Forex Signals Brief for June 18: Fundamentals Take Control
Rowan Crosby • 1 min read
Last week was a stark reminder of just how important the fundamentals are for trading. We had a host of announcements including the ECB, FOMC and US Retail Sales, that really pushed prices all around the place.
This week isn’t quite as jammed packed but we do have some more Central Banks that will be announcing their monthly interest rate decisions. Both the BOE and SNB aren’t expected to make any official changes but as we saw with Mario Draghi, you don’t need to say much to move currency prices.
Markets will also be eagerly watching the fate of the USD this week. After Friday’s trade wars really stepped things up when both the US and China imposed tariffs on one another. That means the majors will be very active throughout the week.
Forex Signal Update
The FX Leaders team put in another solid week during in what can only be described as a tricky period. As mentioned the fundamentals were driving the price action and the boys found 13 winners with only the 9 losers. So a strong 59% strike rate.
Bitcoin – BTC is consolidating below $6,500 and the buyers aren’t looking to step up just yet.
EUR/GBP – This pair is still trading in a decent range here after the big sell-off in the EUR last week.
Gold – Active Signal
Gold fell away last week, thanks to a rising USD. When the USD increases in value it is less appealing to foreign buyers as it becomes more expensive. The Greenback rose thanks to stronger than expected retail sales and a hike in interest rates. We are looking for price to revert back to the previous range. The profit target is at 1290.