Forex Signals Brief for Feb 27: Powell’s Back Again

US Federal Reserve Chairman Powell will return to Capitol Hill today to continue his testimony before Congress.

The key point we saw yesterday was that the Fed Boss reaffirmed the ‘patient approach’ they are taking on interest rate rises, which will be sure to please investors for the time being.

We also heard from UK PM May, who agreed to allow Parliament to delay the UK’s exit from the EU, meaning that there is a very good chance the exit won’t happen on schedule.

Data is a little thin today, with the key announcements from Canada with CPI coming out in the US session.

Forex Signal Update

The FX Leaders Team finished with 2 winning trades out of 3 trades in what was a strong performance.

USD/JPY – Active Signal

The USD/JPY has been drifting higher along with a mostly positive USD. The weakness that we’ve seen recently has given us an opportunity for a long position, so we are looking for further upside here.

SPX – Active Signal

The SPX has rebounded more than 20% from its December lows and we are starting to look stretched. The pullback here from 2800 looks a good entry point for a possible test of this level once again.

Cryptocurrency Update

Bitcoin is still holding below the $4,000 level, after the failed break out that we saw recently.

Price is back beneath $3,800, which is effectively where we started.