Forex Signals Brief for Nov. 17: Loonie in the Firing Line as CPI is on the Agenda - Forex News by FX Leaders

Forex Signals Brief for Nov. 17: Loonie in the Firing Line as CPI is on the Agenda

Posted Friday, November 17, 2017 by
Rowan Crosby • 2 min read

Hey Fellas,

Markets slowed down on Thursday after a very busy few days. That suited us well and we managed to close out a couple of nice winning trades in the USD/CAD and NZD/USD. We haven’t been involved in a CAD trade for a while and it’s probably no surprise that the Loonie has started to spark up a bit ahead of a big CPI number that is due for release today.

As the day rolled on we found a heap of great trading opportunities and our followers are now sitting in some nice positions in the AUD/USD, Oil and Gold.

Keep an eye on the forex signals page for more opportunities and trade updates as we close out another big week.

 

Forex Signals Watchlist

AUD/USD – We are short the AUD and we missed our take profit by the tiniest of margins, however, the rebound might be short-lived.

EUR/USD – The Euro has is still looking bullish after all the action this week. A buy is potentially on the cards.

NZD/USD – Any strength in the Kiwi is a potential sell.

USD/CAD – CPI out today will dictate the direction of trade.

USD/CHF – Good strength yesterday, however, the USD is pulling back in Asian trade. Still bullish for now.

Gold – Gold is still mid-range as we maintain our short position.

Oil – Crude fell heavily this week and we are looking for a rebound. There is an active buy signal out.
 

Trade Ideas
 

AUD/USD – Sell the Bounce

The Aussie has been tumbling for a number of weeks now, and we have been finding great trades all the way down. During the week, more poor data sent this one tumbling even further, although some decent employment figures lead a mini-revival. That said we have a short signal and it nearly took out our take profit. The USD has weakened a touch and this might be another chance to re-enter this one.

 

AUD

AUD/USD – 240 min Chart.

 

Key Support and Resistance Levels

Support

Resistance

0.7581

0.7612

0.7571

0.7641

0.7558

0.7700

 

Oil – Ready for a Bounce

Our commodities guru Arslan is back and he has already spotted us a nice setup in Oil. After a big fall during the week, price has consolidated. You can read more about Arslan's ideas on the trade here.

 

Oil

Oil – 240 min Chart.

 

Key Support and Resistance Levels

Support

Resistance

55.00

55.61

54.75

56.00

54.00

56.88

 

News That Matters on Friday

The week of CPI figures ends with Canada giving us their reading. They seem nervous about it so there might be some action. We also have Building Permits for the US which is a top-tier event.

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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.
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