Forex Signals Brief for Dec 21: Will US Stimulus Boost Markets?
Markets could be looking at a positive start to the trading week as US lawmakers appear close to putting through a stimulus package.
US Market Wrap
Markets could be looking at a positive start to the trading week as US lawmakers appear close to putting through a stimulus package.
The much-debated, $900 billion package, could be rolled out before the month ends but is yet to be officially signed.
The risk trade waivered to end the week after doubt was high that any form of stimulus would be forthcoming, so this could be a pleasant surprise early in the week.
The Data Agenda
With the Christmas-shortened trading week ahead, the economic calendar is looking decidedly thin as we might expect.
The only real major data point of note will this week be jobless claims, which have seen a bit of a jump in recent times. While we will also get an updated GDP figure from the US as well.
Meanwhile, in Europe, Brexit is getting closer as many countries face the prospect of being locked down across the continent for Christmas. Despite the fact that there are no increases in deaths, Londoner’s face the prospect of being arrested if they try to flee.
Forex Signal Update
The FX Leaders Team hit 9 winners from 17 for a 53% strike rate in what was a solid performance from the guys. We have three open signals so look to the forex signals page for all the latest developments.
LTC – Active Signal
LTC has pushed through the $110 level and that has now become key support. We remain long and are targeting a move into the $140 region.
NZD/USD – Active Signal
The NZD/USD has opened the week lower but is still above the 0.7100 level. This could be a good level to be buying as it is strong support. We remain long.
Cryptocurrency Update
BTC looks to me like it is setting up nicely for a run at the $24,000 level.
As it tends to do quite a lot, Bitcoin is making an ascending triangle pattern, which features a series of higher lows. This is a sign of accumulation and buying and generally leads to an up move.
There was also some talk recently around Elon Musk, getting heavily involved in the crypto-space, which is something the bulls will likely latch onto.
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