Forex Signals Brief for Nov 16: News Continues to Drive Markets
Rowan Crosby • 2 min read
Lately, it seems it’s been less about the economy and more about the news, as headlines continue to push the majors around.
Yesterday, we heard that the US and China were working towards an agreement on trade. That sparked markets until the report was later denied and they gave everything back.
We also saw more Brexit news, surrounding the future of the deal and that of the UK leader. This has seen the GBP/USD sell-off sharply and one big bank actually called the pound untradeable at the moment.
Today there isn’t much top-tier data with the main release being Eurozone CPI. As a result, we will all be awaiting more news to spark forex markets as we move into the end of the week.
Forex Signal Update
The FX Leaders Team, finished with 2 winners from 5 signals, with some sharp spikes in the majors throughout the session.
DAX – Active Signal
While world equity markets have been selling off, the DAX hasn’t really been as badly hit. We’ve found a bit of support and that has been holding for the time being.
If we get a broader bounce, particularly from Wall Street, I would expect the DAX to outperform on the upside. So keep an eye out for any long signals if we get some buying.
Bitcoin and the other major cryptocurrencies have tumbled this week, but some of the other coins have started to recover. However, Bitcoin hasn’t been one of them just yet.
We have seen a bit of a bounce, but we are still pushing towards the lows. The big break of $6,000 has been months in the making, so perhaps we can’t expect a quick rebound anytime soon.
Pushing above $5,600 would be a good start and the one positive is the huge wick on the candle that tagged $5,200, which shows there was strong buying interest at the lows.