Forex markets closed out the week on a rather busy note as the USD continued to be the key driver of price action.

While most of the attention was on US Fed boss Jerome Powell’s speech, the dovish undertones that were drifting through continued to weigh on the Greenback. This sent many of the majors higher including the EUR/USD.

The AUD/USD was also particularly active last week after politics continued to whipsaw the Aussie before the new leadership of the country was finally announced.

The week ahead looks to be particular, thin from an economic data point of view. The main event is really US GDP on Wednesday. We have a few top-tier events, but I don’t think markets are going to be moving much because of the data.

On Monday, the UK is on holiday so we might have thinner trade out of Europe. But keep watching for any further trade developments and of course any Tweets from the US President.

Forex Signal Update

The FX Leaders Team ended up putting a rather strong week, after a couple of quiet days. The guys had a strong close and finished up at 11 and 4 which is a good solid strike rate of 74%.

Gold – Gold has been in a steep downtrend and the weak USD has helped seen it break out above the trendline. This might be an opportunity but watch the USD closely.

Silver – Silver has risen also, but it isn’t looking as strong as gold on a relative basis.

Bitcoin – Active Signal

Bitcoin continues to drift higher and we are holding above $6,600 which is a positive. The big two technical levels are $6,800 and $7,000. If we can hold these then the buyers will hopefully come through. But as we saw last week, it won’t be an easy task as we have already failed once at higher levels.

DAX – Active Signal

The DAX is consolidating in a tight range around our entry price. We have to remember that periods of tight consolidation and low volatility are usually followed by breakouts. We call these areas of volatility compression. We do have some German data out this week, so that might trigger a move. Particularly employment.