Forex Signals Brief for Feb 5: Are Markets Getting Ready for a Correction?
Rowan Crosby • 2 min read
Friday was a big day for traders after the US jobs report got markets moving. While the result was better than expected we saw a big sell-off in stocks and a slight jump in the USD. This might just be the start of a change in trend after the USD has been tumbling all year.
Given the new patterns forming we had limited action on Friday. We picked up a nice win in gold, however, there were a couple of other trades in the red.
As it stands we are short the EUR/GBP. While our other long-term positions in the AUD/USD and GBP/USD had a really great day on Friday.
On the Crypto front, we exited our Litecoin (LTC) position, while Bitcoin (BTC) has bounced off support at 8000.
The markets are poised for some action this week after what we saw on Friday. So keep the forex signals page open for all the latest trade opportunities.
Forex Signal Watchlist
USD/JPY – The USD has started to turn the corner and the Yen is already on the way up. There’s a chance of more upside to come.
Nikkei – Stocks are starting to get awfully weak so keep an eye out for any buying opportunities.
Live Forex Signals
AUD/USD – AUD Has Crashed
We’ve been following this trade closely over the past few weeks, mainly because the Aussie had no business at the 81 cent level. And sure enough, markets agreed. The AUD/USD tumbled on Friday and we are now in the green on our signal. This has been an excellent example of the need for patience when trading. Now let’s hope there is some more downside ahead. The take profit target is at 0.7650 in our long-term position.
AUD/USD – 240 min Chart.
GBP/USD – The Top is in
The GBP/USD has certainly been one that has tested our patience as well. It looks like we have finally topped out in the pound after a big run-up. As the USD turns the corner the chart appears to be setting up as a double top. Let’s keep looking for a move lower. Our downside target is at 1.3237.