Forex Signals Brief for Nov 15: Retail Sales and CPI Ahead - Forex News by FX Leaders
CPI is Ahead

Forex Signals Brief for Nov 15: Retail Sales and CPI Ahead

Posted Friday, November 15, 2019 by
Rowan Crosby • 2 min read

It’s been a couple of busy days on forex markets and the week looks like it will end in the same fashion.

There are a number of top-tier data points that we need to watch out for and again it will be the EUR/USD and the GBP/USD that will be active early in the European session.

The Euro will get a taste of inflation data with CPI set for release. The October print is expected to show no change at 0.7%, a none too pleasing result for the ECB.

While the UK is set to release retail sales data, which is expected to have rebounded strongly, against a backdrop of Brexit worries.

The US will also be an interesting story as we have been seeing mixed results from some of the big US companies. Only yesterday, we had better than expected results from Wall-Mart, which is a US retail behemoth. So perhaps that is a good leading indicator of US retail sales that is set for release on Friday.

Forex Signal Update

The FX Leaders Team finished with 2 wins from 3 signals with GOLD again being an active trade.

GBP/JPY – Active Signal

The GBP/JPY has been quite range bound of recent times and is providing good opportunities within those extremes as we can see on the chart below. We are long here looking for that bounce back into the range.

GBP/JPY – 240min.

USD/CAD – Active Signal

Our USD/CAD signal hit the TP target yesterday and as a result, we are back in another one on the pullback. The same thesis still applies here and we will be looking for another bounce.

USD/CAD – 240min.

Cryptocurrency Update

BTC is starting to look (if it’s not already) very weak. Just looking at the charts and you can see that series of lower highs, whereby each pop is sold off.

I’ve been talking about this type of action all week and I fully expect a breakdown to $8,000. 

You can also see why as that prior resistance is now support at $8,500, so that would be the obvious level to break through for a fall to the sub-$8,000 area. That would put price back in that previous range.

Bitcoin really is a bit of a technical trade at the moment and loves the round number levels. Sure it isn’t always clean, but on longer-term timeframes is proving to be an interesting trade.

BTC – 240min.

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About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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