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Forex Signals Brief for Sep 23: Manufacturing and Services PMI in Play!

Posted Wednesday, September 23, 2020 by
Arslan Butt • 2 min read

US Market Wrap

Trading in the greenback was sharply bullish, as the market risk-on sentiment, supported by Fed Chair Jerome Powell’s measured comments and upbeat US data, undermined the safe-haven Japanese yen, and contributed to the gains in the currency pair. In the meantime, the risk-on market sentiment was further bolstered by the optimism over the coronavirus (COVID-19) aid package, which helped the currency pair to put in bids.

The Data Agenda

On the news front, all eyes will remain on the Manufacturing PMI and Services PMI figures from the Eurozone, the UK, and the United States. Almost all economic figures are expected to perform better than in previous months, perhaps due to lifting of lockdowns. Price action will depend upon any surprising changes in the PMI figures.

For all the newbies, the PMI is a leading indicator of economic health – businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company’s view of the economy.

Forex Signal Update

The FX Leaders Team hit two winners from two trades, despite a lack of volatility in the market.

EUR/USD –  Signal Pending

Trading in the EUR/USD has been bullish. It surged to the triple top resistance level of 1.1869; above this, the pair may go after a strong resistance area at the 1.1902 level.

Gold – Live Signal 

Trading in gold continues to be sharply bearish, at 1,890. It has violated the triple bottom support level of 1,903. On the lower side, gold may drop further, until the next support levels of 1,877 and 1,862. meanwhile, resistance remains at 1,903 and 1,919. The bearish bias is still dominant today.

Cryptocurrency Update

BTC has been knocking on the door of the $ 10,992 level, but as yet, it has not really looked like challenging it in any meaningful way. We saw some slight moves on Wednesday, during the Asian session, but the symmetric triangle pattern is still keeping it under pressure. A bullish breakout at the 10,992 level could extend the buying trend until the 11,160 level today.

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