Markets have seen a fair few headlines hit the wires already this week, but as yet we haven’t had too many big moves.

That’s been particularly true in the case of the USD, which continues to tread water, really since falling from the highs in early September.

Again the calendar will be on the thin side today, with only new homes sales data to really shake things up. However, it will be worth listening to a couple of FOMC speakers that could give some mixed opinions on the state of monetary policy in the US.

Of course, the FOMC cut rates at their last meeting, but we are hearing different things from the members. Some were calling for a 50bp cut, while some didn’t want to cut at all. And if you recall, the overarching takeaway from the meeting was that it was a ‘hawkish cut’ at best.

Today we will hear from both Brainard and George, then Kaplan later, so it will be interesting to see if they are all back towing the company line or not. If they are speaking freely, then we could see a response from the USD.

Also keep an eye out for Crude Oil inventories later today in what has been a busy WTI market lately.

Forex Signal Update

The FX Leaders Team finished with two signals in the red yesterday, in what was a quiet session.

Gold – Pending Signal

GOLD is still very much in bullish territory and the fact that it is hold two key support levels is a positive sign for the gold bugs out there. While price is above $1525, we are biased to the long side.

EUR/USD – Active Signal

Our EUR/USD signal remains open and so far the longer-term downtrend is in-tact. While we are below the 1.1050 level, price is still bearish and we are looking for a further sell-off here.

Cryptocurrency Update

It has taken a week or so, but finally BTC has broken through the $9,500 region and dumped quite hard into $8,000.

This is the move we have been looking for and we can now have a clear short bias below that level. The move has been technical analysis 101, as the ever-tightening triangle pattern had to break out at some stage.

And as we have been saying, the play is now to go with it. If you missed the break at $9,500, then I would be looking for another opportunity to short under the $9,000 level, hoping for a bit more downside to come.