Posted Friday, November 15, 2019 by
• 2 min read
It’s been a couple of busy days on forex markets and the week looks like it will end in the same fashion.
The Euro will get a taste of inflation data with CPI set for release. The October print is expected to show no change at 0.7%, a none too pleasing result for the ECB.
While the UK is set to release retail sales data, which is expected to have rebounded strongly, against a backdrop of Brexit worries.
The US will also be an interesting story as we have been seeing mixed results from some of the big US companies. Only yesterday, we had better than expected results from Wall-Mart, which is a US retail behemoth. So perhaps that is a good leading indicator of US retail sales that is set for release on Friday.
Forex Signal Update
The FX Leaders Team finished with 2 wins from 3 signals with GOLD again being an active trade.
GBP/JPY – Active Signal
The GBP/JPY has been quite range bound of recent times and is providing good opportunities within those extremes as we can see on the chart below. We are long here looking for that bounce back into the range.
USD/CAD – Active Signal
Our USD/CAD signal hit the TP target yesterday and as a result, we are back in another one on the pullback. The same thesis still applies here and we will be looking for another bounce.
BTC is starting to look (if it’s not already) very weak. Just looking at the charts and you can see that series of lower highs, whereby each pop is sold off.
I’ve been talking about this type of action all week and I fully expect a breakdown to $8,000.
You can also see why as that prior resistance is now support at $8,500, so that would be the obvious level to break through for a fall to the sub-$8,000 area. That would put price back in that previous range.
Bitcoin really is a bit of a technical trade at the moment and loves the round number levels. Sure it isn’t always clean, but on longer-term timeframes is proving to be an interesting trade.