Forex Signals Brief for May 15: Markets Wobble into the Weekend - Forex News by FX Leaders
The USD is Busy

Forex Signals Brief for May 15: Markets Wobble into the Weekend

Posted Friday, May 15, 2020 by
Rowan Crosby • 2 min read

US Market Wrap

Markets might have closed the session in the green, but they certainly dipped into the red early on.

It was an up and down session, indicative of what we’ve been seeing of recent times. The SPX did close up 1.15% but really hasn’t been able to claw back any ground over the course of the week. Cleary the jury is still out on whether the ‘v-shaped’ recovery back is actually a possibility.

That’s likely the reason we are still seeing a strong bid in the USD and why GOLD continues to gain ground this week.

On the fundamental side of things, the US posted another shocker for weekly jobless claims, coming in at 2.9 million. With continuing claims sitting at 22.8 million, this was actually a little better than expected.

Keep watching continuing claims closely as there should be a correlation between that number falling and risk assets moving higher.

 

The Data Agenda

There’s quite a bit of data of importance today that will set the scene for the entire trading session.

Early on in the piece, we look to Germany with their GDP reading. Of course, this will be a soft number, but keep an eye on the response from the EUR/USD. There is also Eurozone GDP out along with some second-tier European data.

Then onto the US and we get an important number today, which is retail sales. Despite the panic buying early on, we are looking at some very poor numbers from retailers at the moment.

For April we are expecting a -12% slide which is a huge drop in demand and probably tells us all we need to know about how things are going. However, as the various states reopen, we should be hopeful of a sharp recovery.

 

Forex Signal Update

The FX Leaders Team had 3 winners from 4 signals over the last 24 hours as the guys put together a really solid session.

Make sure you follow our live signals as we look to close out the week strongly

 

Gold – Pending Signal

GOLD has broken out of the triangle pattern as we suspected it might.  For me, this is very bullish price action and we will look for opportunities to the long side for the time being.

Gold
Gold – 240min.

 

SPX – Watching

The SPX has been up and down all week and is really quite range bound at the moment. As mentioned previously, price will need to break out to give us a clue as to which side is in control.

SPX
SPX – 240min.

 

Cryptocurrency Update

BTC has been very bullish in the latter half of the week, really since the halving took place.

We saw price tag $10,000 but promptly fell away. Crypto-watchers from across the globe will be watching that closely to see if the bulls can take back the reigns after we’ve seen sellers hit that level hard on each attempt.

For the time being, look for signs of buying and accumulating below that level (higher lows), which would give an indication that the bulls are stepping up.

BTC
BTC – 240min.
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments