Investors are Nervous

Forex Signals Brief for Oct 22: Markets Are Still Confused

Posted Thursday, October 22, 2020 by
Rowan Crosby • 2 min read

US Market Wrap

US markets and the Greenback are still in a state of confusion as little progress is happening around the stimulus measures.

As such, equities declined, despite some strong earnings results from tech heavyweights, while the USD was surprisingly soft as well.

At the moment, it appears we are all waiting for direction and any hint of a deal getting pushed through one way or another. It’s not too dissimilar in Europe as the back and forth of Brexit talks are proceeding at the same slow pace.

The Data Agenda

It has been a week that has been thin on data to say the least and finally, we have some interesting releases to look at.

That said, it is only the weekly jobless claims data, but it has been a key indicator of the state of the US economy this year, given everything that has been going on.

Today, we are expecting the number of claims to remain around the 860K level, which is still not great. That said continuing claims are falling away ever so slowing but could now be under 10 million which is half of what they were previously.

We also have data on existing home sales from the US. Earlier on Governor Bailey from the BOE will be speaking, so that will be worth watching for GBP/USD traders. 

 

Forex Signal Update

The FX Leaders Team hit 2 winners from 6 trade yesterday, in what was a choppy session for the guys to deal with.

 

EUR/CHF – Active Signal 

The EUR/CHF has popped above that resistance level, but not by much. We remain short here for the time being.

EUR/CHF
EUR/CHF – 240min.

 

USD/CAD – Active Signal 

The USD/CAD has been trending lower recently as we can see, and we are now short looking for this trendline to hold.

USD/CAD
USD/CAD – 240min.

 

Cryptocurrency Update

BTC has broken higher thanks to a big announcement from Paypal and has charged all the way to $13,000.

We’ve been suggesting the price action has been bullish for a few sessions now and clearly this was why. We now look to that key resistance level for more buying to come through if it holds.

BTC
BTC – 240min.
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