Forex Signals Brief for Feb 6: As Markets Crash it’s Time to Sell the Indices
Rowan Crosby • 2 min read
Yesterday we asked the question, “Are the markets getting set for a correction”? Well, the answer seems to be a resounding yes so far this week.
The good news was that as markets tumbled the FX Leaders Team found a couple of great winners in the indices as they tanked. The boys found wins in the DAX and CAC along with the EUR/JPY. We had two trades in the red with the Nikkei being the only losing index trade.
At the moment we are currently long the NZD/USD. While the USD strength continues to help our long-term positions in both the AUD/USD and GBP/USD. However, Bitcoin (BTC) continues to show weakness as there are more regulatory concerns in China.
Volatility is getting extremely high right now and there will be some big trends starting to form. So keep the forex signals page as this is looking like being an exciting time to be a trader.
Forex Signal Watchlist
USD/JPY – The JPY is seeing money flow into it and we are getting set for a test of a big support level.
Gold – As volatility rises gold is going to start getting very active.
Live Forex Signals
AUD/USD – AUD Keeps Falling on RBA day
We’ve got the RBA out today, which will likely see rates left on hold. The USD strength has been good for our position and the AUD/USD continues to decline. I feel there is more downside to come this week. The take profit target is at 0.7650 in our long-term position.
GBP/USD – More Weakness
The GBP/USD kept the recent trend going with more declines on Monday. We’ve still got a bit of work to do to get back to breakeven here, but the trend is starting to look really good. Our downside target is at 1.3237.