Forex Signals Brief for Nov 24: German Data Ahead - Forex News by FX Leaders
Euro in Focus

Forex Signals Brief for Nov 24: German Data Ahead

Posted Tuesday, November 24, 2020 by
Rowan Crosby • 1 min read

US Market Wrap

Markets and risk assets continued to grind higher, while the USD also bounced back.

The rising Greenback did put some pressure on the major risk-on forex pairs, however, we are seeing those very same pairs back in the green once again today.

The same ongoing themes continue to play out at the moment, while stocks it seems, just bounce back at every occasion. Perhaps pointing to the fact, there are not many other options to park significant amounts of cash.

The Data Agenda

Most of the data focus today comes out of Europe and more specifically Germany.

The EUR/USD will be eyeing off German GDP, as well as business climate figures.

Out of the US, we get consumer confidence data, which is still mixed at the moment but higher than some of the lows we’ve previously seen.

Forex Signal Update

The FX Leaders Team hit 2 winners from 3 trades yesterday, in what was a quiet session, as markets continued to move back and forth.

BTC – Active Signal 

BTC has been one of the major stories in the past month and price is looking very bullish. We are long here looking for a test of those highs.

BTC
BTC – 240min.

DAX – Pending Signal 

The DAX is still setting up really nicely and we can see price really knocking on the door of resistance now.

DAX
DAX – 240min.

Cryptocurrency Update

Bitcoin has been the big mover this year, but we can’t forget the other cryptos as well which are charging higher.

The likes or XRP, have literally doubled in the past few weeks, which is to be expected given their market cap. These smaller coins are more volatile but do offer plenty of bang for your buck.

XRP
XRP – 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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