Forex Signals Brief for May 17: Can Strong Manufacturing Help the USD Break Out?
Rowan Crosby • 2 min read
The USD’s march forward slowed a touch yesterday. The USD ran into resistance and that allowed for some of the commodity currencies to get moving. That was a bit of a change of trend and it caught many a little unawares.
The FX Leaders Team didn’t have much luck yesterday, however, for the week we are still in a solid position travelling along with seven wins from 16 trades or a 56% strike rate.
As it stands we are short a couple of the commodity currencies in the AUD/USD and NZD/USD. The commodity currencies really bounced yesterday, but we need to ask the question, can they do it for two sessions in a row? It looks like they can in the short-term at least.
On a longer-term basis, we are still in our GBP/USD trade as well as Bitcoin.
It should be another busy session with attention on the Philly Fed Manufacturing data to see if we can get some more USD strength.
Forex Signal Watchlist
EUR/JPY – This pair had a big bounce off support and we are looking to get involved next time we move lower.
Live Forex Signals
GBP/USD – Bouncing Higher
Support at 1.3500 continues to cause some headaches for our GBP/USD signal. As yet we really haven’t been able to break what is becoming a big level. The weak USD didn’t help yesterday, but as I pointed out if we can crack this level there is a nice reward on offer. The take profit target is at 1.3237 in our long-term position.
Bitcoin – Holding Firm
It looks like we found a reasonably good entry point for our new Bitcoin trade. We are still around our entry with some decent support below. The take profit target is at 11,394.