Forex Signals Brief May 24: RBNZ Hike, UK CPI and FOMC Minutes Today
Skerdian Meta • 2 min read
Yesterday’s Market Wrap
Today’s Market Expectations
Today started with the retail sales report from New Zealand which showed a return to growth in Q1 after declining in Q4 of last year. The Reserve Bank of New Zealand met expectations delivering a 25 bps rate hike, taking them to 5.50%. The UK consumer inflation repot was release this morning, showing a decline below 10% for the first time in nearly a year. The Bank of England Governor Andrew Bailey will hold two speeches later, so we will follow the GBP. The FOMC minutes from the last meeting will close the day.
Forex Signals Update
Yesterday there was some price action which enabled us to open several trades although the volatility was not too high. We opened four forex signals in total, all of which closed in profit as we remained long on the USD, although two more trading signals remained open until today.
The 100 SMA Turning Into Resistance for GOLD
XAU/USD – H4 chart
EUR/USD Testing Last Week’s Low
BITCOIN Remains Supported by the 100 SMA
BTC/USD – Daily chart
ETHEREUM Testing the 50 SMA
In recent weeks, the buying pressure for Ethereum has slowed down, and we have witnessed a retreat in its price over the last few days. However, the correction appears to be nearing completion as the BTC/USD 50 SMA (yellow) is holding as support. Additionally, the stochastic indicator is showing an oversold condition. Considering these factors, we decided to open a buy signal for ETH some time ago.