Forex Signals Brief for Apr 28: FOMC Ahead
Rowan Crosby • 2 min read
US equity markets were quiet yesterday while cryptocurrencies were strong across the board.
The SPX closed marginally in the red, while the Greenback managed to push higher in what appears to be a short-term base ahead of the FOMC today.
The stronger USD put pressure on the commodities markets at an interesting time as we area headed towards the end of the month and some key futures delivery dates.
The Data Agenda
The FOMC will be the big focus of the session and the question isn’t really around interest rates, but rather if they might think about tapering.
The rate of money printing has reached absurd levels and what we do know is that QE simply destroys the value of fiat while inflating assets. This has basically been what we’ve seen over the past 12 months and there must come a time when this all ends.
Will Powell give any insights? Probably unlikely, but we should be prepared for anything.
Forex Signal Update
The FX Leaders Team had a quiet session ahead of the FOMC, with six signals currently open.
XRP – Active Signal
XRP has had a very strong 48 hours as price has rebounded from that $1.00 support level to having now reclaimed $1.40. We remain long and will look for a test of $1.50.
LTC – Active Signal
LTC is getting bought up steadily as we can see on the chart below. There’s more room above until we reach the next resistance levels as well.
BTC continues to feature plenty of green candles at the moment after pulling back above the $50,000 level for now.
The entire sector has rebounded really well from the Bidan tax induced sell-off from late last week.