Forex Signals Brief for Apr 30: Time to Sell the Majors?
Rowan Crosby • 2 min read
The USD and its resurgence continue to be the story at the moment and that is only going to build this week. We have both the FOMC interest rate decision and US employment, arguably the two biggest economic events. If we get a hawkish outlook and strong jobs then the USD might just continue its powerful rally.
The FX Leaders Team had a quiet end to the week. Nevertheless, we are now sitting in a number of new positions. We are short on a number of the majors. including the AUD/USD, the EUR/USD and of course our long-term GBP/USD position which is looking good. Further USD strength will have a positive impact today. We also have a short in the EUR/GBP.
The week might start a little slow as we have a few countries that will be on holiday. Don’t worry though because as the week progresses we will see a lot more action.
Forex Signal Watchlist
USD/JPY – Both the USD and JPY have been strong. However, we think the USD will continue to outpace the JPY, especially with the data coming out this week.
Nikkei – The BOJ didn’t bring too many surprises last week and we are looking for upside this week.
Live Forex Signals
GBP/USD – Smashing Support
The GBP/USD is still on a sharp downward spiral. Concerns out of the UK and a strong USD mean that we are now back at breakeven. If we break this new support level then there is huge downside potential. The take profit target is at 1.3237 in our long-term position.
EUR/USD – Ride the Momentum
A dovish Mario Draghi, coupled with a buoyant USD has seen the EUR/USD come crashing down to earth. We’ve broken key support and we are eyeing more downside here. The take profit target is at 1.2097.