Forex Signals Brief for Nov 25: Trade Remains the Focus of the Week
Rowan Crosby • 2 min read
Traders and investors continue to watch the progress between the US and China on their ongoing trade negotiations, however, at the moment, the messages coming out and not quite clear.
According to the Chinese, they are looking to make a deal but are prepared to retaliate if Trump remains tough on tariffs.
On the flip side, Trump believes a deal is close but is keeping his cards close to his chest and is not making big statements in either direction.
As such, markets are a little unclear as to what is actually going on and we could really see anything happen over the next few days.
Data wise, the week is looking a little bit quiet with US GDP the main event for the Greenback, but we are looking at a reduced trading week with Thanksgiving likely to see volumes down a touch.
In Europe, the attention will be on German employment, with Eurozone CPI being one watch with new ECB boss Lagarde now at the helm. So keep the EUR/USD in focus late in the week.
Forex Signal Update
The FX Leaders Team had a quiet week, finishing with 6 wins from 10 trades for a 60% win rate.
EUR/GBP – Active Signal
Our EUR/GBP signal held on by the skin of its teeth, as resistance at 0.8600 held up virtually to the pip. Since that point, price fell away nicely putting this signal back on track nicely.
AUD/USD – Active Signal
The AUD/USD had a really soft week and is currently holding under the 0.6800 level. We’re short, waiting for another breakdown and there is a good chance price could fall away sharply here if support drops.
BTC has had a poor weekend to say the least, and has dropped through some key technical levels.
After testing the $7,000 level on Friday, price has once again broken through that point and the sellers are clearly in control.
The whole sector is now under growing pressure, and Bitcoin is at real risk of a substantial breakdown here.
For me, the technical levels keep dropping which is a huge red flag and a sign of higher-timeframe selling.
If the break of $7,000 holds, then I would suspect, the door is open to another leg lower and $5,000 is the next really big level to watch out for in my opinion.