Forex Signals Brief for Apr 18: German Data in Focus
Rowan Crosby • 2 min read
As we head into the Easter holiday period, there are a number of key data points that will likely set the tone for trade on Thursday.
The biggest being German Manufacturing PMI, which many are starting to get concerned about along with the entire German economy. Clearly, the EUR/USD will be under some pressure if this number disappoints.
We will also get a look at German PPI and Eurozone PMI, which makes it a busy session for the Euro and DAX. While out of the UK, we get Retail Sales.
In the US it is also Retail Sales, which are likely to help paint the picture as to the real health of the economy at the moment.
Remember, tomorrow is Good Friday and most markets will be seeing limited action. While on Monday, the US will be open, while Australia and the UK and parts of Europe will also be away from the trading desk.
Forex Signal Update
The FX Leaders Team closed out three signals for three wins in a solid session for the guys.
Oil – Pending Signal
WTI has been working up and down in the range between $63 and $64.50. The lower support is a potential good long trade here as the trend is up and we know that commodities generally trend very strongly
GBP/JPY – Active Signal
The GBP/JPY has ticked under the 146.00 support level so that is putting some downside pressure on our signal. We will need a bounce and the buyers to step up for this one to survive. There is also the UK data out today to be watching out for here.
Bitcoin had once again found some buying and is looking to push back into the highs and test the top of that range as we head into the end of the week.
The $5,000 level for BTC is the clear support at the moment, with $5,400 our potential breakout level.
Shain posted an interesting article earlier about the Bitcoin tax trade this time of year which is certainly something to make note of.