Forex Signals Brief for Jan 17: Eurozone CPI in Focus

Forex markets continue to absorb a whole host of news from across the globe.

At the moment, investors are dealing with a US Government Shutdown, the US-China Trade Wars, a failed Brexit deal, a no-confidence vote in the UK PM, US earnings season, more Chinese stimulus and that’s just the main ones.

The levels of uncertainty are at an all-time high, or at least the most we’ve seen for a number of years.

Today, we get a look at Eurozone CPI. It wasn’t all that long ago that the Eurozone really did have a crisis of its own and ever since has been trying to rebuild. CPI is a good measure of that, so the ECB will be wanting to see a strong number here, ahead of any type of change to their dovish monetary policy.

Forex Signal Update

The FX Leaders Team finished two and three with a few more signals yet to be closed out.

[[Oil]] – UK Oil is still holding the $60 level and we are waiting for the next key move before entering a position here.

Gold – Active Signal

Gold is really starting to coil under the $1300 level. This is often a very bullish sign, so let’s hope not for the sake of our short signal.

EUR/USD– Active Signal

The EUR/USD has so far really held the 1.1500 well on a longer timeframe. Price has since sold off and dropped below 1.1400 and we are short and looking for more follow through.

Cryptocurrency Update

Bitcoin is still testing $3,600 and is still bearish. Across the board the cryptocurrencies have weakened after a failed bounce two days ago.

The fact that we are accumulating at this level is a further bearish sign and I expect a push lower in the coming days.