Forex Signals Brief for Nov 19: Is Beijing Pessimistic on Trade?
Markets opened the week with only modest moves as all the focus is still on the central banks which will come later in the week.
However, there was some attention once again on the state of the US-China trade deal which continues to weigh on sentiment. There was a report yesterday, suggesting the Chinese are getting a little worried on the progress of the trade deal given that Trump will not wind back tariffs.
That doesn’t bode well, despite the fact that Trump has been somewhat positive. The news didn’t hurt the SPX on Monday, but it will continue to be something we need to watch going forward.
Today, the data is very thin once again with the main focus being on US housing data.
Outside of that, we again sit and wait as the FOMC minutes are set for release as is the ECB minutes, which will be the key data points for this week.
Forex Signal Update
The FX Leaders Team finished with 2 wins from 4 signals as we got the trading week underway.
USD/JPY – Active Signal
The USD/JPY has been holding nicely under the 109.00 mark that we mentioned yesterday. Our short signal is looking pretty good here at the moment.
AUD/USD – Active Signal
The AUD/USD has taken a hit today on the back of some rather bearish comments from the RBA, who have suggested they will keep looking at easing. That’s a positive for our short signal here.
Cryptocurrency Update
BTC is really breaking down right on cue and we have once again hit all our target levels perfectly.
After the $8,500 level dropped price quickly fell to $8,000, before bouncing, just as we thought it might.
As I’ve been saying for some time, Bitcoin is soft and the price action doesn’t lie. The fact that BTC is hitting these technical levels so cleanly, makes for some great opportunities at the moment.
The next move for us to watch for is a clean break of $8,000 and a short below that level if it holds.
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