Markets continue to push higher and there is a chance of more to come on the back of today’s FOMC meeting minutes.
The big news in recent times has been the fact that the FOMC is looking to reduce the rate at which they raise interest rates. A sluggish economy and concerns around global growth have weighed on the Fed and a newly dovish Jerome Powell is now looking at maybe two rate hikes in 2019 compared to three. Even that might now be up for debate.
The FOMC minutes should make for very interesting reading and there is certainly a chance of a further push to the upside for equities.
We also have the BOC out today which is not likely to cause the fireworks that the FOMC will. Also, Crude Inventories are set for release, with CL making a push of its own back into the key $50 level.
Forex Signal Update
It was green all around for the FX Leaders Team with four straight winners yesterday. Check out the updated signals performance for the 2018 calendar year as it was another strong one for FX Leaders.
Nikkei – Active Signal
The Nikkei has bounced along with other worldwide stock markets. There might be a chance of a pullback here and we are currently short.
Oil – Pending Signal
Oil has bounced back into the $50 level and this is now a big level, given both the US-China talks and the FOMC Minutes. Of course, there is also Crude Inventories today as well.
Bitcoin continues to hold the $4,000 and is slowly inching its way higher. We’ve opened a sell signal as we have plenty of resistance overhead at both $4,200 and $4,400.
This is a longer-term signal and I feel that there is plenty of protection to the upside. The long-term trend is also clearly on our side.