Forex Signals Brief for Sep 27: Will Trump’s Impeachment Derail Markets?
Rowan Crosby • 2 min read
As ever there is more uncertainty in world markets and once again it is Donald Trump that is at the forefront.
The saga this week has surrounded a phone call the US President made to the Ukrainian President, where the reports suggest Trump urged him to do him a ‘favour.’ The experts are arguing that to the letter of the law, this constitutes an impeachable offence.
But we hear so much noise around the US President on a daily basis, that as yet markets haven’t had a huge response.
Of course, if Trump is in trouble that casts doubts over things like the Chinese tariffs, so it is a difficult area to navigate.
Nevertheless, as we head into the weekend, it will be interesting to see if markets such as the SPX can continue to hold up.
The data is a little thin otherwise, with Core Durable Orders during the US session, the only real top-tier event of note today.
Forex Signal Update
The FX Leaders Team finished with 1 win from 2 signals in a quiet session for the guys.
USD/CAD – Active Signal
The USD/CAD signal is still range bound, but still inching its way to the 1.3300 level. We are closing in on our TP and hopefully this one will hit today.
EUR/GBP – Active Signal
Our EUR/GBP signal held on by the skin of its teeth and is now fighting its way back. It is currently around the break even mark which is a good sign for us as it is always tricky trying to predict the depth of a pullback.
BITCOIN weakness has continued in the last 24 hours and sure enough we saw a test of the $8,000 level and another break.
As expected the break wasn’t clean and price has since retraced. We see this type of price action quite a bit.
So while our bias is still to the short side, price will need to hold under $8,000 before we can look for a re-entry here.