Forex Signals Brief for May 16: All Eyes on Eurozone CPI
Rowan Crosby • 2 min read
It was a big day out for the FX Leaders Team on Tuesday. The guys managed to pull in five big winners with only the one trade in the red. It was a huge day at the office and our accounts are certainly feeling healthy.
The story of the day continues to be the strong USD. As the USD keeps on moving higher there have been a number of opportunities to sell the majors. We found wins in the AUD/USD, NZD/USD, EUR/USD and multiple in Gold.
As it stands we are sitting in a number of positions including another gold trade as well as our long Bitcoin position. We are having a big test of support in our GBP/USD trade, which is looking really good for us.
Today the attention will firmly be on the EUR/USD as we get a look at Eurozone inflation. Mario Draghi has been getting nervous about the lackluster inflation in Europe so a weak number might mean more downside for an already battling EUR/USD.
Forex Signal Watchlist
EUR/JPY – Support has been quite strong in this pair and we are looking for more opportunities to buy any weakness.
Live Forex Signals
GBP/USD – Testing Support at 1.3500
The USD has been quite strong over the last session or so and our GBP/USD is having a big run at support. The 1.3500 level has been standing up over the last week and holding us back to some extent. If it can give way we are looking and a sharp fall to 1.3300. The take profit target is at 1.3237 in our long-term position.
Bitcoin – More Upside?
Bitcoin has continued to be a rollercoaster ride. After taking a big look at 10,000 price dropped right back to the low 8,000’s. There does appear to be buying interest in this region so a long position is well worth it. The take profit target is at 11,394.