11 Forex Trading tips – 23 November


Forex trading tips ahead of UK Chancellor Hammond’s first Autumn statement after Brexit, followed by the FOMC minutes from the USA. Bullish GBP or USD? Will traders be bearish on EUR?

23 November AtoZ Forex – Forex trading tips ahead of UK Chancellor Hammond’s first Autumn statement after Brexit, followed by the FOMC minutes from the USA. Bullish GBP or USD? Will traders be bearish on EUR?

There are five (5)  high impact data news events today of which there is two (2) high impact non-data based events today. We share a brief summary of each event.

AtoZforex Hint: Do not trade on a single news event, look at the total picture when news releases are at similar times. 

 # 1 UK – @12:30pm GMT

Autumn Forecast Statement – non-data news event; Currency affected: GBP

This document provides an updated economic outlook and previews the government’s budget for the coming year, including expected spending and income levels, borrowing levels, and financial objectives. Traders can expect volatility in both directions during the statement. Market expects borrowing to increase and growth to decelerate.

 # 2 USA – @1:30pm GMT

Core Durable Goods Orders m/m – Previous 0.1%  Forecast 0.2%; Currency affected: USD

Change in the total value of new purchase orders placed with manufacturers for durable goods, excluding transportation items. If actual data exceeds the market forecast, then expect USD appreciate.

 # 3 USA – @1:30pm GMT

Unemployment Claims – Previous 253k  Forecast 241k; Currency affected: USD

The number of individuals who filed for unemployment insurance for the first time during the past week.  Last previous two weeks has seen a drop in claims, positive for the greenback. Is market expectation incorrect in forecasting an increase in claims?  If actual data exceeds the market forecast, then expect USD depreciate.

# 4 USA – @3:30pm GMT

Crude Oil Inventories – Previous 5.3M  Forecast 0.3M; Currency affected: USD

No consistent effect – there are both inflationary and growth implications. Expect volatility in both directions.

# 5 USA – @7:00pm GMT

FOMC meeting minutes – non-data news event; Currency affected: USD

It’s a detailed record of the FOMC’s most recent meeting, providing in-depth insights into the economic and financial conditions that influenced their vote on where to set interest rates. Markets have priced in a December rate increase, however, this is very much dependent on the key economic data. Could we see the opposite, that is , no rate hike? If there is any indication of hawkishness expect the USD to appreciate.  Expect volatility.

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Currency Pairs – Daily Forex Trading Tips

#6 AUD forex trading tips

The AUD performance was overall bullish in the Asian session. On intraday (H1 TF) the bias currently is bearish against CHF, JPY, NZD, USD (although this maybe a correction in the short term) and bullish CAD, EUR, GBP.

#7 CAD forex trading tips

The CAD performance was mixed, leaning towards the bearish side in the Asian session. On intraday (H1 TF) the bias currently is bearish against the AUD, CHF,  JPY, NZD, USD and bullish EUR, GBP.

#8 EUR forex trading tips

The EUR performance was mixed in the Asian session. On intraday (H1 TF) the bias currently is bearish against the AUD, CAD, CHF, GBP and USD.

#9 GBP forex trading tips

The GBP performance was choppy, leaning on the bearish side in the Asian session. On intraday (H1 TF) the bias currently is bearish against AUD, CAD, CHF, EUR, NZD and USD.

#10 JPY forex trading tips

The JPY performance was mixed in the Asian session. On intraday (H1 TF) the bias currently is bullish AUD, CHF, CAD, GBPand bearish NZD, USD.

#11 USD forex trading tips

The USD performance was choppy in the Asian session. On intraday (H1 TF) the bias currently bullish against the AUD, CAD, CHF, EUR, GBP, JPY and NZD.

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