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Forex Signals Brief for August 22: FOMC and Trade Talks

The USD has certainly been soft to start the trading week, but on Wednesday it might just get the catalysts it needs to turn things around. Wednesday has two important events for the USD. The FOMC minutes, which will likely be a largely hawkish affair. And the much-anticipated trade talks between the US and China in Washington.
The FOMC minutes are likely to reveal the fact that the committee members are on the same page regarding the state of the economy. And that the two interest rate hikes that we are all expecting will come to fruition.
While the US-China trade talks might not amount to much. It is a positive step in what has been a heavyweight clash, to say the least. Although US equity markets appear to be factoring in some progress.
Elsewhere there is another relatively quiet day on the economic data front with CAD retail sales and US housing the major events. While we have crude oil inventories as usual.

Forex Signal Update

The FX Leaders Team made a quiet start to the trading week with two winning signals and the one loss on Tuesday.
Silver – Silver has pulled back and had been consolidating around current levels.
CAC – The CAC has been grinding higher, on the back of strong equities worldwide.

Bitcoin – Active Signal
Bitcoin has recently broken out through resistance and is trying to hold on. I’ve been watching the $6,600 level for a while now as the buyers have been thin. Price has retraced so this will be an interesting trade as Europe opens.

USD/JPY  – Active Signal
The USD/JPY fell away inline with the weak Greenback. The USD has been on the back foot in recent sessions and this is a good opportunity to go with the short-term trend which is down.

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