Forex Signals Brief for Oct 11: Trade Headlines Still Dominating
Rowan Crosby • 2 min read
As we move towards the end of the week, it has again been the trade headlines that have been dominating the narrative over the past few sessions.
On Friday, President Trump is scheduled to meet with Chinese Vice Premier Liu He at the White House and reports to date have been positive on the developments so far.
That said, we have heard this story before, ahead of break downs in talks which have sent markets tumbling. Trump himself said, “We had a very, very good negotiation.” Which is a good sign, but we do need to take a cautious approach.
In terms of key data out today, the European session will again be quiet, with Germany CPI worth watching for EUR/USD traders.
While later in the US timezone, keep a lookout for Canadian employment, with the USD/CAD clearly in focus on what stands to be a big release.
Forex Signal Update
The FX Leaders Team had a solid session with 2 wins from 4 signals as we continue to build a good week.
USD/CAD – Active Signal
The USD/CAD is in for a big Friday, with the previously mentioned jobs data due out. In truth, we have seen range bound action for a while now and we are long above key support.
Oil – Pending Signal
WTI has started to look a little bullish as we can see on the chart. Price is consolidating and a break above $54 could see some upside here.
BTC has been in a consolidation pattern over the last 24 hours after breaking higher out of its tight range.
The $8,500 level is now looking like it is holding and remember, that the longer price holds above it the better.
It really does look like we are getting set for another mini push higher. I am still bearish and will be looking for an opportunity to re-short here when the price action dictates. At the moment, the bulls seem to be bidding it up for now.