Forex Signals Brief for Nov. 20: Can the Majors Continue to Fire this Week?
Rowan Crosby • 3 min read
If you like to trade the majors then last week was certainly an exciting one. We had opportunities virtually across the board as the majors all got moving. The weeks prior had been a little quiet and that all culminated in some action as the USD broke out to the downside and lead the charge.
We had a range of forex signals last week and it was the commodity currencies that really added to the bottom line for our followers. Big moves lower in both the AUD/USD and NZD/USD saw us collect profits on multiple occasions. We even dug up a nice winner in the USD/CAD after we hadn’t traded it all that much in recent weeks.
The Euro and Yen were a little more tricky to handle and the trend really changed direction, so we had to adapt those trades throughout the course of the week. The commodities, on the other hand, have been providing great opportunities for a number of weeks now, and we saw some excellent opportunities to cash in on both gold and oil.
The majors were certainly the leaders last week, so keep our forex signals page front and center as they will hopefully have some more follow through early in the trading week.
News that Matters for our Forex Signals
We have a few Central Bank Minutes this week and it will impact our forex signals in the EUR, AUD and USD. Arslan has a nice rundown on what to expect here.
This week the US will have a holiday on Friday for Thanksgiving. We have reduced hours on Thursday as well so I expect the end of the week to be a little more quiet, certainly in the majors.
Forex Signal Watchlist
AUD/USD – We’ve been selling the AUD all the way down. We’ll be looking for more opportunities to open short signals this week.
EUR/USD – The Euro has been bullish however it’s a weak start to trade on Monday. There is the potential for a buy signal depending on price action. Early weakness is on the back of some German Government dramas and this might open the door for us.
USD/JPY – The Yen has been very weak and we have pulled right back to 112.00. Watch this level for potential buying opportunities.
NZD/USD – The Kiwi, has been selling off and we have been cashing in. We are ready and waiting for more chances here.
USD/CAD – We had a nice winning signal in the CAD last week although price has been quiet late in the trading week.
USD/CHF – We are relatively neutral on the Swissy at the moment, as we are relatively range bound albeit bullish.
GBP/USD – The pound has been a bit unpredictable and we looked at a signal last week, but its direction isn’t all the clear.
Gold – We are still short in our longer-term gold trade, and we have opened a little higher. We have a bit more wiggle room in our stop now.
Live Forex Signals
EUR/USD – Forex Signal to Watch on Monday
Last week we have a big breakout to the upside in the Euro. This came after a number of weeks that we saw some sharp declines. After that rally, we ended up going into a period of consolidation and forming a bit of a range. That is allowing us to look at a potential buy signal. Watch out for this one early in the trading week as the Euro has started with a bit of a sell-off.
EUR/USD – 240 min Chart.
EUR/GBP – Open Forex Signal
Our sell signal out on the EUR/GBP has just turned into a nice win to start the week as the EUR has opened with some weakness. The small retrace on Friday provided us with an opportunity. You can read more about Skerdian, our Lead Analyst’s, thoughts on the trade here.