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Forex Trade Signals and Setups Nov. 16th
AUDUSD – Corrective but Weakening
After failing above 1.0700, the Aussie has been generally impulsive to the downside with elements of corrective price action. Lately the 20ema has been acting as dynamic resistance on pullbacks so this offers traders a good opportunity to enter low risk shorts. Watch for price action signals off parity for any rejection here could be significant while a breakdown here suggests .9900 will come under attack quickly
GBPUSD – Breaking Down
As we wrote in our previous forex trade signals and setups, the GBPUSD rejected off a key role-reversal level at 1.5845 and has since moved lower. Price is fast approaching 1.5681 which was a solid resistance and support level back in early Oct. Any breakdown here would suggest 1.5550 is up next while pullbacks to the 20ema dynamic resistance would be a great opportunity to add onto or enter new shorts.
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