Forex Signals Brief for Feb 28: The Greenback Rally Keeps the Majors Busy
Rowan Crosby • 2 min read
All the focus yesterday was on new Federal Reserve Chairman Jerome Powell as he made his debut appearance. After a quiet start, markets soon got firing as they felt Powell was all for US rate hikes. The dollar took that information and ran with it. That meant the majors were busy.
It was a tricky day to trade and the FX Leaders Team walked away with a three and three strike rate. Wins came in the GBP/USD, DAX and EUR/GBP. The rising dollar put some pressure on the commodity trades which was the red mark on the day.
The dollar jump was good news for our AUD/USD and GBP/USD positions. The Aussie, in particular, saw a big move in our direction.
Meanwhile, Bitcoin (BTC) continues to show some strength and looks to have held at 10,000. Its next challenge will be 11,000.
There are some very big economic data releases out on Wednesday including Eurozone CPI and US GDP. So keep the forex signals page open as the majors will continue to be the focus of the week.
Forex Signal Watchlist
NZD/USD – The Kiwi was the big mover on Tuesday and fell away hard. We will be looking to sell a bounce.
GBP/JPY – We’ve consolidated recently and are now waiting for our buy level.
CAC – US Equities are looking shaky after a big run-up. Looking to buy the dip here.
Live Forex Signals
ADU/USD – The Aussie Tumbles
Our AUD/USD was one of the big winners in Tuesday trade. As the USD found its feet, the commodity currencies sold off across the board. Things are looking very shaky for the AUD which is good news for our signal. The take profit target is still at 0.7650 in our long-term position with stops at breakeven.
AUD/USD – 240 min Chart.
BTC/USD – Testing 11,000
Bitcoin (BTC) seems like it has held onto the 10,000 mark for the time being. We are now looking at the next leg higher which will be a test of 11,000. Things are bullish in the short-term although the longer-term trend is still to the downside, so we need to be cautious. Our profit target is at 12,900.
BTC/USD – 240 min Chart.