Forex Signals Brief for Jan 20: Inauguration Day
Rowan Crosby • 2 min read
US markets continue to push higher this week as we finally reach the all-important crossroad which is Inauguration Day.
This is the day I’ve earmarked for some time and hopefully what exactly is going on in Washington DC will come to light.
In terms of where the markets sit, the SPX keeps on grinding higher and the US Dollar has backed off a little bit from the recent highs. Others such as GOLD are treading water, while BTC has been volatile but remains within a triangle formation.
I’m still looking to hear more about voter fraud after I mentioned yesterday that Director of National Intelligence John Ratcliffe, put out a report saying China sought to interfere with the 2020 US Election.
This will be a very interesting day for all involved.
The Data Agenda
There is some data around today with CPI in the UK and Europe the main things to watch for early on.
We also have the BOC ahead today, however, we shouldn’t expect any changes to policy at this stage. The outlook will be of interest though.
Forex Signal Update
The FX Leaders Team finished with 2 wins from 3 trades as markets were relatively bullish yesterday.
EUR/GBP – Active Signal
The EUR/GBP hasn’t moved all that far in the past few session but is still setting up in a very bearish pattern. We remain short.
Gold – Pending Signal
GOLD has been somewhat volatile lately and bearish. However, the buyers keep stepping up on dips. We are looking for a long signal here.
BTC tried to push higher yesterday, but quickly retreated. Technically it looks like price wants to test that $35,000 level, but otherwise, the longer-term charts look bullish.
I’m currently looking for a breakout in either direction of this triangle formation and that could see a nice move.