Forex Signals Brief for July 24: The USD Regains its Footing - Forex News by FX Leaders
It's a Big Day of Manufacturing Data

Forex Signals Brief for July 24: The USD Regains its Footing

Posted Tuesday, July 24, 2018 by
Rowan Crosby • 2 min read

Against a backdrop of trade wars and tweets from the US President, the USD got the week started on a positive note. Shrugging off the negative sentiment to push higher.

The economic data calendar has been pretty thin to start the week and as a result, it has been a good time to be focused on the technicals and market sentiment. On Tuesday we have a slew of manufacturing data from across Europe and the US.

The EUR/USD, GBP/USD and DXY will all be impacted, although it is probably only second-tier data. Let’s not forget that the major data points for the week will come towards the end, with the ECB and US GDP being the highlights. While Aussie inflation is out on Wednesday.

Late on Tuesday, we should also keep a close eye on API oil inventories. Last week, there was a surprise build in inventories and a surprise rally. Crude oil was volatile and there might be more of the same this week.

Forex Signal Update

The FX Leaders team finished Monday one and one, with a nice winning trade in Gold being the highlight. It was a relatively quiet start to the week, marked by little in the way of economic data. However, as mentioned expect things to ramp as the week builds into some important economic events on Thursday and Friday.

Bitcoin – BTC has found some more buyers and is currently making a charge at resistance, around the $7,750 level. Skerdian took a look at some of the technicals the fledgeling digital currency must contend with as it tries to crack resistance.

USD/JPY – Both the USD and JPY have been rising. But it’s been the JPY that is outpacing the USD. That means we have an opportunity to sell here, so watch this one on Tuesday.

EUR/GBP – Active Signal

The EUR/GBP is still holding a relatively tight range, right where we would expect it to. Price pulled back nicely and we entered a long position. I expect this one to push higher, the only concern is if there is enough wiggle room with our stop.

As you can see the trend is up, so hopefully, we can hold above resistance turned support.

EUR/GBP
EUR/GBP – 240 min.

AUD/USD – Active Signal

The AUD/USD was one of the weakest performers yesterday along with all the commodity currencies. So far the Aussie has been relatively range bound while maintaining a longer-term bearish trend.

We are looking for a little pop higher towards 0.7400, which should see us hit our target. Remember we have Aussie CPI out tomorrow, should this one hold up until then.

AUD/USD
AUD/USD – 240 min.
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About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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