Forex Signals Brief for Nov 15: Can Retail Sales Save Wall Street?
Rowan Crosby • 2 min read
I think it’s fair to say there haven’t been too many green candles on Wall Street recently and today there will be plenty of investors hoping for a strong retail sales result to boost equity markets.
Yesterday, saw a slightly weaker CPI print than many had hoped for and that didn’t help markets or the USD.
Today we also get a look at the Philly Fed as well as Crude Oil Inventories. Given the huge sell-off that we’ve seen recently, there will be plenty of people watching to see if we can put in some sort of base.
The other major release of the day is out of the UK with retail sales of their own. But it appears punters are more interested in Brexit and the fate of their leader than with economic data at the moment.
Forex Signal Update
The FX Leaders Team, finished with 2 winners from 4 signals, with most of the action in the majors and gold.
Gold – Active Signal
Gold has seen a nice bounce off the 1200. We’ve been holding this level nicely for a while now before the spike. That is setting us up for a potential new short signal.
In my opinion, gold must be one of the biggest letdown trades of recent times, in terms of long term holders. Given the weakness we’ve seen in markets, it really hasn’t stood up much at all. That gives me the confidence to short this pop as there is certainly underlying weakness around.
Bitcoin and the other major cryptocurrencies are in freefall at the moment, with BTC down more than 10%.
If you’ve been following the signals brief over the last few weeks, I’ve been warning that we have been setting up for a big crack of $6,000 and sure enough that’s exactly what we got. This really looks like a technical sell-off and simply weakness at a big level.
For now, we’ll have to see how BTC responds, if it can potentially bounce. Otherwise look out below.