Forex Signals Brief for Nov 5: Trade Sentiment Continues to be Bullish
Rowan Crosby • 2 min read
Markets have started the week on a positive note as the sentiment surrounding the US-China trade talks continues to be very positive.
That lead stocks to close back at fresh record highs, with the Dow, in particular, looking very bullish
There is a bit of data out today that will take some of the attention away from the main topics that we’ve been hearing about for months – such as trade, Brexit and Trump.
In the UK the attention is on GBP/USD as we have services and composite PMI. Then later in the US session, there is also data coming out with ISM Non-Manufacturing PMI followed by JOLT job openings which in my opinion is still not really a top-tier data point.
The SPX continues to be one that’s going to be worth watching as there appears to be significant money flowing into US stocks at the moment, despite all the worries that we continue to hear, day in and day out. The fact that prices are now at record highs and outpacing the rest of the world is something that traders clearly need to take note of.
Forex Signal Update
The FX Leaders Team has so far had a quiet start to the week, with only a couple of trades that finished in the red and one open position.
GBP/USD – Pending Signal
The GBP/USD has been treading water a bit recently and can’t quite push into the 1.3000 area. That said, a fall to 1.2800 could be a reason to look for a long position.
AUD/USD – Active Signal
The AUD/USD was trying to push higher and into our take profit area, but as yet hasn’t been able to crack that resistance level. It does look like a bit of a lower high as well, but with the RBA up today we need to be ready for anything.
The BTC bulls look like they have really started to fight back now and the $9,000 level has so far held up strongly.
In the last few hours, we’ve also seen a real push towards the $9,500 level and that has forced us to look at our levels once again.
Price hasn’t really broken out in either direction as yet so or the time being, we should wait on a test of either of the two big ones around the current level.