Forex Signals Brief for Sep 17: Will Markets Bounce Back?
Rowan Crosby • 1 min read
Markets started the week on shaky ground after yesterday’s news of the attack on Saudi oil infrastructure.
The news sent WTI roaring higher in what was one of the biggest daily gains in decades. Overall, markets did close out the session relatively strongly, suggesting it is far from panic stations.
Despite the implications that Iran was behind the attacks, there seems little support for another US led war.
As such, GOLD finished up back around $1500 in an interesting move, while stocks were only marginally lower on the day.
Today, the key data point out of Europe will be ZEW Economic Sentiment. Given the dovish turn by the ECB, this will be an interesting reading and could help to pressure the already soft EUR/USD.
Forex Signal Update
The FX Leaders Team finished with 3 wins from 6 signals, with a couple of winners in WTI.
Gold – Pending Signal
The GOLD trade continues to be an interesting one, given that we saw a bit of a retrace yesterday after the Saudi news hit. Price is back around $1500 at the moment. We are looking for long positions above that point.
AUD/USD – Active Signal
The AUD/USD has fallen away thanks to a dovish update from the RBA in their minutes this morning. There is the suggestion, we could see some easing, although they were just comments.
The range in BTC is narrowing by the day and as the clamps continue to tighten the chances of a breakout remain high.
Price is still above the $10,000 support level and we are now starting to see good resistance at $10,400 as well.
However, the real test remains at the $11,000 level. Again, we are simply forced to wait and go with the break as we have been for the last couple of sessions.