Forex Signals Brief for Nov. 23: FOMC Throws Traders a Curveball
Rowan Crosby • 2 min read
The Majors were certainly in the action yesterday as the FOMC minutes came out with a decidedly dovish tone. This sent the USD into a tailspin and took most of the majors along with it.
Fortunately, the FX Leaders Team were able to navigate the carnage and find a nice set up in the EUR/GBP, which was a great trade. Unfortunately, our NZD/USD signal got stopped out after the USD declined.
Commodity markets also rallied and we saw gold retrace back above the 1290 level. We are still live in this one and targeting 1273. Our Oil position got taken out as the bulls took control.
There is more central bank action on Thursday with the ECB minutes scheduled for release. However, the US has a half day on Thursday so volumes might be reduced.
Keep an eye on the forex signals page as the ECB minutes will provide plenty of opportunities for those of you that trade the Euro.
Forex Signal Watchlist
EUR/USD – The Euro is in focus today as we have the ECB minutes released.
AUD/USD – The AUD bounced against the USD, however, the trend is still intact. More opportunities to short are on the horizon.
USD/JPY – The Yen has fallen hard is now bearish as it targets 111.00.
GBP/USD – We are eyeing off a buy as we’ve finally broken above 1.3300.
EUR/JPY – We’ve been bouncing off the lower trendline and we are targeting another long position here.
Gold – Our short position is still active despite a jump thanks to the FOMC. Looking for a retrace.
Oil – Oil rallied hard and is looking bullish at the moment.
Live Forex Signals
Gold – FOMC Rally
The FOMC has caused gold to jump and it has moved the yellow metal back above 1290. This is a little annoying as we were so close to our take profit on Monday. The trend is still to the downside so happy to maintain the current bias.
Gold – 240 min Chart.
EUR/JPY – Bounce Off Support
The Euro is going to be a big player on Thursday with the release of the ECB Minutes. As we saw in the USD, a little bit of news can go a long way. We are looking for a buy signal here and any weakness in the EUR might give us an excellent entry point.