Forex Signals Brief for Nov 26: Is a Trade Deal Close?
Rowan Crosby • 2 min read
It might be a new day, but it is still trade headlines that continue to dominate the discussions this week.
In Asian trade, there was another report out suggesting that the US and China are very close on a phase one arrangement. It suggests there is a consensus on solving the issues at hand.
While not a deal, this is progress. However, it seems the market still doesn’t quite agree. That said, we continue to see upside in stocks and a strong USD.
The positive tone in the Greenback is putting other pairs under pressure and making for some interesting trading conditions.
Later today the bulk of the data coming out will be from the US. The main number of interest is consumer confidence which is looking like seeing a slight uptick. While at the same time, US home sales should be on the rise also.
So while we don’t have a deal, the murmurings appear positive. But there’s still plenty of work to be done.
Forex Signal Update
The FX Leaders Team finished with two wins from three signals in a quiet yet profitable session.
GBP/USD – Pending Signal
The GBP/USD continues to be one we are watching closely. So far price remains in a range above 1.2800 and we are looking at buying any dips here.
NZD/USD – Active Signal
The NZD/USD had a decent lift this morning on some positive retail sales numbers, but couldn’t really hold on. We are long here looking for some more upside.
BTC has bounced back to some degree and in the process has reclaimed the $7,000 level.
The question will now be, whether it can hold on or will the sellers jump back in on this bounce?
I fully expect to see $7,000 drop, but we have to remember what sort of price action we’ve seen of recent times. Generally, Bitcoin has broken down from a technical type pattern and then consolidated.
So I feel that there is a good chance that will happen again and $7,000 might hold up for now.