US Market Wrap

Markets managed to push higher to end the trading week in the US, however, the commodity currencies once again bore the brunt of the selling pressure.

The SPX and NASDAQ both rose and again it is the tech names that are leading the charge. However, when we look at the charts we can see that the trend has started to turn and price is still soft.

In the forex space, it was again the likes of the AUD/USD that has been selling off sharply this past week. We saw price fall to 0.7000 and things are looking weak, while the USD/CAD makes its way back towards 1.3500.

The Data Agenda

The week ahead does look to be a busy and complex one with the main focus again the US non-farm payroll number.

This time around, we are all expecting to see an increase of 920,000 new jobs created in September, while the unemployment rate should continue to fall to 8.2%.

At the same time, the US election will also fall into focus with the first Presidential Debate between US President Donald Trump and former Vice-President Joe Biden. The outcome of which could move markets in either direction.

There are also likely to be some political headlines flowing from Europe as they continue to battle with the UK over the latest Brexit moves.

Early in the week, Chinese PMI data will be important, before the focus on US jobs takes over with the ADP report and also jobless claims.

Forex Signal Update

The FX Leaders Team hit 15 winners from 20 trades for a 75% strike rate as the guys put together an outstanding week of results.

Make sure you follow our live signals as we could see some action this week ahead of some big data points and plenty of political undertones.

USD/CHF – Active Signal 

The USD/CHF has been grinding sideways since August, but this week broke out of that range. We are still biased to the short side here and expect this one to fall back into that range.

Gold – Pending Signal 

GOLD has dropped cleanly under the all-important $1900 level and we are looking to short a pullback underneath that point.

Cryptocurrency Update

There wasn’t much action in BTC to end the week, but looking at a short-term chart we can see that price is coiling and that is usually a sign of buying.

That tells me that price could test the $11,000 level in the coming days and price has opened the week strong so far.