Forex Signals Brief for June 7: The Big Moment Ahead for the EUR/USD
Rowan Crosby • 1 min read
Forex markets continued to grind away yesterday, as there has really been a lack of market-moving data this week.
The main headline doing the rounds at the moment is surrounding the fate of the EUR/USD and what the ECB will be doing with their bond-buying program. The European Central Bank chief economist Peter Praet suggested that next week’s meeting of the ECB will be crucial for reaching a decision on when to end QE.
That means next week, we are looking at a possible interest rate rise in the US when the US Federal Reserve meets. As well as a possible end to QE, which has been on the mind of traders for months.
Looking ahead we will get a closer look at Eurozone GDP today, which will be an important metric for the ECB in determining whether or not to end the asset purchase program.
Forex Signal Update
The FX Leaders team put a really strong performance on Wednesday, nailing seven out of seven winning signals. In what wasn’t the most active market condition, the guys found wins across the board in the indices, commodities, majors and JPY crosses.
Bitcoin – BTC continues to grind back up slowly but surely and if we get a decent dip, this is still a buying opportunity.
GBP/JPY – It has been a strong week for the GBP/JPY with plenty of green candles. We will need a pullback to find a long entry here.
NZD/USD – Active Signal
The NZD/USD has been in a nice uptrend over the last week or so. The price action has been relatively clean with the pullbacks of a similar fashion, making this current move appealing. The profit target is at 0.7064.