Forex Signals Brief for Nov 12: CPI and Retail Sales the Focus of the Week
Rowan Crosby • 2 min read
The USD managed to gain some ground towards the end of the week and traders will be wondering if that can follow through in the next five days.
The Greenback is currently back trading at its highs after all the excitement of the midterms and the FOMC. As we look ahead the key data points this week are very much about the USD and will feature CPI and Retail Sales. Two historically important numbers that are especially relevant at the moment as we look to yet another potential rate hike in December.
Meanwhile, there are a number of important events for the majors this week as well as a host of central bank speakers.
As we wrap up earnings season in the US, equity markets will still be prone to volatility so overall we have some excellent conditions ahead for trading.
Forex Signal Update
The FX Leaders Team, found 17 winners from 27 signals last week, giving us a win rate of 63%.
USD/JPY – Active Signal
The USD/JPY has been gaining ground in line with a resurgent USD. Currently, we are trading just below the important 114.00 level and we have our take profit just on the other side. A little stop run will be enough for us to spike through here on the breakout.
Bitcoin and the other major cryptocurrencies have had a relatively poor weekend, however, in early trade, there has been some buying interest coming back in. There hasn’t been much by way of fundamental news driving prices in the main coins.
However, the big news recently has been that Stellar and Cardano are potentially going to be added to Coinbase, which has seen some money start flowing into them.
For the time being, BTC is still struggling to hold $6,500, with the short-term levels to watch in BTC being $6,500 to the upside and $6,150 to the downside.