Forex Signals Brief for Apr 11: US Data Finally Back in Focus
Rowan Crosby • 2 min read
It was a wild ride yesterday as the trade wars finally began to ease up. Chinese Leader Xi did his best to water down the controversy and markets responded by rallying hard. That now opens the door for a busy Wednesday as we have two big data releases from the US in the form of CPI and the FOMC Minutes.
The FX Leaders Team had a strong day at the office as well. Finding three out of three winners, coming by way of the EUR/CHF, EUR/JPY and Gold.
As it stands we are in a new long-term trade in Oil. Crude rallied in a big way and we are now up at overhead resistance which has proven to be strong. We also opened a new position in the EUR/GBP.
This should be a busy day for the USD and the majors will be active. So keep the forex signals page open for all the very latest.
Forex Signal Watchlist
GBP/USD – The majors will all be moving around today because of the US data coming out.
S&P 500 – The markets rallied hard thanks to the Chinese Leader and there might be some follow through here.
Oil – With the big ranges watch for some short-term trades to go along with the longer-term signal.
Gold – Gold ran up on Tuesday and we are looking for some follow-through today. A weaker USD is helping.
Live Forex Signals
Oil – New Short Position
Oil did a huge change of trend in trade yesterday. Prices were up nearly 4% and we are now heading into a very big resistance level. It will be tough to crack so a short looks to be a good play here. We also have EIA inventories out today which will be important. We already saw a build from the API so that’s a good sign for this signal. Our profit target is at 64.95.
WTI Crude Oil – 240 min Chart.
GBP/USD – Dollar in Focus
As mentioned previously the USD is calling the shots for the moment. With the big data coming out today we will have a better indication of where this trade is at. The take profit target is at 1.2055 in our long-term position.
GBP/USD – 240 min Chart.