Forex Signals Brief for Dec 23: Markets Remain Bullish

US Market Wrap

As the trading year draws to a close, the bull market appears to show no signs of slowing down.

On Friday, the week closed out with yet another strong gain from US equity markets, with the sentiment around the trade deal between the US and China now very positive.

Things have gotten to the point that markets are taking this as a done deal and even the trade representatives expect to sign something significant in January. Which comes on the back of a phase one deal we’ve already heard about.

As such, the SPX and the other major indices are making record highs and that shows no sign of slowing down as we look to close out the year.

Today’s Agenda

While markets are technically open this week, there will be many traders around the world that would have stepped away for the holidays.

As such, we should expect lower volumes and limited ranges. Markets close early tomorrow and will be shut on Christmas day.

There are some top-tier data releases that are due for release today including core durable orders out of the US and then we get Canadian GDP, which will impact the USD/CAD.

Given the current conditions, look for breakouts not to hold and ranges to be tight.

Forex Signal Update

The FX Leaders Team finished with five wins from seven signals last week for a 71% strike rate.

NZD/USD – Active Signal

The NZD/USD remains very bullish but hasn’t really made much progress breaking through the 0.6600 level. We remain long waiting for the break to come.

Gold – Active Signal

GOLD remains relatively range-bound of recent times, but there is a hint of positivity. It looks like the 1480 level has some selling. If that drops, I would expect a big break higher.

Cryptocurrency Update

BTC continues to look bullish in the short term and ever since breaking back above the $7,000 level there has been some buying.

Now whether that is simply covering or real buying is the real question.

Around the $7,500 level, I did expect to see selling and price has broken through that so far. That said I remain bearish but volumes are low and we could see a few false breaks in either direction this week.