Forex Signals Brief for Feb 27: All Eyes On Powell as Markets Wait
Rowan Crosby • 2 min read
It was a relatively quiet start to the trading week as investors took a cautious approach. All eyes today will be on new Federal Reserve Chairman and his stance on US Monetary Policy. That’s sure to put the USD in focus and there might very well be some action ahead.
Yesterday markets were a little slow, however, we did find a winning signal in the USD/CAD. Gold and the EUR/USD ended up in the red, but we took the chance to open a short signal in the USD/JPY as the trend to the downside has been strong.
The AUD/USD and GBP/USD saw limited movement thanks to a quiet USD, but that’s bound to change on Tuesday.
Bitcoin (BTC) has poked its head above the all-important 10,000 level. There’s not much support below, so it’s vital that price can hold above this psychological point.
As the week rolls on the economic data keeps on ramping up. Starting today with the new Fed Chair. So stay tuned to the forex signals page as the week continues to build.
Forex Signal Watchlist
NZD/USD – The Kiwi has fallen away from resistance and we are still looking to ride the trend lower.
GBP/JPY – We’ve been patiently waiting for our price on the long side here. Support looks strong below.
Live Forex Signals
BTC/USD – Holding 10,000
Bitcoin (BTC) has seen quite a wide range in the last week or so. We’ve traded towards 9500 and up to 12,000. However, 10,000 is the major level of interest. Key support sits at 6000 and 8000, so a fall below 10,000 means we have a fair bit of room below. Our profit target is at 12,900 which is in focus if we can hold-up.
BTC/USD – 240 min Chart.
GBP/USD – More Downside
The pound has been slowly grinding lower after what was a larger than expected run-up. It’s only down from here and we are very much on track. Any further strength in the USD will help and the new Fed Chair might be a trigger for some upside in the Greenback. The take profit target is still at 1.3237 in our long-term position.
GBP/USD – 240 min Chart.