Forex Signals US Session Brief, NOV 8 – USD in Retrace Mode Today, Trade Opportunities Surface - Forex News by FX Leaders

Forex Signals US Session Brief, NOV 8 – USD in Retrace Mode Today, Trade Opportunities Surface

Posted Wednesday, November 8, 2017 by
Skerdian Meta • 2 min read

The US Dollar was feeling quite adventurous yesterday, but today the market sentiment has changed. Gold is advancing while the USD is lower against all forex majors. This pullback in the USD has presented us with some good trading opportunities.

Let's hope the USD gets a lift from this guy today.

The Dollar Is Getting Beaten Up

Today the forex market is going against the USD, and I can’t find any reason for that. I suppose this is a retracement of the latest uptrend that the Buck started in the last few weeks.

The first sign came from USD/JPY last evening; this forex pair has been climbing higher for nearly two months, but the 114.50-70 level proved to be resistant. While the USD was gaining against most majors yesterday, the USD/JPY continued to slide lower breaking below 114 for good.

That was a sign that the forex market was starting to turn against the Buck, and today the USD is lower across the board with the USD/JPY challenging 113.50. This has since slowed down.

Last night, we took a short forex trade in AUD/USD, and, although this signal is in red, the climb seems to have stopped. The 20 SMA (yellow) is providing resistance, so hopefully, the price will turn lower soon.

We also opened a sell signal in EUR/USD this morning and it looks better since it is about 10 pips in profit and still sliding lower.

Gold Kisses the 100 and 200 SMAs Again Today

Here we go again, Gold climbs to these two moving averages and gives them a quick kiss and runs off.

This has been one of the easiest trades so far in the past couple of weeks. Each time we have sold Gold around here, Gold has turned lower making our Gold trades profitable.

This saw this just a bit ago: We opened a sell Gold signal near $1,282, and it seems that the climb has stopped. We are planning on having another winning forex signal today in Gold, although it’s still a bit early.

The area where the two moving averages are standing now is also a strong resistance area. It has provided strong resistance even when these two SMAs were higher. So, the technical analysis looks good for our forex signal. The economic data today is nonexistent; it will be the technicals which will drive the market around.

Trades in Sight

Bullish USD/JPY

  1. The 113.50 level has provided resistance in September
  2. The 200 SMA is providing support on the H1 chart
  3. This chart is oversold
  4. The bigger trend is still bullish
  5. The previous H1 candlestick closed as a doji

From the H1 chart, it looks like USD/JPY is about to turn around now.

Let's look at USD/JPY now. This forex pair has been retracing lower in the last few days, but the bigger trend is still bullish – this is just a retrace after all. The 200 SMA is providing support, and this level has been in support as well.

Besides, the previous candlestick closed as a doji which is a reversing signal. We might not take this trade since we are already exposed to three short-term signals, but if it suits your risk management, you can as well trade it.

In Conclusion

The economic data is very light today apart from Oil inventories. So, technical indicators and the market sentiment will be driving the markets around.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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