Forex Signals Brief for Jan 23: Trade Worries Resurface
Rowan Crosby • 1 min read
Markets had a bit of a wobbly start to the week to date as the return of US traders was shaken up by some more headlines on trade and growth.
The IMF released a report suggesting that the pace of global growth is struggling and that is only adding to the ongoing concerns in places such as Europe and China.
Meanwhile, a UK report came out saying that the US and China aren’t making any real progress on their trade talks. While the report was later denied, we can’t help but think there are certainly some roadblocks.
Today is relatively quiet on the data front with the main release being Canadian retail sales out later today.
Forex Signal Update
The FX Leaders Team finished the day two and two and are slowly building into some new positions today.
[[Oil]] – UK Oil is still holding the $60 level however, we saw some sharp declines yesterday. Keep watching for weakness if this level drops.
Gold – Active Signal
Gold has held the 1300 level strongly so far, however, our recent short signal just got chopped out. We are back in for another go and hopefully, the risk-off sentiment of yesterday dies down.
EUR/CHF – Active Signal
The EUR/CHF has bounced nicely off support at 1.1200 and the short-term trend is up. We have a big ECB meeting this week, but hopefully, we will be out of this position by then.
Bitcoin remains under $3,600 and hasn’t managed to crack just yet. There was a second failed spike, this time to $3,400, however once again we have recovered.
The volatility compression is here at the moment and I expect a big run in either direction when this range can finally break.