Forex Signals Brief for July 3: Will Risk-Off Mode Continue?
Rowan Crosby • 1 min read
Tuesday will be a short session for our US counterparts ahead of the 4th of July holiday in the States. That usually means volumes will be light for the next couple of days as we await their return. In the meantime, traders will be wondering whether the risk-off mode in forex markets will continue.
Yesterday the USD staged a comeback along with the JPY and CHF as trade war fears still hang over investors heads.
On Tuesday we are looking at a little bit of second-tier data out of Europe, in the form of retail sales and Spanish employment data. As we know, the major action happens towards the end of the week with US employment and the FOMC minutes. So US traders can enjoy their break and come back ready for the real fireworks.
Forex Signal Update
The FX Leaders team had a quiet start to the new trading week with only two signals. One win in the NZD/USD and a loss in the USD/JPY. I feel that Tesuday might also be quiet as we build into a big end to the week.
GBP/JPY – Price has bounced off 146.00 and is looking to follow the trendline for the time being.
Bitcoin – BTC has found some buying interest and recovered. We are now back at support turned resistance, but it will take some work to crack this level.
DAX- Active Signal
The German DAX has been trending lower in recent times. We’ve pulled back and consolidated, making for a good short entry. Our only concern is if there is enough wiggle room in what is a highly volatile index. We should have our verdict on the European open.