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Trump in Focus

Forex Signals Brief for Oct 23: Markets Not Fussed About the Debate

Posted Friday, October 23, 2020 by
Rowan Crosby • 2 min read

US Market Wrap

US markets were mixed for another session, with politics still the cause for the confusion.

There was no real progress on any form of stimulus and even when we got around to the debate, it also deteriorated into a slanging match. As such it will be unlikely to move markets over the next few hours.

On a positive note, we did see a drop in the number of US jobless claims, with continuing claims also falling away, however, markets appear to be somewhat conflicted still.

The Data Agenda

While the US worries about politics, we’ll be focused on the host of European data that will be released. 

Both the GBP/USD and EUR/USD will be watching manufacturing PMI numbers, while there are also retail sales due out in the UK. While German Ifo Business Climate Index data will be one to make note of as well.

The US really only has some second-tier data as we wait and see how markets respond as we head to the weekend.


Forex Signal Update

The FX Leaders Team didn’t close any signals yesterday as markets were relatively mixed ahead of today’s debate and the team weren’t very active as a result. However, we have a number of open positions that are looking very healthy.


EUR/CHF – Active Signal 

The EUR/CHF has fallen away very nicely over the past 24 hours and our short signal is looking very strong as a result.

EUR/CHF – 240min.


USD/CAD – Active Signal 

The USD/CAD is holding this downtrend for another day and we remain short looking for a breakdown through key support.

USD/CAD – 240min.


Cryptocurrency Update

BTC surged higher yesterday as the news that PayPal will be adopting digital currencies sent price right up to $13,000.

However, since that point, the sellers have really been active and we’ve seen a second attempt and fail and a double top put in place. The battle is still on at this point in time, so we must wait and see who wins out. Longer-term, price action is bullish, but it might take some work to crack.

BTC – 240min.
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