It has been a busy start to the trading day this morning and it looks like we have one last big headline number in US retail sales to round out the week.

This morning the Chinese economy was in focus once again as they published some less than impressive Industrial Production numbers. Chinese officials have come out and have tried to talk things up, but it does appear there are a few cracks starting to appear.

The theme all week has been around the US and China and how the two countries are working on a deal. For the time being it does appear that the trade wars are slowing things down and possibly hurting sentiment.

The USD has been relatively quiet this week and we get retail sales data which is certainly a market mover. Investors in equities will also be hoping for a strong end to the week as support has been holding up so far in US stocks.

Forex Signal Update

The FX Leaders Team finished with the one winner in gold in another quiet day for us.

EUR/GBP – The EUR/GBP is still testing the 0.9000 level and we need to get an idea on direction here. Both the GBP and EUR have been active this week.

Gold – Active Signal

Gold was a winner for us in the short-term yesterday and now the long term signal is coming back to test key support at 1240. The commodities have been weak and this is a big test for our signal. If it breaks it could run nicely.

AUD/USD – Active Signal

The AUD/USD has ripped though the 0.7200 level and is making fresh lows on the back of some weak Chinese data. Given the mood around at the moment, there might be some more follow through, but either way our signal has rocketed into a profit.

Cryptocurrency Update

The moment we have been waiting for all week is here, as Bitcoin is currently testing the lows at $3,200.

I’m waiting on a flush to $3,000 and if we see some volume step up here there could be trouble. I will be watching closely as we head into the European and US sessions as the big players get ready to make this move stick.

If buyers hold us up here and we can crack $3,500 there might be hope of a short-term bottom.