Forex Signals Brief for Oct 21: The Stimulus Games Keep Going
Rowan Crosby • 2 min read
US Market Wrap
US markets opened the day higher, before ultimately giving up some of those gains.
Once again it was the talk around stimulus that stoked sentiment early on, before once again falling away. The sentiment shifts were clear in the USD as well, while the other risk-on forex pairs also followed suit.
Data has been thin all week and that is not likely to change, so we will be at the mercy of US politics for the rest of this week.
The Data Agenda
Early on today we will be looking to the UK to get the latest CPI data. The GBP/USD is expecting to see a modest increase back to 0.5%.
There is little on offer for the EUR/USD although we do hear from the ECBs Lagarde, however, she has been appearing a lot recently and there is little new information coming out.
In Canada, we get the latest retail sales data and the USD/CAD could be buoyed by a sharp rebound as we’ve seen in other countries coming out of COVID.
While later in the US session, we get the weekly WTI crude oil inventory data.
Forex Signal Update
The FX Leaders Team hit 1 winner from 2 trade yesterdays, in what was a quiet session for the guys.
Make sure you follow our live signals as we will see some moves if a deal gets put together of any kind and you will need to be ready and waiting.
EUR/CHF – Active Signal
The EUR/CHF is holding under key resistance for the time being and we’re short here looking for that to hold.
AUD/USD – Active Signal
BTC continued its push higher yesterday and as we thought it might and tagged the $12,000 mark.
Bitcoin has been really following these technical patterns perfectly over the past week or two. With that in mind, we now look to see how price responds around this level. A break higher and hold, will lead to more upside. Or a failure to hold above could see price revert back to where it came.