Forex Signals Brief for Oct 17: Earnings Report Turns the Sentiment to Risk-On! - Forex News by FX Leaders
Netflix & Goldman Sachs outperformed the forecast

Forex Signals Brief for Oct 17: Earnings Report Turns the Sentiment to Risk-On!

Posted Wednesday, October 17, 2018 by
Arslan Butt • 1 min read

The US stock market took a bullish turn upon the release of better than expected earnings reports. Morgan Stanley jumped 2.24% in premarket trading after its earnings came in better than expected. Same goes for BlackRock as they also reported larger-than-expected quarterly earnings returns.

Besides that, the Netflix EPS (earnings per share) soared to 0.89 vs. 0.68 forecast. While Goldman Sachs outperformed the forecast by 0.88 as its EPS came out as 6.28 vs. 5.4 beforehand.

Clearly, the market sentiment has turned from Risk-off to Risk-on as the traders are taking their bets on the stock market instead of safe haven assets.

Forex Signal Update

The FX Leaders Team put in another strong day in the trading week with 4 wins and 1 loss. GOLD and S&P500 were busy during the day.

EUR/JPY – Active Signal

Earlier today, team FX Leaders opened another signal on EUR/JPY and it seems to be doing pretty well. The trade is floating in 24 pips profit. Therefore, I would advise traders to move their stops at breakeven points to avoid any potential reversal.

Bitcoin – Active Signal
The BTC/USD jumped dramatically on Monday to place high of $7,790 but reversed before meeting our take profit level of $9,900. For the moment, the BTC/USD has completed 78.6% retracement at $6,620 and the pair is still holding above it. Good thing is, the pair is still trading above 20 & 50 periods EMA which is signaling a bullish bias of traders.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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