Forex Signals Brief for Nov 28: US GDP in Focus
Rowan Crosby • 2 min read
Much of the attention today will again be on the big release out of the US which is, of course, US GDP.
Today’s GDP figure is the first revision and is expected to show growth of 3.5%. The revisions occur as more data becomes available so we get a more accurate estimation of the health of the economy.
There have clearly been some headwinds to the GDP figures in recent times, most notably the US-China trade war. At the same time, we have also seen solid wage growth and increasing levels of employment.
Let’s also remember that the FOMC is looking to hike rates in December and while today’s GDP print will likely not impact that, we are still hearing that there will be two more rate hikes in 2019, which increases the significance of today’s number.
Forex Signal Update
The FX Leaders Team had a couple of losing signals yesterday, but after 11 straight in the green, the guys were due for a loss.
EUR/JPY – The EUR/JPY has been trading in a relatively tight range recently with plenty of resistance at 129.00. This might be a good area to look for a short.
EUR/CHF – Active Signal
The EUR/CHF has been grinding lower recently, but there has been some support at the round number level at 1.1300. So far support is looking a little weak, so watch this one closely as Europe opens.
DAX- Pending Signal
The bounce off support has slowed for the time being, but this little pullback might be an opportunity for a long. Keep this one on watch for now.
Bitcoin and the other major cryptocurrencies have started to look like they are forming a bit of a base at the moment.
Price has been testing the lows around the $3,500-$3,600 level and it can’t make a fresh push just yet.
The long wicks are also suggesting there might be some short-term buying interest below. I wouldn’t be looking for a long just yet, but things might have slowed down for now.