Forex Signals Brief for Jan 31: Majors in Focus on FOMC Day
Rowan Crosby • 2 min read
It might have been a case of calm before the storm, as forex markets were a little quiet yesterday. As the world waits with bated breath for the latest FOMC Statement, traders had to bide their time. However, given the impact the Fed might have on the USD, all attention today will be on the fate of the Greenback.
Yesterday the team managed to finish the day three and four which was a good result in the conditions. While the Dollar was flat, there were some good moves in the indices and commodities. We scored wins in the DAX, EUR/CHF and Oil. The EUR/USD and GBP/USD were the majors in the red.
We also took the opportunity to reestablish our Bitcoin (BTC) position as price is currently testing the 10,000 mark.
As it stands we are short the NZD/USD along with our long-term positions in the AUD/USD and GBP/USD.
Today is very busy from a fundamental point-of-view with the FOMC the headline act. Arslan will have more details on what to expect here. But keep the forex signals page open as the majors, in particular, are going to be busy.
Forex Signal Watchlist
Nikkei – The S&P 500 has weakened and that is dragging the indices down. Potential shorts on the horizon.
GBP/JPY – This pair has been ranging well and we are looking for a move towards the top of the range.
Litecoin – The cryptos have fallen away in the last 24 hours and many are approaching major levels. Litecoin has a key level in-play.
Live Forex Signals
AUD/USD – A CPI Miss
CPI out of Australia today showed a weaker than anticipated reading. This would normally push the AUD lower, but there was a level of anticipation around as the same thing happened last week in the Kiwi. It is bearish for the AUD/USD though. The downside target is at 0.7650 in our long-term position.
Bitcoin – 10,000 In-Play
Bitcoin (BTC) has had a quiet week which is a little unusual. That all changed yesterday when more regulatory controversy hit the digital currencies. That sent BTC below 10,000. We have used that opportunity to reestablish our long position after the system error closed our original signal. Our upside target is now at 12,900.