Forex Signals Brief for Nov 6: Euro PMI in Focus
Rowan Crosby • 2 min read
It looks like we have a busy day ahead in the European session, with a number of second-tier releases, likely to keep traders busy.
While these are not top-tier numbers, there will be some attention given to the host of results, as the Eurozone is still trying to turn their economy around.
We’ll be seeing Eurozone Services PMI and retail sales, along with a host of other PMI results from various EU countries. The most notable is generally Germany and it will be the EUR/USD that will be impacted most by all of these.
Elsewhere, Ivey PMI will also be coming out for Canada so the USD/CAD will be impacted by that result.
Then later in the session, we get the weekly read on WTI crude oil inventories.
As ever, the normal focus at the moment continues to be the sub-plots in the UK regarding Brexit and the ongoing US-China trade discussions.
Forex Signal Update
The FX Leaders Team finished with 2 wins from 4 signals across a broad range of pairs yesterday.
GBP/USD – Pending Signal
The GBP/USD continues to tread water between 1.2800 and 1.3000. The obvious two entry points are on a break of that resistance or a pullback to support.
GBP/JPY – Pending Signal
The GBP/JPY has a very bullish looking chart and is coiling around the 140.00 level. A break about any key resistance level here would be a good signal for a long entry and it is something we will be watching today.
The BTC bulls are holding price up above the $9,000 level nicely, but so far there has not been a big push through $9,500.
$9,500 does appear to be strong also and there is a nice big candle there a few days back that is a clear sign of a rejection of that price.
So, for now, the plan remains to go with a break. Ideally, this would be to the downside, as that would support the longer-term trend also.