Forex Signals Brief for June 28: Markets Ready For GDP
Rowan Crosby • 1 min read
The USD was the king of the hill on Wednesday as it continued to shrug off fears of a trade war. It broke out hard and put a fair bit of pressure on the other major currency markets.
The news wasn’t so good for stock markets, who bore the brunt of the tariffs saga. As many are expecting the measures imposed by US President Trump to have a negative impact on the economy over the long term. And it’s starting to weigh heavily now.
Today is an important one for forex traders as we look to US GDP. We recently saw a strong result in US retail sales and that led many to lift their expectations around GDP. The expectation is for 2.2% QoQ, so anything upward of that will see some strong buying in the Greenback.
Forex Signal Update
The FX Leaders team found three more wins on Wednesday adding to what has been a great week. The guys are currently sitting at 12 wins and 2 losses for an incredibly impressive, 86% strike rate.
GBP/JPY – The downtrend still remains intact and I think we are looking at resistance now around 146.00.
Bitcoin – BTC is still fighting the sellers at $6,000 but I suspect we will get a test of $5,000 in the near future.
Oil – Active Signal
The crude oil market has been back in bull mode thanks to news of trade restrictions on Iranian oil. There was also a significantly higher than anticipated draw in oil inventories on Wednesday. We are back at resistance around the $73 mark which has previously been a place where there has been selling pressure. Our profit target remains at 72.1775.