Forex Signals Brief for Dec 24: Markets Finishing the Year on a High

US Market Wrap

Markets are coming into what is the last day of the year for many with strong sentiment and plenty of buyers.

The SPX once again continued to reset its record highs and will again be the trade to watch.

There was some mixed data yesterday, with core durable orders looking a bit soft while new home sales also missed the mark. But both data points couldn’t dent the sentiment, that has been overwhelmingly positive in the final stage of the year.

Today’s Agenda

We should expect a mixed session today, with a number of key markets set to be closed, while others have only half sessions.

For that reason, data will be thin once again, but it might be worth looking out for the API inventories number later on. Despite the fact that WTI will not be doing much.

Otherwise, all the focus will be on how high the equity market can finish, as many traders won’t be back at their desks until January, so it is considered the end of the year for many.

Have a great holiday period, from everyone at FX Leaders.

Forex Signal Update

The FX Leaders Team finished with 2 wins from 2 signals for a great start to the quiet week.

AUD/USD – Active Signal

The AUD/USD has been bullish since the release of a better than expected jobs number. Now that price is above the 0.6900 level, we are bullish looking for a test of resistance here.

Gold – Active Signal

GOLD remains bullish and fresh on the back of a nice win yesterday, we are long again, looking for another leg higher here.

Cryptocurrency Update

As we suspected it might, BTC managed to push higher, before the sellers came back in and whacked it back down to earth.

Given the light volumes at the moment, I feel it won’t be an easy trade over the next few weeks. There is a good chance of levels getting run on small volumes.

That said, we now have a level to key off and any failed move higher could be our next spot for a short position, ahead of another test of the $7,000 level.