Forex Signals Brief for Nov. 7: The Big Technical Levels Giving Us Opportunities in the Majors - Forex News by FX Leaders

Forex Signals Brief for Nov. 7: The Big Technical Levels Giving Us Opportunities in the Majors

Posted Tuesday, November 7, 2017 by
Rowan Crosby • 2 min read

Heya Guys,

It was a slow start to the trading week as can often be the case on a Monday. The economic calendar is a little thin, but as predicted the big technical levels are coming into play in many of the majors. The Yen, Swissy, Pound and Aussie tried and failed at big levels, which has allowed us to identify some great opportunities.

We have a few forex signals currently on the go in the USD/JPY, Gold and the Crypto’s, that are all going along well. We also closed out a few underperformers yesterday, and I expect that there will be some good setups as Europe enters for the day.

Today’s Forex Signals Watchlist

EUR/USD – The Euro was quiet on Monday, however, get ready for a sell signal on any kind of pullback.

USD/JPY – The Yen couldn't crack resistance, but offered a nice long entry.

GBP/USD – The pound rallied which was unexpected. Is there more to come?

NZD/USD – As we await RBNZ the Kiwi is holding up quite well. But is that just a good chance to short?

USD/CHF – The Swissy couldn’t breakout out as the USD dragged it down, but that might be a buying chance.

Gold – We got a big rally on Monday and we opened a sell signal in what looks to be a good spot.

USD/JPY – Resistance Holding Up

The USD/JPY has certainly been in focus early in the trading week. 114.50 was the big resistance level on everyone's mind and sure enough, it held strong. As the Yen weakened throughout the US session, we opened a buy signal. To me, I really like the look of a long entry at current levels as there is every chance that we'll get some more USD strength and take another look at breaking 114.50.

Yen

USD/JPY – 240 min Chart.

Key Support and Resistance Levels

Support

Resistance

113.55

114.00

113.00

114.50

112.52

115.00

Gold – Sell the Bounce

We’ve been pretty bearish on Gold so it’s no surprise that the FX Leaders team put out a sell signal when gold had a mini-rally to the upside. The weak USD helped bolster the yellow metal, but let’s not forget that the trend is certainly to the downside at the moment. Remember the big support level at 1265 is holding us up a bit and if we crack that there will be a decent plunge lower.

Gold

Gold – 240 min Chart.

Key Support and Resistance Levels

Support

Resistance

1268

1283

1265

1290

1260

1300

Top Economic News Today

Again we have a thin economic calendar in terms of top-tier events. However, there are a number of central bank speakers making the rounds today. They include the ECB President himself, Mario Draghi. Fed Chairman Janet Yellen and the BOC’s Poloz. While I don’t expect much, there is a chance of a market moving headline.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

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.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of