Forex Signals Brief for Nov. 8: Is the Euro Setting Up for a Tumble?
Hey Fellas,While the news headlines might have been quiet, we are starting to get some good price action in the majors. I’m watching the
Hey Fellas,
While the news headlines might have been quiet, we are starting to get some good price action in the majors. I’m watching the Euro with particular interest as I feel we are getting close to a bigger sell-off where we take out the key support level that’s been propping us up.
Followers of our forex signals would have been pleased with three winners in three different asset classes. We had a nice USD/JPY trade, yet another winner in Gold and a nice profit in LiteCoin.
The week continues to shape up nicely so keep an eye on the forex signals page as we have plenty going on at the moment.
Today’s Forex Signals Watchlist
EUR/USD – The Euro broke down in US trade and we are still around the big support level. It’s looking bearish and a little bounce will be a good entry point.
USD/JPY – The Yen has been offering up some good long trades and there looks to be more to come.
AUD/USD – The Aussie has been weak since the little post-RBA rally. We currently have a sell signal out on the AUD.
NZD/USD – The RBNZ puts out their interest rate decision late today/early tomorrow local time. Expect longer-term weakness.
Gold – We keep on finding winning trades in gold. This one is hot guys so don’t miss our next signal.
Top Trade Ideas
EUR/USD – Ready for a Sell-Off
The EUR/USD has been moving lower and lower over the last few weeks and in late trade yesterday we tested the big support level. However, so far we have not held and price is grinding back up. To me, this is an opportunity to be looking to short. I suspect the trend will continue and we are eyeing off a sell signal today so be ready when that hits the screens.
EUR/USD – 240 min Chart.
Key Support and Resistance Levels
Support | Resistance |
1.1563 | 1.1611 |
1.1555 | 1.1650 |
1.1500 | 1.1690 |
AUD/USD – Bearish Trend to Continue
The RBA meeting has come and gone this month, and while we got some small signs of life, it quickly got killed off. The AUD/USD is well and truly entrenched in a downtrend and longer-term I can see us hitting 0.7500. With the US Federal Reserve ready and waiting to raise rates, the AUD/USD is going to keep on falling. We have an active sell signal out at the moment and this is looking good.
AUD/USD – 240 min Chart.
Key Support and Resistance Levels
Support | Resistance |
0.7625 | 0.7700 |
0.7600 | 0.7721 |
0.7578 | 0.7750 |
Top Economic News Today
It’s quiet on the news front once again, but as mentioned we await the RBNZ who will be releasing their latest take on interest rates. Don’t expect a change, but if you trade the Kiwi it’s clearly important. The announcement happens late in the trading day or early Asian time, depending on your time zone.
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