Forex Signals Brief for April 21: Manufacturing and Services PMI on the Agenda
US and European manufacturing PMI reports are expected to show stability around the current levels of activity
Yeterday’s Market Wrap
Yesterday started with the Q1 inflation reading from New Zealand, showing a slowing headline CPI to 1.2% from 1.4% previously, while expectations were for a tick higher. Although, risk currencies moved higher yesterday including the NZD and AUD, as the USD started to retreat lower after being bullish for several days. Gold jumped above $2,010 after falling to $1.970 on Wednesday.
Although, the volatility picked up after the release of the Philly Fed Manufacturing Index which showed a deterioration in activity, as the indicator fell to -31.3 points from -23.2 points last month. That was disappointing after the surge in the New York FED manufacturing indicator on Monday. Prices also declined, bringing an end to the inflation worries, which sent the USD lower.
Today’s Market Expectations
Today we will have the manufacturing and services PMI reports from Europe and the US. Although it started with the same reports from Australia, showing stability, although they both remain in contraction, but at least last month’s numbers were revised higher. The Eurozone and UK services figures were released a while ago and showed that activity remained similar to last month, although the service sector is in expansion, the same as in the US. Manufacturing though remains in recession, both in Europe and the US.
Forex Signals Update
Yesterday the volatility was low again, with limited ation in commmodity dollars and Gold, which jumped higher. We opened five trading signals, with two of them reaching the take profit targets, while one reached the SL after the suddenspike in Gold after the soft US manufacturing report.
Has the 50 SMA Turned Into Resistance for GOLD?
Gold fell below the $2,000 level last week as the economic numbers from the US showed a slowdown. Although buyers came back yesterday after the price slipped to $1,970 and pushed it above $2,010. Although, they couldn’t push it above the 50 SMA (yellow) which might have turned into a resistance indicator.
XAU/USD – 240 minute chart
MAs Starting to Turn Into Support Ror AUD/USD
It seems like th etrend is changing for AUD/USD, as MAs have turned into support. We saw a retreat to the 200 SMA (purple) last week, but that moving average held the recline and yesterday we saw a bounce in this pair, as odds for several more rate hikes by the FED diminished.
AUD/USD – 240 minute chart
Cryptocurrency Update
BITCOIN Returns to $29,000 Again
Bitcoin climbed above $30,000 last week but retreated below that major level earlier this week, while yesterday the decline continued, as BTC slipped lower toward to $28,000. The sentiment has turned bearish in the crypto market but we decided to open a buy Bitcoin signal hopping for a reveral soon.
BTC/USD – 240 minute chart
ETHEREUM Around the 100 SMA
Last week, Ethereum experienced some decent buying momentum and surged above the $2,000 level. This came after a period of consolidation the week before. Our buy signal for ETH/USD hit the take profit target as it moved above $2,100. We opened another buy signal yesterday after the retreat to the 100 SMA which held at first.
ETH/USD – 240 minute chart
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals