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.
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.