Forex Signals Brief for Nov 14: CPI in Focus
Rowan Crosby • 2 min read
We’ve had a pretty busy week on world markets so far and it looks like that is set to continue today. The main release of interest is US CPI, while we also have CPI due out from the UK.
That comes on the back of the news that the EU and UK have reached a technical agreement on Brexit. As a result, it should be another a busy day for the pound.
Meanwhile, Crude Oil is also going to be a big focus after prices plummeted 8% yesterday. Supply is driving the move and traders are likely wondering if and when the bounce is going to come.
Just to top things off, we have German and Euro GDP, rounding out what looks like a great day for trading.
Forex Signal Update
The FX Leaders Team, finished with 4 winners from 6 signals, in what has been a busy start to the trading week.
EUR/JPY – The EUR/JPY has bounced right on cue. If we see the sellers step up, we will be looking at a short signal here.
Gold – Active Signal
Gold continues to hover around the 1200 level, but can’t jump too high just yet. We had a successful long signal yesterday and we are looking at the short here today.
USD/JPY – Active Signal
The USD/JPY is still holding its highs even after the USD fell away. Like we said yesterday, this pair is strong.
Bitcoin and the other major cryptocurrencies are still weak overall, which is likely a little disappointing. Especially given the backdrop of a big sell-off on Wall Street and the fact that many considered this new asset class to be a gold proxy. That doesn’t appear to be the case at this stage.
For now, BTC is still struggling beneath $6,500 and is now below $6,300, with the short-term levels to watch in BTC being $6,500 to the upside and $6,150 to the downside.