11 Forex Trading tips for 16th November


Forex trading tips for today ahead FED Chair Yellen and ECB President Draghi speeches later on this week. How long will the USD bull run last? 

16th November AtoZ Forex - Forex trading tips for today ahead of ECB President Draghi and FED Chair Yellen  speeches later on in the week. With indicators pointing to extremely over-bought signals how long will the USD bull run last?

There is five (5)  high impact data news events remaining today of which there are no (0) high impact non-data based events today. We share a brief summary of each event.

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

 # 1 UK – @9:30am GMT

Average Earnings Index (quarterly) – Previous 2.3%   Forecast 2.3%; Currency affected: GBP

Forex Trading Tips –  Market expectation is an increase in Average Earnings Index, if the actual data came in at above forecast then GBP will appreciate

 # 2 UK – @9:30pm GMT

Claimant count – Previous 0.7K   Forecast 1.9K; Currency affected: GBP

Forex Trading Tips –  Market expects the number of people claiming unemployment to increase and if actual is less than the forecast, expect GBP to appreciate.

AtoZforex Note: With Brexit still the key focus, traders should watch out swings in both directions, trade cautiously 

AtoZ Forex Daily Free Forex Signals,

 # 3 CANADA – @1:30pm GMT

Manufacturing Sales m/m – Previous 0.9%   Forecast -0.2%; Currency affected: CAD

Forex Trading Tips – The expectation is for a contraction in sales, if actual data is better than forecast then expect CAD to appreciate.

# 4 USA – @1:30pm GMT

Producer Price Index  m/m – Previous 0.3%   Forecast 0.3%; Currency affected: USD

Forex Trading Tips – With no change expected, if actual data is better than forecast then expect USD to appreciate.

# 5 USA – @1:30pm GMT

Crude Oil Inventories– Previous 2.4M   Forecast 0.4M; Currency affected: USD

Forex Trading Tips – While this is a US indicator, it most affects the loonie due to Canada's sizable energy sector. No clear way of trading this data, swings in both direction and what I refer to as an emotional trade.

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

 AtoZ Forex Daily Free Forex Signals,

Currency Pairs – Daily Forex Trading Tips

#6 AUD forex trading tips

The AUD performance was on the bearish side in the Asian session.

Forex Trading Tips – On intraday (H1 TF) the bias currently is bearish against CAD, CHF, GBP, NZD and USD.

#7 CAD forex trading tips

The CAD performance was mixed in the Asian session.

Forex Trading Tips – On intraday (H1 TF) the bias currently is bearish against the AUD, CHF, EUR, GBP , NZD and USD.

#8 EUR forex trading tips

The EUR performance was mixed  in the Asian session.

Forex Trading Tips – On intraday (H1 TF) the bias currently is bullish against the AUD, CAD, CHF, USD and bearish GBP.

#9 GBP forex trading tips

The GBP performance was neutral, leaning on the bullish side in the Asian session.

Forex Trading Tips – On intraday (H1 TF) the bias currently is bullish against AUD, CAD, EUR, USD and bearish CHF, JPY, NZD.

#10 JPY forex trading tips

The JPY performance was choppy in the Asian session.

Forex Trading Tips –On intraday (H1 TF) the bias currently is bullish AUD, CAD, GBP, USD and bearish CHF, NZD.

#11 USD forex trading tips

The USD performance was mixed in the Asian session.

Forex Trading Tips –On intraday (H1 TF) the bias currently bullish against the AUD, CAD, JPY and bearish CHF, EUR, GBP, NZD (this may just be a short term correction before continuing to the upside)

Think we missed something? Let us know in the comment section below!

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