Forex Signals Brief for Jan 17: Markets Continue to Grind Higher
Rowan Crosby • 2 min read
US Market Wrap
Markets continued to do what they’ve been doing lately with equities finishing the day higher.
After the phase one deal was signed on Wednesday, the focus turned back to the fundamentals and overall data was strong.
While at the same time, earnings data is continuing to roll out, which will likely be the key driver of the SPX over the next few weeks.
There is likely to be a few small moves today on the back of a bit of top-tier data due for release.
The first one to watch for will be UK retail sales which will impact the GBP/USD. Next in line is Eurozone CPI, which is known to be sluggish of recent times. There are hopes of some improvement here so the EUR/USD will be worth trading on any beat.
As we turn back to the US timezone, there are building permit data as well as JOLT job openings, which will potentially continue to trend of strong data of recent times.
Forex Signal Update
The FX Leaders Team closed only the one signal yesterday, with the AUD/USD hitting our stop.
USD/CAD – Active Signal
The USD/CAD has been holding above 1.3000 and we are back in a long position here hoping to see some more upside.
Gold – Pending Signal
GOLD keeps holding below the recent swing high and safe-havens have been soft lately, so we keep looking for a possible short position.
The BTC rally appears to be gaining some momentum as price holds under the $9,000 resistance level.
One of the key developments has been the fact that price has reclaimed the 200-day SMA. This is often a line in the sand investors use to determine whether an asset is bullish or bearish and will likely bring in new buying here.
Again we should focus on the fact that price remains under key resistance, but a break of that level could lead to a short rally.