Forex Signals Brief for Oct. 13: Now’s Your Chance to Buy Bitcoin!
Rowan Crosby • 2 min read
As you might have noticed, this week has been a little quiet on the market front. I think it might just be the calm before the storm as we get ready for a correction in equity markets, but only time will tell.
Our forex signals have been plugging away well, with a nice winner in the USD/JPY which has been a nice trade, while the Kiwi ended up rallying a bit more than expected.
While markets have been a little dull, there’s been one star performer – Bitcoin. The cryptocurrency has been on a tear and has smashed through $5000. Today we’ll tell you when to buy it!
Today’s Forex Signals Watchlist
Bitcoin – Has been ripping higher and setting record highs. Don’t buy the top- wait for a pullback. We'll tell you when to pull the trigger.
Crude Oil – Has rallied strongly from the lows and is now looking bullish after $50.00 looks to be holding up.
USD/JPY – We are looking at both short-term and long-term buying opportunities here, with a strong USD helping us out.
CAC – The French Stock Market Index looks a prime candidate to sell-off hard when the market corrects. Watch this one closely.
Top Trade Ideas
Bitcoin – Buy the Dip
After a couple of weeks where Bitcoin and the other cryptocurrencies where on the nose, things are have certainly turned around and are hitting back hard. Yesterday we smashed through the $5000 level to set a new record high.
My mate Skerdian is across the crypto-world and is watching this one closely. He is looking for a pullback to $5000, which was resistance turned support. Watch the signals page and he’ll be telling you the best moment to pull the trigger on this one.
BTC/USD – 240 min Chart.
Bitcoin- Key Support and Resistance Levels
USD/JPY – Looking Good – Long and Short-term
The Yen has been really in focus over recent months. Its safe-haven status keeps traders interested when North Korea fires up. And in general trade, it really likes to play off key levels and round numbers well.
As it stands we have a current buy signal out and we are waiting on an entry for a longer-term move. As I’ve said before when the USD continues its up move it should comfortably take out 113.00.
USD/JPY -240 min Chart.
USD/JPY – Key Support and Resistance Levels
Top Economic Data for Friday
The USD is firmly in focus today as we get a look at retail sales and CPI in the U.S. These are going to be big market movers so be careful holding into these. These are released at 12:30 GMT. In Europe, there is a string of second-tier CPI data to watch out for. It’s a busy one on the data front.
A busy day ahead with data and some that will certainly shape the trading day. Have a good one guys!