Forex Signals Brief for Nov. 15: The USD is in Control Ahead of US CPI
Hey Guys,Yesterday I thought there were going to be fireworks, and sure enough forex markets went off with a bang. The last few weeks have
Hey Guys,
Yesterday I thought there were going to be fireworks, and sure enough forex markets went off with a bang. The last few weeks have had limited newsflow, but now the economic data is coming thick and fast.
The US dollar weakness helped us secure some really excellent positions in a few of the majors including the AUD/USD and the NZD/USD. The tumbling Greenback also let us get into another Gold trade, which has been a huge profit spinner for our followers. We had a big rally in the Euro which unfortunately stopped us out of some positions.
Today we’ll have CPI out from the US, which is going to be the big market mover in the majors. After such a big drop in the Greenback, we could well be in for some more volatility, so stay tuned to our forex signals for the very latest on what is shaping up to be a huge week.
Forex Signals Watchlist
AUD/USD – The AUD held steady despite the big fall in the dollar. That makes me think we are still very weak. We had a successful signal earlier today and there might be more downside.
EUR/USD – The Euro has ripped higher and there might be more to come. We are still in the core range at the moment.
NZD/USD – The Kiwi has fallen off a cliff and really broke down yesterday. We are now short in what is looking like a nice downside play.
Gold – Gold is still trending down, but we got an upside jump, which allowed a nice short position.
Trade Ideas
Gold – US CPI to Shape Gold Trade
The USD weakness caused a bit of a bounce in Gold on Tuesday and we got a bit of a retrace. The downtrend has been strong and very good to us and we were able to identify another great entry in the yellow metal. This time around we have opened a long-term short signal in gold, which I think will play out nicely should we see a rebound in the greenback. As it stands we are targeting a move to 1273, which is slightly above upper support. US CPI will be a key factor in today’s gold trade
Gold – 240 min Chart.
Key Support and Resistance Levels
Support | Resistance |
1271 | 1287 |
1268 | 1290 |
1265 | 1300 |
NZD/USD – The Kiwi is Tanking
Amongst an extremely weak USD, the Kiwi Dollar actually managed to lose ground. That to me says that the NZD/USD is incredibly weak. And I think there will be more to come. If it can’t rally against a weak USD, just imagine how it will perform against a strong USD. We’ve opened a sell forex signal and this one is looking good.
NZD/USD – 240 min Chart.
Key Support and Resistance Levels
Support | Resistance |
0.6868 | 0.6950 |
0.6845 | 0.6965 |
0.6826 | 0.7000 |
Key News for Wednesday
All eyes are firmly focused on the CPI reading out of the US today. With interest rates set to rise in the coming months, a good number will all but confirm that. Retail sales will also be released which is a top-tier event, however, that might be overshadowed by the inflation figure.
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