Forex Signals Brief for Nov 2: Markets Set for US Employment
Rowan Crosby • 2 min read
US equity markets continue to push higher, posting a third day in the green. The USD, on the other hand, wasn’t so lucky, falling from its recent highs.
Both equities and the USD will firmly be in focus today, as we get the monthly employment report out of the US. As it sits, analysts are expecting 193K new jobs to have been created last month. At the same time, the unemployment rate is tipped to remain steady at 3.7%.
Earlier in the week, the unofficial ADP report showed more than 200K jobs created so hopefully that is a good primer for the equity bulls.
We also have PMI data out of the UK and Europe, while Canada has some employment data of its own.
Forex Signal Update
Another busy day for the FX Leaders Team, who grabbed 3 winners from 6 signals.
NIKKEI225 – The Japanese Nikkei, continues to push higher, after forming a base at 21000. Keep looking for a potential long entry here.
EUR/GBP – The EUR/GBP has absolutely collapsed. Watch this as we near the swing low, but don’t step up too early into a long entry.
USD/JPY – Active Signal
Our USD/JPY has run up in line with the Greenback. However, as the US Dollar Index ran into resistance and fell away, so did the USD/JPY. That has allowed us to buy the pullback looking for the bounce.
Gold – Active Signal
While gold has been strong recently with the market volatility, we have now pushed into resistance. This looked a good spot for a quick short scalp and so far this signal has been going our way.
Most of the large-cap coins saw a little bit of a rally yesterday, with the major players such as BTC, ETH and Ripple’s XRP in the green. Bitcoin has bounced back after the sell-off we saw early in the week. But overall the range is still tight and volatility low.
BTC is grinding back towards the $6,400 level where we were consolidating before the selloff. As mentioned the main levels of interest are $6,800 to the upside and $6,150 to the downside.