Hey Lads,

The USD was certainly in the action yesterday as it just couldn’t make its way any higher. Overhead resistance held strong and we collapsed along with US stocks.

The move was a little counter to the trend and it probably moved a little further than anticipated. We tried to enter a long position in the S&P 500 and the market just pulled back a little far. We did, however, close out yet another successful trade in the cryptos with a nice winner in LiteCoin.

The USD drop is presenting us with nice opportunities in the majors, particularly the Euro. The EUR/USD is reaching some pretty solid overhead resistance and a short trade is starting to look pretty enticing.

As the week comes to a close, we have the Veterans Day holiday in the US on Saturday, which has the potential to slow down US markets, but we’ll still be bringing you all the very best forex signals as there are some great opportunities around.

Today’s Forex Signals Watchlist

EUR/USD – The Euro is rallying right into overhead resistance and is setting up for another short opportunity.

USD/JPY – The Yen is drifting towards 113.00 after failing at overhead resistance. This looks like a great buying opportunity.

NZD/USD – The sellers are coming into the NZD every time it rallies. There is a potential short on offer.

AUD/USD – Any spike higher presents a good short trade, given the higher timeframe trend.

USD/CAD – We are at a huge support level and there might be a bounce coming over the next few sessions.

Gold – Our short signal is still live although the USD weakness has strengthened gold.

Top Trades

EUR/USD – Can We Bounce Off Resistance?

The EUR/USD finally found some strength after what has been a really quiet week overall. As it stands we are now pushing right back to overhead resistance and there’s a fair bit that is likely to slow this rally down. The long-term trend is bearish so be looking for more opportunities here.

EUR/USD – 240 min Chart.

Key Support and Resistance Levels

USD/JPY – Buying Opportunity

The USD/JPY has fallen away in line with a weaker USD. We’ve been eyeing off an entry in the yen for a couple of sessions and this weakness is exactly what we’ve been looking for. Around the 113.00 level seems like the obvious place to start looking. We also have the potential for an extended upside move to the 114.50 highs.

USD/JPY – 240 min Chart.

Key Support and Resistance Levels

Top Economic Events

The slow week continues on Friday as we only really have the Michigan Consumer Sentiment out of the US and UK Manufacturing Production to look out for. And remember the US has Veterans Day on Saturday which might impact trade volumes on Friday.