Forex Brief for Oct. 6: Is Bitcoin a Buy?

Morning Guys and Girls,

We had another couple of profitable trades yesterday, with the Kiwi continuing its big sell-off and giving us another quick winner. In early trade gold managed to find support and rallied for another winner. We got stopped out on our short Euro trade, only to have it come back and hit our profit target. But that’s trading!

Today is the big one, as the U.S. releases it’s unemployment data for September. This is a big market mover so keep an eye on the signals page at 12:30 GMT, however, I suspect that there will be opportunities all day long.
 

Today's Watchlist

Bitcoin – We have been bouncing off the 50 SMA – there is another opportunity here soon.

Crude Oil – 50.00 support has held. Are the buyers coming back?

EUR/JPY – Key support levels are close by. We just missed an order by 8 pips but there might be more opportunity to come.

Nikkei – We are overbought. Are we about to find a top?
 

Top Trade Ideas

Bitcoin – Bouncing off the 50 SMA

Bitcoin has sold off in recent weeks, however, it looks like it has started to find some footing. Skerdian has been all over this trade and has put together some nice analysis over the last couple of days.

Again the target is the 50 SMA. It’s really been holding up as the trend has continued, so get ready on this one!

BTC/USD – Daily Chart.

Key Levels

EUR/USD- Ready to Crack Support

As I’ve mentioned in the past, the EUR/USD looks to have changed trend direction and is now bearish. The team have been across this one and as it stands there is a long-term sell signal. We are right at the key support level of 1.1700. If that cracks we are going to be headed directly towards the current profit target at 1.1559.

EUR/USD – 240 min Chart.

Key Levels

As mentioned previously, today we have U.S. non-farm payrolls which are probably the key market moving event for the month. It should be a massive day on the world markets so make sure you keep the signals page open to be first to receive our very best trade setups.

Good luck today guys!