they have minor level speeches throughout the week.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
0 0 vote
Article Rating
Notify of
Inline Feedbacks
View all comments