Forex Signals Brief for Dec 5: Three Winning Trades To Start The Week
Rowan Crosby • 2 min read
Monday was poised to be a very interesting day for forex traders after a weekend that was packed with news headlines. And sure enough, it didn’t disappoint.
The majors were in focus as the USD had gapped higher on the news that US President Trump’s tax bill was making progress. The news also had the stock indices pushing higher in early trade, before promptly reversing.
The FX Leaders Team managed to nail three out of four winners to get the week started on the right foot. We secured a nice short in the EUR/USD thanks to some USD strength. Gold also kept on boosting our accounts as it seems like it always does. While we had our second winner in the Japanese Nikkei in as many days. We, unfortunately, hit our stop on the S&P 500, which frustratingly ended up going exactly where we predicted it might.
As it stands we are still in our long-term EUR/USD position which had a nice healthy move in our favour on Monday. While we are yet again taking on the NZD/USD to the short side, in what has been an incredibly profitable trade for our followers. We’ve also taken on a multi-day position in Oil to the long side.
Be sure to tune into our forex signals page as the week is just heating up.
And don’t forget Arslan will have his morning economic outlook and top trade setups for Tuesday, so be ready and waiting for that.
Forex Signal Watchlist
EUR/USD – The Euro has been weak and any bounces offer up good opportunities to sell. We have an active sell signal targeting 1.1540, which is a longer-term position.
GBP/JPY – There are a lot of headlines around in the pound at the moment and we are waiting on a nice entry in the GBP/JPY.
CAC – The stock indexes have all run up and if they start to show further weakness, get ready for some downside opportunities.
Live Forex Signals
EUR/USD – Euro is Weak versus the USD
The Euro felt some weakness on Monday after the USD gapped up. The US tax cuts are moving forward and this is seeing money start to flow towards the USD. There will potentially be more downside to come here. We have an active sell signal out on the EUR/USD, with a downside target of 1.1540.
EUR/USD – 240 min Chart.
Oil – Bullish Run
Oil is in a long-term uptrend and that appears to be moving along strongly. We had a bit of a pullback and that allowed us to enter a nice position to the long side. We are targeting a move to 58.785, which is just prior to the most recent highs.