Forex Signals Brief for Sep 8: US Markets to Set the Tone - Forex News by FX Leaders
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Forex Signals Brief for Sep 8: US Markets to Set the Tone

Posted Tuesday, September 8, 2020 by
Rowan Crosby • 1 min read

US Market Wrap

Markets were basically closed in the US and Canada on Monday and as such there wasn’t much movement in the markets that were open.

Europe managed to push higher, but it was on light volume. There was a bit of new around from US President Trump who threatened to ‘decouple’ from China while we are also hearing threats of bans on Chinese cotton.

The Data Agenda

While traders will be back at their desks today, the data is quite thin.

For the most part, the main release will likely be impacting the EUR/USD with both Eurozone GDP and also the German trade balance. However, both are not major market movers.

The thing to watch for today is how US equities and the Greenback respond. If you recall, risk assets had been selling off sharply into the end of last week, despite a strong US jobs report.

Forex Signal Update

The FX Leaders Team hit 2 winners from 3 trades yesterday, as markets were generally quite subdued.

Make sure you follow our live signals as the week ahead looks like it could be a big one if US equities start selling off again.

 

EUR/JPY – Active Signal 

The EUR/JPY still working its way up this trendline and we are long looking for a bounce.

EUR/JPY
EUR/JPY – 240min.

 

USD/CAD – Active Signal 

The USD/CAD is still grinding its way lower and has been a great technical trade for a while now. We are short, looking for another push lower.

USD/CAD
USD/CAD – 240min.

 

Cryptocurrency Update

The selling has slowed down for the time being and BTC has managed to find some support at the $10,000 level.

The charts are looking pretty similar across the board in the crypto space so we will wait and get an indicator on sentiment from US equities today and go from there.

BTC
BTC – 240min.
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