Forex Signals Brief for Dec 21: GDP in Focus as Markets Slide
Rowan Crosby • 2 min read
Today the focus of the session will really be on how the various GDP figures look against a backdrop of weakness across the globe.
The US, in particular, is worried about the rate of growth given the hawkish stance the FOMC have been taking in recent times.
That has translated into markets tumbling this week and there haven’t been many signs of buying just yet.
Today we get GDP data from the US, the UK and Canada and any hints of weakness will be surely met with more strong selling. Given this is the last major trading session for the week for many, we have the potential for some strong moves in either direction as investors position themselves for the holiday period.
Forex Signal Update
The FX Leaders Team have hit back hard on a massive scale, hitting eight straight winners and making the most of the increased levels of volatility.
Gold – Active Signal
Gold has seen another big push higher as price rallied into the 1265 region before selling back off. Risk-off is certainly still present. We’ve been scalping this one on the way up nicely as a hedge to this longer-term trade.
DAX – Pending Signal
The DAX like most equity markets continues to fall along with the US. We haven’t seen many green days, however, we are now sitting right on key support. If the level cracks look for more selling.
Bitcoin has bounced hard this week and is now back testing the $4,000 level.
The rally has been strong and price is up 25% this week, which is a huge move. That said this current level will provide the real test. I feel that we need a fundamental driver to really see this level hold and break higher
The next upside level of note is $4,400, where we topped out last time.