⚡ Easily Trade – Apple, Microsoft, Tesla and Google Stocks – Open a FREE Account Here

      
Opportunities for Traders

Forex Signals Brief for Dec 22: US Stimulus Can’t Help Markets

Posted Tuesday, December 22, 2020 by
Rowan Crosby • 2 min read

US Market Wrap

Markets dropped yesterday in a volatile session as the trading week opened to news of a massive US stimulus program.

However, as the details were released, it became clear there was plenty of ‘fat’ in the deal, while the average American really only stood to receive $600. Understandably the USD saw a big whipsaw and looks like it will continue to push lower.

Over in the UK, things aren’t much better, with PM Boris Johnson continuing his push to destroy the economy through countrywide lockdowns. The latest ‘reason’ for the lockdown is due to a new mutation of COVID that is 70% more contagious, despite experts arguing there is no way to quantify that estimate.

The Data Agenda

There is a little bit of data of note today, highlighted by both GDP updates from the UK and the US. Both data sets are improving, but of course, are coming off very low bases.

We will also get a look at US consumer confidence, which ironically is on the rise, while we also see existing home sales data.

 

Forex Signal Update

The FX Leaders Team finished with 1 win from 3 trades as risk assets were generally softer across the board.

 

LTC – Active Signal 

LTC continued to fall yesterday and came back as far as the $100 level. I wouldn’t like to see that level break as it would be bearish. We remain long.

LTC
LTC – 240min.

 

USD – Watching

The Greenback continues to be very weak, and dispute a bounce yesterday, it is looking like it wants to test the lows once again.

DXY
DXY – 240min.

 

Cryptocurrency Update

BTC looked like it was setting up for a test of the $24,000 level, but price just couldn’t do it.

The sector fell away and the triangle pattern broke down. That said, we are still in that area of consolidation so a test remains on the cards.

BTC
BTC – 240min.
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments