Forex Signals Brief for May 15: RBA Policy Minutes & Chinese Events In Focus
During the early Asian session, investor’s focus stays on the RBA monetary policy minutes as well as the Chinese industrial production. Speaking about the RBA’s May meeting minutes, the central bank doesn’t see strong evidence for a near-term monetary policy adjustment. Australia is the biggest trading partner of China and does get heavily influenced by the economic event.
Chinese retail sales missed the forecast and fell to 9.4% vs. 10% while the Industrial production increased to 7% from the previous 6%. Traders, as you know the Chinese data is mixed and the RBA failed to surprise the market with anything new, causing a sell-off in Aussie pairs.
The U.S. dollar has started trimming it’s earlier losses, perhaps, on the back of positive core retail sales forecast.
On Monday, the FX Leaders Team nailed 4 winning signals out of 6 total trades. Putting us at a 66% win rate which is a really strong result. We got green pips from DAX, GBP/USD, and USD/CAD whereas, the stronger dollar knocked us out in Gold.
On Tuesday, we were sitting in three positions. We are short on the GBP/USD on a pullback and long on EUR/USD to catch quick retracement. Lastly, a drop in BTC/USD is offering a nice opportunity to ride the trend.
Forex Signal Watchlist
EUR/CHF – The EUR/CHF is heading south towards 1.1925, to form a triple bottom pattern. We are looking for the right time to go long on this pair.
EUR/JPY – The EUR/JPY is retracing back it’s bullish trend and we are looking for long opportunities here.
Live Forex Signals
GBP/USD – Sideways Range
The recent strength in the U.S. dollar is dragging the direct currency pairs down at the same time. The GBP/USD is stuck in the sideways range and it can breakout towards any side. Since the long-term trend is bearish, we are holding our long-term position to target 1.3237.
GBP/USD – Daily Chart
BTC/USD – Double Bottom
One of our live signals is BTC/USD and it’s doing a great so far. Our long signal on BTC is aiming to target $11,394. But the 50- periods EMA seem to provide a strong hurdle at $8,820. Violation of this hurdle will get us closer to our target.
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