Forex Signals Brief for August 16: Can Retail Sales Save the Pound?
Rowan Crosby • 2 min read
The USD will again be the focus of today’s trading session as we have recently heard that a Chinese delegation will head to the US for discussions on trade. While we all know what has been happening regarding the tariff situation, hopefully, that might bring some positive news.
For the most part, the trading week has been dominated by strength in the Greenback. While the USD weakened a touch yesterday, many of the majors are still well and truly under pressure.
Today we get a look at UK retail sales. The pound has been in a big downtrend and the UK economy needs some positive news. Although I suspect even a strong result won’t be enough to turn things around in the short-term.
As we move to the US session we have data on building permits and the Philly Fed. Yesterday a strong retail sales figure didn’t boost the USD all that much, so I feel that the larger market forces are at play at the moment.
Forex Signal Update
It was another strong day on forex markets for the FX Leaders Team as the boys found three more winners with only the one loss. Gold has been in a steep decline recently and has been providing plenty of opportunities to the short side recently.
Silver – With gold falling hard, silver is very much in-play to the short-side at the moment.
CAC – The CAC tumbled yesterday, so watch this one today for some follow-through selling.
Bitcoin – Active Signal
After Bitcoin tested the $6,000 level, we have managed to find a little bit of buying interest. Like I said yesterday, I would like to see us push above $6,600 to really get things moving back to a more bullish area.
NZD/USD – Active Signal
The NZD/USD has fallen hard since it broke the key support level at 0.6700. We are short on a pullback here and any further upside form the USD will be good news for this signal.