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Forex Signals Brief, Mar 14: Brexit Troubles Remain in Focus

Team FX Leaders impressively managed to grab two winning trades despite thin volatility and trading volume on Monday and Tuesday. The winners came from WTI crude oil and the commodity currency USD/CAD, helping us closing the day in green. The wait is over now as the economic calendar is due to release FOMC and Fed monetary policy later today.

We are going to analyze and elaborate the scenarios in our economic events outlook update, but before moving there let’s take a quick look at the existing trading signals.

Yesterday, there was very limited movement in the market as majority of the traders awaiting the Fed monetary policy outcome. Although the US Central Bank, Federal Reserve, is widely expected to keep the interest rates on hold, the event carries a massive influence on the forex market.

Forex Signal Update

The FX Leaders Team finished with two winners from two trades and it’s a good achievement considering the very concise movements in the market.

EUR/USD – Active Signal

We are keeping our EUR/USD trading signal as the price has been consolidating in narrow ranges. It’s almost the third time that the market missed our take profit by 6/7 pips.

For now, the direct currency pair can find support around $1.1340. The violation of this level can extend a bearish trend towards $1.1325 which isn’t good for our signal.

EUR/USD – 240min.

USD/JPY – Active Signal

Our position in the USD/JPY is doing pretty well as it’s floating in profit now. The violation of 111.450 resistance is a big deal and it’s in favor of our trading signal. We are going to hold it till the take profit level of 111.74.

USD/JPY – 240min.

Cryptocurrency Update

Bitcoin BTC/USD has firmly planted itself below $4,000 region as investors aren’t finding any appeal to break above the psychological level. Besides this, the cryptocurrency is likely to face resistance around $4,200, which may prove to be a difficult price level to break above.

So, we can say that the BTC/USD is trapped between $3,800 and the $4,000 trading range and there has been little movement in the last 24 hours. FX Leaders Team is holding short and looking for more downside momentum.

BTC.USD– 240min.
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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