Forex Signals Brief for Oct 24: Mario Draghi’s Finale
Rowan Crosby • 2 min read
There have always been mixed reviews on Mario Draghi. Some believe he saved the Euro, while other’s have felt that his programs have been a failure.
Either way, when the door closes on his final meeting of the ECB, his role might be over, but the job is still far from done.
With inflation continuing to languish, there is not much to write home about in Europe just yet. And given the fact that Draghi has recently decided to ramp back up the bond-buying, there are still a fair few question marks surrounding his legacy.
We aren’t really expecting much to come from today’s meeting of the ECB. With perhaps only a strong emotional plea to back his new program.
The EUR/USD has been strong in the month of October and ironically, Draghi probably wants to see it as weak as possible.
Forex Signal Update
The FX Leaders Team had a strong session with 3 wins from 3 signals, as we continue to build a solid week.
AUD/USD – Active Signal
The AUD/USD signal hit our take profit yesterday and we are back in another short position today. The thesis really does remain the same and we are short looking for a break down of support at 0.6950.
EUR/USD – Active Signal
The EUR/USD signal we have been riding has pulled back nicely to breakeven. I am not expecting fireworks today at the ECB, but we do need to keep this one on watch regardless.
BTC has finally broken down and smashed through the bottom of the range at $7,800.
The fundamental catalyst that we were needing eventually did come as Mark Zuckerberg, speaking to the US House of Representatives Financial Services Committee, cast a fair bit of doubt around the future of Libra.
Now that support has broken, we will be looking for more opportunities to get short hoping for more downside to come.