*Forex Trading is a leveraged product and your capital is at risk.

Currency Strength Meter: 15th November

forex strength meter

The currency strength meter this week highlights the stronger currencies were USD, JPY and CAD. The JPY remains the weakest currency but is starting to strengthen against the weaker currencies. The AUD, GBP, NZD were the weakest currencies. 

Trending or Reversal Pairs of the week:


The Watchlist

forex news

The news for this week is light in terms of releases but they are of significant importance. On Tuesday Retail Sales out of the US are forecast to come in better than last month. This shouldn’t be too much of a shock to the market as inflation in the US has been rising which means the prices of good and services are increasing which should lead to a strong retail sales figure. As well seasonal retail sales are typically bullish this time of year as we approach Christmas. If the number comes in above forecasts we could see the USD strengthen, if it misses we could see the USD slide. 

The UK sees inflation data out this week which if positive will lead to a rise in inflation. This could spark some bullishness for the GBP after a recent decline. 

The strength meter shows the GBPJPY could continue to decline however, the price has come into a key support zone and the GBP inflation data this week could support the currency. This could see the GBPJPY rally in the short term back to key resistance. The lows of 155.00 could be tested if the market reverses its current downward trend.

The 4hr time frame shows the price consolidating at the support zone, if the price breaks out of this consolidation to the upside we could see long opportunities to the lows of 155.00. We need to see the price form a higher highs and higher low in order to look for our swing trading strategy.