Forex Signals Brief for Jan 24: ECB in Focus
It’s that time of the month again when our attention turns back to the ECB to see if there are to be any changes to the current monetary policy.
The ever-dovish ECB President Mario Draghi has made his agenda clear in recent years, with little likely to sway him to raise rates in a hurry. At this meeting, we will again be unlikely to see any real changes.
The big question on all investors minds at the moment, though is when that first indication that a change might come. There is speculation that it will be in March, but regardless it appears unlikely that any meaningful interest rate hikes will likely happen this year.
This all makes for a fascinating press conference with Mario Draghi and any surprise to the market will likely see big moves in the otherwise range bound EUR/USD.
Forex Signal Update
The FX Leaders Team finished the day three and one in what was a good one for the boys.
[[Oil]] – UK Oil has seen a test of $60 level and this is now on a knife’s edge. Look for sellers to come if the level drops.
Gold – Pending Signal
With Gold below 1300, sure enough our short signal finished in a profit. Look for another opportunity on any quick bounces.
AUD/USD – Active Signal
Despite a lift in the jobs number the AUD/USD really couldn’t rally and we are now seeing sellers coming in. Weakness in China isn’t helping Asian markets today.
Cryptocurrency Update
Bitcoin remains under $3,600 and there have been little new developments in the last 24 hours.
While we are range bound, the best opportunities might be to position yourself for a break in either direction based on the volatility contraction. I am still bearish given the longer-term downtrend.
ABOUT THE AUTHOR
See More
Sidebar rates
Add 3442
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals