Forex Signals Brief for Oct 23: More Worries For Boris
Rowan Crosby • 2 min read
It’s another day and there is another battle lost for a current UK PM. This time around it was Boris Johnson, who has lost his second battle in a number of days.
Of course, Johnson predecessor, Theresa May ultimately fell on her sword as she tried unsuccessfully to make headway in a deal with the EU that could also please the UK parliament.
Johnson had been trying to force an exit by October 31, but MP’s didn’t ultimately agree on this course of action.
As such, the GBP/USD has taken some heat and has fallen away sharply from the 1.3000 level. That is a line in the sand now as any real progress will likely see a break out of that point.
Johnson ultimately vowed, “one way or another, we will leave the European Union with this deal”. Whether or not he can deliver will now remain to be seen.
Today the economic calaner is very thin. The main data point of note won’t come until late in the US morning, with WTI crude oil inventories.
Forex Signal Update
The FX Leaders Team had a strong session with 2 wins from 2 signals, with 2 more winners coming this morning in early Asian trade.
AUD/USD – Active Signal
The AUD/USD signal is starting to look very good here. This was a strong trade thesis and so far the overhead resistance and the fact that the good news is ‘priced in’ has worked well.
EUR/USD – Active Signal
The EUR/USD has pulled back a touch but is still keeping with the trend we’ve see so far. As long as we have enough wiggle room here, we would hope the uptrend can return.
BTC has done very little in the last 24-hours as we remain in the period of low volatility that I spoke about yesterday.
That said, price has pulled back to the $8,000 level, and so far it is holding that point. So far, this is really a bit of a point that price continues to rotate around. So there is an option to fade any moves away from that level.
A good trade at the moment is between $8,500-600 resistance and $7,800 as support.
When the break comes, we want to really go with it as that is the type of price action we have been seeing of recent months.