Forex Signals Brief for Dec 30: Markets To Wait on FOMC
Rowan Crosby • 2 min read
US Market Wrap
Markets are expected to remain quiet this week as most traders and investors will be continuing to enjoy the holiday break.
The SPX kept marching on its merry way last week, however, light volumes saw the NASDAQ finally break its run of record highs.
While markets will be a little light on, there is still some attention this week on the FOMC minutes that will be due for release on Friday. That meeting saw the Fed hold rates steady and some more insight into their thinking will be welcomed.
For the most part, it looks like markets are remaining bullish to close out the year.
There is a little bit of data around today, that might be enough to get some small moves.
In Europe, we get German retail sales which will impact the EUR/USD, while we also get Spanish CPI.
In the US session, there is pending homes sales data but otherwise, all the attention is on the overall market sentiment, which as mentioned is strong at the moment.
Forex Signal Update
The FX Leaders Team finished with 6 wins from 7 signals for a great performance over a quiet period last week.
USD/JPY – Active Signal
The USD/JPY continues to rotate around the 109.50 level which has been important. We are long here, looking for it to push a little higher.
EUR/JPY – Pending Signal
The EUR/JPY remains bullish since breaking above key resistance and has once again bounced. We are hunting a long signal based on the price action.
BTC has remained relatively quiet over the last week or so and hasn’t seen much volatility nor volume.
It appears that the sellers are still present, particularly around the $7,600 level.
While on the flip side, there is obviously some buying interest under $7,000 level. So that is the range for now and we wait and see which side takes control. My money remains on the bear’s side.