Forex Signals Brief for Nov 23: PMIs in Focus
Rowan Crosby • 2 min read
US Market Wrap
Markets and risk assets ended the week a little soft, but so far on Monday, we are already seeing that turnaround.
The newsflow is certainly a little light in terms of fresh headlines, with the same themes being thrown around every day, whether markets rise or fall.
Overall, it is fair to say that we continue to see a push towards risk assets as a whole, while the likes of the Greenback continues to decline.
The Data Agenda
The focus early on today will be all about PMI data from across the UK and Europe.
Firstly, we get the latest German Manufacturing PMI data, while later in the session, the UK will be releasing their own data.
Much of the top-tier US news will be pulled forward with Thanksgiving ahead.
Otherwise, there are still some top-tier events, including the ECB and FOMC minutes, but how much new information will come from them will really be the main question at the moment.
Forex Signal Update
The FX Leaders Team hit 6 winners from 10 trades in what was a quiet week of signals on the back of some decent news. Price action was relatively quiet given some of the vaccine news we saw.
Keep watching the forex signals page as there could be more action ahead early in the week as traders try to get their business done ahead of the holiday break.
USD/CHF – Pending Signal
The USD/CHF has been drifting lower but is holding above 0.9100. That level is really the line in the sand, with potential long signals above, and a short signal below on a break.
DAX – Pending Signal
The DAX continues to set up really nicely in this flag formation, with the trigger likely being a break of overhead resistance.
BTC continues to be one of (if not the main) stories at the moment.
Price has broken out and it has really taken over as a semi-risk trade while also having a degree of safety from other major asset classes.
For traders, the next move is to really be a buyer at the $18,000 level or look to buy the new highs. The odds of a test of the all-time highs are high – whether that can hold is an entirely different story.