Forex Signals Brief for Sep 19: UK CPI in Focus
Rowan Crosby • 2 min read
Markets have been heavily focused on the ongoing trade wars between the US and China and yesterday we saw a bit of a relief rally.
The major US equity indexes all rallied along with a number of the metals and oil. There was a bit of a risk-on feel and that was reflected in a strong jump in the AUD/USD.
Now that markets have had a chance to absorb the move, we can now move our attention back to the weekly data. For today that means UK CPI will be the major focus in European trade. While out of the US we have Building Permits and Crude Oil Inventories.
We can also pay close attention to how equity markets react and if we have any day two follow through on the tariff trade.
Forex Signal Update
The FX Leaders Team finished the day two and three, amongst all the excitement and the big rebound in equities.
Gold – Gold has been a little weak after the USD held up better than expected. Looking to go with weakness here.
EUR/USD – There is plenty of selling pressure holding price down at the moment. Selling pops higher is a good plan.
EUR/CHF – Active Signal
The EUR/CHF has been in a decent downtrend for a few months now and the most recent pullback looks like a good opportunity for a short entry. Price has been consolidating around this level, so we are looking for a break to the downside, with the stop above the trendline.
Bitcoin – Active Signal
Bitcoin continues to hold up well at the $6,200 support level. After a couple of attempts, we continue to see strong buyers stepping up. With that in mind, I?d like to see us start to make some higher lows though.