Forex Signals Brief for Feb 13: RBNZ Quakes the Asian Session
Arslan Butt • 2 min read
Markets have reacted sharply after the Reserve Bank of New Zealand kept the policy steady. The Official Cash Rate (OCR) remains at 1.75%. In fact, the policy states that RBNZ expects to keep the OCR at this level through 2019 and 2020. The direction of their next OCR move could be up or down.
The Greenback edged lower against its peers, as growing optimism of a breakthrough in US-China trade discussions pointed investors to put money into the Euro and Asian currencies.
Elsewhere, we have a series of inflation data from the UK and the US. Both nations are expecting a drop in inflation rates, perhaps over falling oil prices and global economic slowdown. We will discuss it shortly in our economic events briefing today.
Forex Signal Update
Comparatively, it’s been a rough day with only 1 winning signal in Crude Oil. while Nikkei and AUD/USD knocked us at stop loss.
Oil – Pending Signal
WTI crude oil managed to cross above $53 to hit our take profit. For now, team FX Leaders is looking to capture another buying trade in oil, as $53 seems to be a pretty strong support level. As such, this will be one to watch today as API is due to release the stockpiles data during the US session.
WTI Crude Oil – 240min.
AUD/USD – Active Signal
There is a consistent shift in the fundamentals, especially because of the US-China trade war, which is making the US dollar vulnerable. The AUD/USD signal is moving against us right now, but we are still in the game. The US inflation data can play a trick today.
AUD/USD – 240min.
Bitcoin hasn’t changed much as it continues to trade near $3,700 after running down to the $3,650 support level. BTC/USD is forming a descending triangle pattern which is extending support of around $3,650. Below this, Bitcoin can dip until $3,550.