Markets have had a busy start to the trading week thanks to news headlines coming out suggesting that the NAFTA deal is done. That’s seen the USD/CAD fall away sharply and we need to watch this space as the US traders come online for the week.
Trade fears have been keeping a bit of a lid on things and today’s developments might give equity markets a spark. US futures have been strong in Asian trade so far, so we might get a strong lead at the very least.
There looks to be a fair bit of economic data coming out this week, which will be highlighted by the US employment data which will be released on Friday.
The USD has started to rev its engines once again and is slowly but surely pushing back up towards the highs. A strong employment report will keep the majors under pressure and all but lock in a further December rate hike. If it is not already all but guaranteed.
On Monday, we have manufacturing data from Germany and the UK which will be market moving, while the US has some of its own with ISM Manufacturing PMI.
Forex Signal Update
The FX Leaders Team put in a really solid trading week finishing 15 and 8 for a great result for your followers. There’s plenty of volatility at the moment across the board so the opportunities are excellent.
Gold – Gold has really fallen away from the $1200 mark and the bear market looks to be continuing for now.
Oil – Oil has been breaking to the upside as concerns over supply are seeing the bulls take control. $75 will be an important upside target.
NZD/USD – Active Signal
The Kiwi has failed at resistance at 0.6700 a couple of times now and the higher timeframe trend is clearly down. With a strong USD this short position has a sold probability.
Bitcoin – Active Signal
Bitcoin appears to have put in another higher low, which is a good sign as price tries to have yet another go at $6,800 resistance. So what you will, the buyers continue to step up here despite the strong resistance.