Forex Signals Brief for Nov 23: German Data in Focus
Rowan Crosby • 2 min read
With the US on holidays, the markets will again be focused on Europe. It is technically a half day in the US, but I suspect action will be limited as many traders will be taking a four-day weekend.
However, we have a number of top-tier data releases from Germany which will be market moving. Firstly we have German GDP, where we have a negative result on the cards. That’s followed by Manufacturing PMI.
Canadians will be on deck and the USD/CAD will be in focus as well as we have CPI and Retail sales which will be keeping traders busy.
It should be an interesting end to the week, particularly in Europe.
Forex Signal Update
The FX Leaders Team, finished with 1 winner from 2 signals, both of which where in the USD/CAD
GOLD – Gold has really seen a strong bounce off 1200 and we are charging into resistance. There might be a chance to buy a pullback into that level.
EUR/USD – Active Signal
The EUR/USD continues to hang around the 1.1400 mark. All attempts to push higher have been met with some decent selling so we are currently short, looking for a bit of follow through. The German data is the key factor here today.
NZD/USD – Active Signal
The NZD/USD has been struggling to push higher and has started to put in lower highs. This is generally a sign of selling pressure and weakness so this might very well sell-off into the weekend.
Bitcoin and the other major cryptocurrencies have to continue to fall as price again approaches the $4,000 level.
With prices this low, experts are saying that mining is no longer profitable in many countries, given the cost of power and computing. That might have an impact on supply down the track, but in the short-term we need to go with the momentum.
I still think BTC will hit $3,000 and we might very well find $4,000 under all sorts of pressure in the next few days.