Forex Signals Brief for Nov 30: Markets Wait on the G20
Rowan Crosby • 2 min read
After a couple of busy days in the market, things have settled down a bit as we all wait on what might come of the meeting between the US and China on Saturday.
The big issue this year in terms of market uncertainty has been the trade war between the US and China. As he stepped onto air force one, President Trump said that he is working towards a deal with China, but at the same time is pretty happy with the current situation.
With that in mind, we might have to wait until Monday to see how markets react to the discussions and see if anything comes at all after the meeting and the G20.
That might keep markets a little subdued to end the week, but Monday is certainly potentially a big one.
Meanwhile, we have a couple of top-tier data points out today, with Eurozone CPI and Canadian GDP, meaning those respective pairs will likely be in play.
Forex Signal Update
The FX Leaders Team went two and two in what was a bit more of a quiet session on markets than what we’ve been seeing recently.
EUR/JPY – The EUR/JPY has been on our radar for a while as we watch it trade at resistance around 129.00. We really haven’t pulled back under just yet so we will keep on watching for now.
USD/JPY – Active Signal
We are back in the USD/JPY with another long signal after price fell away from resistance around 1.1400. The short-term trend is up so this pullback might be a nice spot.
Gold – Active Signal
Gold appears to have run into a bit of resistance at 1230 and has fallen away. We are short looking for a bit more continuation of the move to the downside. I would expect this signal to be closed prior to the weekend and all the G20 action.
Bitcoin and the other major cryptocurrencies have been a little weak but BTC remains above the $4,000 level.
There hasn’t been much fundamental news out over the last 24 hours and for now, we are waiting to see if the pop above $4,000 was a short-term move or if there was genuine buying at $3,500.
The end of the week and weekends have not always been a good time for Bitcoin so this could be another important couple of days to see if price can hold on.