Forex Signals Brief for Nov 19: Markets Wait on News
Rowan Crosby • 2 min read
The week ahead appears to be a short one as traders in the US will be away for Thanksgiving. As a result, top-tier data will be a little thin and we will be back focusing on news to drive the action.
There are two new events that are most prominent at the moment. The first remains the US-China trade war and the ongoing developments on that front. While the White House is positive, the Chinese still have a way to go to appease the demands on the US President.
At the same time, global growth got thrust into focus to end the week as concerns led to a sell-off in the USD.
Given the trajectory of rate hikes in the US, weaker global growth might well weigh on the Greenback, so this week it will be important to listen for any more clues as to what might be in store.
Forex Signal Update
The FX Leaders Team, finished with 16 winners from 26 signals, for a 61% win rate on the week.
DAX – Pending Signal
The DAX has been pushing lower, but as I mentioned last week, there has been a fair bit of two-way action around support. That means there is buying interest around and this support level at 11200 looks an opportunity to get long.
EUR/CHF – Active Signal
The EUR/CHF has bounced off support and been grinding higher. Admittedly the ranges have been quite tight here as price moves higher, but the trend is up in the short term. As a result, we are currently in a long signal.
Bitcoin and the other major cryptocurrencies capitulated last week and as yet there hasn’t been any sign of any dip buyers just yet.
Price is still consolidating near the lows in BTC, which in general isn’t a sign of strength.
Pushing above $5,600 and holding is the first step in a bounce. Otherwise, we are going to grind towards the lows at $5,200 and anything could happen on a downside crack.