Forex Signals Brief for Nov 12: Data Heavy Trading Session Ahead - Forex News by FX Leaders
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Forex Signals Brief for Nov 12: Data Heavy Trading Session Ahead

Posted Thursday, November 12, 2020 by
Rowan Crosby • 2 min read

US Market Wrap

US markets and risk assets saw some inflows yesterday, in what was generally a quiet trading session.

Money started finding its way back into the NASDAQ which is generally a leader for the risk-on trade, while most majors were relatively subdued.

The big mover was the NZD/USD after the RBNZ indicated that the chances of negative interest rates now appears less likely as inflation and jobs slowly increase.

The Data Agenda

The data agenda is busy today, with a number of top-tier releases that will keep the majors moving.

Un the UK, we get some important data for the GBP/USD by way of GDP and manufacturing production. These numbers had been recovering, but with more lockdowns on the agenda, things are looking bad in UK.

Later on in the session, we also hear from the BOE Governor, but he can do little, with Boris Johnston intent on grinding businesses to a halt.

The US will have two major releases, with both CPI and jobless claims on the agenda. Jobless claims are the interesting one as the trend is in the right direction now, however, progress is slow.

Finally, the release of the weekly crude inventories will be important for WTI, a product that has seen some buying on the back of all the big news in the last week.

Forex Signal Update

The FX Leaders Team hit 3 winners from 3 trades yesterday, in what was a relatively quiet session in terms of price action.

USD/CAD – Active Signal 

The USD/CAD has managed to bounce off key support and is pushing higher. We’re short here, looking for a retrace and continuation of the longer-term trend.

USD/CAD
USD/CAD – 240min.

EUR/GBP – Active Signal 

The EUR/GBP has been weak recently, thanks largely to the upside in the Pound. We’re short here as price bounces off support.

EUR/GBP
EUR/GBP – 240min.

Cryptocurrency Update

BTC hasn’t been doing all that much, however, rice is holding under that $16,000 level.

This is bullish price action and the coiling that is going on looks like an opportunity for a long signal. The good thing is that there is a clear stop underneath, should the move fail.

We can’t be sure that price will break and hold, but a test is likely.

BTC
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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