Forex Signals Brief for Sep 4: US Traders Return
Rowan Crosby • 2 min read
Markets were a little quiet yesterday as our US counterparts enjoyed the Labor Day long weekend. While stock markets weren’t on the agenda there are still some concerns around trade that will again rear its head when traders return on Tuesday.
Crude oil has also been in focus as it turned bullish as we get a better idea of some of the supply issues coming out of Iran. We’ll also get API data later today which will be sure to keep oil active.
As we move into the European session, UK construction data is in focus. While in the US we have ISM Manufacturing PMI.
With US employment data due out on Friday, we have to be prepared for the possibility of a quiet few days in the lead-up.
Forex Signal Update
Given the quiet session, the FX Leaders Team grabbed the one winner in the GBP/JPY.
EUR/CHF – The EUR/CHF has fallen away sharply and is looking weak. Possible short here.
EUR/JPY – This pair has fallen quickly and there is a hint of a pullback which might prove to be a good short opportunity.
Silver – Silver continues to work its way towards the lows and is ready to follow golds lead.
AUD/USD – Active Signal
The AUD/USD is in-play today ahead of the RBA interest rate decision. We had some weak retail sales yesterday, which saw some selling. But price bounced back from support at 0.7200. Once again the momentum is to the downside and our short signal is in the money here.
Bitcoin – Active Signal
Slowly but surely Bitcoin is grinding its way higher. We have seen $7,000 hold. My next mini level is $7,700 followed by the important round number of $8,000. So far so good for our signal.