Forex Signals Brief for August 29: US GDP in Focus
Rowan Crosby • 2 min read
Forex markets have been busy this week and it continues to be the USD that is in the headlines. Yesterday, we saw further weakness in the Greenback even after the positive headlines that keep coming on trade deals.
Today the attention will remain firmly on the USD as we get the next measure of GDP. The expectation here is for 4.0%, which is slightly lower than the previous estimate, but a strong number nevertheless.
The majors continue to be active thanks to the USD falling, while commodities (particularly Crude Oil) have also started to see some buying interest step up.
Other economic data points of note today are French GDP and German Consumer Climate. While out of the US we also have Pending Homes Sales and the official EIA inventory data on oil stocks.
Forex Signal Update
The FX Leaders Team had a strong day yesterday. While we finished up two and two, we took some solid profits out of our DAX trade that we’ve been holding for a few days now.
Silver – Silver and gold both fell away yesterday, despite the weak USD. Silver lagged gold to the upside so I would expect it to be weaker on a relative basis as it falls.
Bitcoin – Active Signal
Bitcoin looks to have found some buying as we keep notching up new highs to the upside. We are now looking like we are going to hold $7,000 which is massive for both BTC and our signal. Like I said yesterday, we need to spend time above that level to claim that it has held.
USD/JPY – Active Signal
The Yen has been in a nice little trading range and this signal has played out perfectly. We bought the support at the bottom and it has drifted back to the top resistance area. We are only a few pips from our TP so I expect this to hit anytime.