Forex Signals Brief for Nov 13: European Data in Focus
While all the action recently appears to be in the US, today our European counterparts are set for a busy day of trading.
Earnings and employment data is set to be released in the UK, while German ZEW Economic Sentiment is the top-tier data release today for the EUR/USD.
Meanwhile, traders will again be watching the US closely to see how markets respond to yesterdays sell-off. Stocks got hit hard lead down by the tech sector.
While the USD remains strong and is currently breaking out to new highs. The momentum is putting the pressure on the majors, but we might well be due for a bit of a pullback.
Forex Signal Update
It was a big start to the trading week for the FX Leaders Team, finding 5 winners from 6 signals.
EUR/JPY – The EUR/JPY has fallen away sharply from 130.00 and has barely seen a green candle since. We are looking to go with the momentum if a pullback gives us an opportunity.
Gold – Active Signal
Gold has been selling off sharply as the USD continues to rise. It looks like we have run into support for the time being at 1200, so we are long looking for a quick bounce.
USD/JPY – Active Signal
The USD/JPY has been holding quite well given the run-up in the USD. To me, that is a positive as it shows there is buying interest in the JPY and this signal might just fall our way nicely if the USD pauses or pulls back a touch.
Cryptocurrency Update
Bitcoin and the other major cryptocurrencies are still relatively quiet today after seeing a little bit of buying yesterday. The Binance CEO, came out and said that he expected a crypto bull market sooner rather than later, which sparked a short bounce.
Technically, we are still honing in on the $6,000 level in BTC and price really can’t lift, which to me is a bearish sign.
For the time being, BTC is still struggling to hold $6,500 and sits just above $6,300, with the short-term levels to watch in BTC being $6,500 to the upside and $6,150 to the downside.
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