Forex Signals Brief for July 25: Bitcoin is Back
Rowan Crosby • 2 min read
As the week in forex markets continues to slowly build, it was Bitcoin that has once again found its way into the headlines. And this time it’s for all the right reasons.
The fledgeling digital currency has continued its stellar run and is now back above the $8,000 level. Posting a near on 7% jump on the day and taking it more than 40% off its recent lows.
On Wednesday, EU Official Juncker is due to travel to Washington to meet with U.S. President Donald Trump. If you recall, the US recently imposed tariffs on EU steel and aluminium and is considering doing the same on European cars. Juncker will be keen to see those wound back, but I’m not sure Trump feels the same way. So watch this space for headlines that could impact both the Greenback and Euro.
On the economic data front, we have more US data on new home sales, which is a bit of a leading indicator of the state of the economy. While we also get the German Ifo business climate index which will have an impact on the EUR/USD.
Forex Signal Update
The FX Leaders team had a busy session, with eight signals in total, finishing four and four. The week is growing and markets will keep getting busier so watch this space closely.
Bitcoin – BTC is back in the headlines as we have cracked a number of major resistance levels. Our next upside target looks like $8,500 so there might be more buying ahead.
Gold – Gold is in a bear market at the moment and we are looking to sell pullbacks on the way down.
USD/JPY -The USD/JPY has been falling as strength is coming into the JPY. Keep looking at this pair to the downside, headed into the next BOJ meeting.
EUR/CHF – Active Signal
The EUR/CHF is making its way lower and we are currently short. This looks to me like a bearish triangle so hopefully, this one can move towards our take profit and potentially even further.
Remember we have the ECB this week so that will be big for the EUR, should we still be in this position.
GBP/USD – Active Signal
The GBP/USD remains in its bear trend. Brexit headlines continue to impact the pound and that can make for choppy trade. Today we have mortgage approvals as the only data of note.
Hopefully, we have enough room in our stop loss to see this one through.