Forex Signals Brief for Jan 17: Eurozone CPI in Focus
Rowan Crosby • 2 min read
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.
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.