Forex Signals Brief for Sep 11: UK Employment in Focus
Rowan Crosby • 2 min read
It might have been a slow start from an economic data point of view for most forex pairs, however, the GBP/USD was the exception on Monday. And it appears that it will be more of the same as we head into Tuesday trade.
Yesterday, the GBPUSD had some important data points and more positive Brexit headlines that kept traders interested. Today, we get more economic insights thanks to the UK employments data. One of the major talking points recently has been wage growth so again that will be something to watch for today.
Elsewhere, there is also ZEW data from Germany and the Eurozone. While in the US we get JOLT job openings. But after the recent official employment data coming on Friday, expect reactions to be limited here.
Outside of the major data points, markets are still waiting to hear from the US President as to what exactly is going to happen with further tariffs against China. So keep an ear to the ground as this news will likely be more important than the technicals or any economic data.
Forex Signal Update
The FX Leaders Team went two and three yesterday. We didn’t quite have the volatility of last week, but there are still a few opportunities around.
DAX – The DAX is still looking weak on a longer-term basis. We have support below and that might be a good point to look for a long position.
EUR/CHF – The EUR/CHF has bounced off 1.1200 support. The round numbers are proving important here so key off those levels.
AUD/USD – Active Signal
The AUD/USD has seen huge pressure in recent weeks. We cracked 0.7200 and now 0.7100 is just holding. If it goes look for a further flush lower. In Asian trade, it is clear that there is still selling pressure holding price down for now.
Bitcoin – Active Signal
Bitcoin is still holding above the $6,000 level, which is good news for now. Our major concern is that we are slowly making lower highs. We need to break that short-term trend if we are going to rebound otherwise we might retest $6,000.